However, the newly allowed property tax exemption for a veteran with a less than 100 percent property tax exemption would not extend to the surviving spouse. As under current law, the bill allows the 100 percent property tax exemption to extend to the surviving spouse of a veteran. In addition, the bill grants those honorably discharged veterans having less than a 100 percent service-connected disability, but who are unemployable, a 100 percent property tax exemption, which matches the current 100 percent property tax exemption for honorably discharged veterans having a 100 percent disability percentage rating. Those with a 100 percent disability percentage rating would still be allowed a 100 percent property tax exemption without a cap, as is the case under current law. The exemption is only granted to those with a disability percentage rating of at least 30 percent, and the exemption is capped at $10,000. The bill grants a property tax exemption to honorably discharged veterans having a service-connected disability in proportion to their disability percentage rating. Also, the bill permits the assessment of an additional civil penalty of up to $10,000, payable to the State Treasurer for use by the Department of Children and Families.Īuthorizes proportional property tax exemption for honorably discharged veterans having a service-connected permanent disability and proclaims that the State shall reimburse municipalities for costs of exemption. A crime of the third degree is ordinarily punishable by a term of imprisonment of three to five years, a fine of up to $15,000, or both. This bill makes it a crime of the third degree to knowingly or willfully make a false report of child abuse. The deduction is only to be available for forgiven rent on months occurring during the public health emergency declared by the Governor, but the deduction will not be allowed for forgiven rent on any month after September 2020.Ĭreates offense of making false child abuse report permits assessment of penalty. The bill stipulates that a taxpayer is not allowed to claim a deduction for any rent forgiveness provided by the taxpayer to a business that is a part of the same controlled group or the same affiliated group as the taxpayer. This bill allows taxpayers that are commercial property owners who grant their tenants rent forgiveness because of the COVID-19 pandemic to deduct from the taxpayers Corporation Business Tax or Gross Income Tax liability, whichever is applicable, a portion up to 33.3 percent or $15,000, whichever is less, of the amount of rent forgiveness provided by the taxpayer to each commercial tenant, over not more than three months.
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This bill affords New Jersey taxpayers with tax relief while promoting personal investment in, and broader access to, higher education.Īuthorizes free hunting, fishing, and trapping licenses and free admission to State parks and forests for individuals with certain types of military service.Īllows commercial property owners to claim certain amounts of commercial tenant rent forgiveness during COVID-19 emergency as deduction against property owner's income under CBT or GIT. The bill also provides for annual cost-of-living adjustments to the maximum deduction and to the income limits ("COLA adjustment") for future taxable years the COLA adjustment amount is the national consumer price index for all urban consumers as prepared by the United States Department of Labor. The bill increases the deduction amount to up to $15,000 for the first taxable year following enactment. Under current law, a taxpayer with gross income of less than $200,000 can deduct up to $10,000 for contributions to the NJBEST program. This bill increases the gross income tax deduction, initially up to $15,000 per taxable year, for contributions made by the taxpayer to the New Jersey Better Educational Savings Trust (NJBEST) Program, (N.J.S.18A:71B-35 et seq.). Increases gross income tax deduction for contributions to the New Jersey Better Educational Savings Trust (NJBEST) Program.
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