Exempts certain veterans from gross income tax.

This bill exempts qualifying veterans from New Jersey's state income tax. To qualify, veterans must have an honorable military discharge (from active duty in U.S. Armed Forces, reserve, or New Jersey National Guard in federal status) and earn $50,000 or less in gross income annually. The exemption applies to taxable years starting January 1 after the bill takes effect. It directly affects low-income veterans who meet the service and income criteria. The bill modifies New Jersey's Gross Income Tax Act to provide this specific tax relief.