Exempts certain veterans from gross income tax.

This bill exempts certain New Jersey veterans from the state's gross income tax if they meet two conditions: they must have an honorable military discharge (from active duty in the U.S. Armed Forces, reserves, or New Jersey National Guard) and have total income of $50,000 or less. The exemption applies to taxable years beginning after the bill's enactment date (January 1, 2025). It directly affects low-income veterans who served honorably, reducing their state tax burden. The policy change takes effect immediately upon enactment for future tax years.