Tuesday, July 16, 2019
A BUZZ ADDENDUM
While working on my summer 2019 newsletter to 1040 clients I came across this verification of a change to the 2019 NJ-1040 that I had heard about - “Bigger deduction for veterans' income tax becomes state law” –
“Gov. Phil Murphy on Sunday signed A-5609/S-3960, which increases the gross income tax deduction for veterans from $3,000 to $6,000.
Veterans must be honorably discharged or released to qualify.”
This change will apply to taxable years beginning on or after January 1, 2019. Veterans who got a $3,000 deduction on their 2018 NJ-1040 will now get $6,000 on their 2019 NJ-1040.