Exempts certain veterans from gross income tax.

This bill exempts eligible veterans from New Jersey's state gross income tax. To qualify, a veteran must have been honorably discharged from U.S. Armed Forces, a reserve component, or the New Jersey National Guard (in federal active duty status) and have gross income of $50,000 or less annually. The exemption applies to all taxable income under New Jersey's Gross Income Tax Act, regardless of filing status. It directly affects low-income veterans meeting these specific military service and income criteria. The law would take effect for tax years starting January 1 after enactment.