ASSEMBLY, No. 655

STATE OF NEW JERSEY

220th LEGISLATURE

 

PRE-FILED FOR INTRODUCTION IN THE 2022 SESSION

 


 

Sponsored by:

Assemblyman  ANTHONY S. VERRELLI

District 15 (Hunterdon and Mercer)

Assemblyman  BENJIE E. WIMBERLY

District 35 (Bergen and Passaic)

Assemblyman  RONALD S. DANCER

District 12 (Burlington, Middlesex, Monmouth and Ocean)

Senator  VIN GOPAL

District 11 (Monmouth)

Senator  VINCENT J. POLISTINA

District 2 (Atlantic)

Senator  ANDREW ZWICKER

District 16 (Hunterdon, Mercer, Middlesex and Somerset)

 

Co-Sponsored by:

Assemblywoman Gove, Assemblymen Rumpf, Caputo, Assemblywoman Reynolds-Jackson, Assemblymen Danielsen, Mejia, Conaway, Mukherji, Bergen, Wirths, Space, Benson, Assemblywomen Murphy, Tucker, Assemblyman Freiman, Assemblywomen Lopez, Swain, Assemblymen Tully, Karabinchak, Moriarty, Moen, Senators Cruz-Perez, Madden, O'Scanlon and Singleton

 

 

 

 

SYNOPSIS

     Exempts discharge of student loan debt of certain veterans through the federal Total and Permanent Disability discharge process from taxation under the gross income tax.

 

CURRENT VERSION OF TEXT

     As reported by the Assembly Military and Veterans' Affairs Committee with technical review.

  


An Act concerning the gross income tax treatment of certain discharged student loan indebtedness of disabled veterans and supplementing chapter 6 of Title 54A of the New Jersey Statutes.

 

     Be It Enacted by the Senate and General Assembly of the State of New Jersey:

 

     1.    Gross income shall not include amounts discharged through the Total and Permanent Disability discharge process of the United States Department of Education for student loan indebtedness of a taxpayer who is a totally and permanently disabled veteran.  As used herein, “totally and permanently disabled veteran” means an individual who has been determined by the United States Department of Veterans Affairs to have a service-connected disability that is 100 percent disabling or to be totally disabled based on an individual unemployability rating. 

 

     2.    This act shall take effect immediately.