Corrado & Bucco Bills Providing Tax Relief to Military Members Advance
| Corrado & Bucco Bills Providing Tax Relief to Military Members Advance
A pair of legislative initiatives sponsored by Senator Kristin Corrado and Senator Anthony Bucco to lower the tax burden for members of our Armed Forces were approved by the Senate Military and Veterans Committee. A pair of legislative initiatives sponsored by Sen. Kristin Corrado and Sen. Anthony Bucco to lower the tax burden for members of our Armed Forces were approved by the Senate Military and Veterans Committee. (Flickr) The first bill, S-129 (Corrado), would exclude combat zone pay from taxation under New Jersey’s gross income tax. “Members of our Armed Forces heroically serving in combat zones place their lives on the line every day,” said Corrado (R- Bergen, Essex, Morris, and Passaic). “They shouldn’t owe taxes to the State for the pay they earn while sacrificing so much. This is a small way New Jersey can thank them for answering the call to serve.” Senator Corrado’s bill will also benefit military members who were wounded while deployed in a combat zone. The second bill, S-1025 (Bucco/Corrado), would exclude from taxation the military compensation earned by Garden State residents who are active members of the Armed Forces stationed outside of New Jersey. “The brave men and women who preserve our freedom deserve to keep more of their hard-earned money,” added Bucco (R-Morris and Somerset). “When our troops from the Garden State are stationed around the globe, they shouldn’t have to pay New Jersey’s income tax.” According to the 2015 Military Installation Grown and Development Task Force Report, New Jersey’s military bases employ over 73,000 both on and off base, as well as contribute to the Gross Domestic Product by $6.5 billion. Joint Base McGuire-Dix-Lakehurst, the nation’s only tri-service base, is New Jersey’s largest military installation and the state’s second-largest employer. “Our servicemen and servicewomen live, serve, and sacrifice while upholding the values that make our state and our country great,” said Corrado. “By providing tax relief to the tens of thousands of military members from New Jersey who are deployed away from home, we honor our heroes who serve our country in time of both war and peace.” Website Post: |
