TRENTON — Legislation sponsored by Senate Military and Veterans’ Affairs Chairman Jim Beach and Senator Jeff Van Drew to help the caregivers of wounded veterans in New Jersey, by providing them with financial assistance through a tax credit program, was approved March 10, 2016 by the committee.
The bill, S-750, would establish the Wounded Warrior Caregivers Relief Act to provide an income tax credit to family caregivers of former armed service members with service-connected disabilities related to active military or naval service in any conflict on or after Sept. 11, 2001.
“Residents who are providing care to a wounded veteran in their family deserve any help we can provide as a state,” said Senator Beach (D-Camden). “This bill is aimed at helping caregivers support the quality of life of former military personnel suffering from a complete disability resulting from their service. It is another way to say thank you for all these individuals and their families have done.”
“Caring for a loved one wounded in service to our country can take a financial toll on the family,” said Senator Van Drew (D-Cape May, Cumberland, Atlantic). “We owe it to those who have given so much to us to provide assistance in their time of need. This tax credit is a small way for the state to do that.”
The bill sets the refundable qualified veteran care credit at 100 percent of the service member’s disability compensation or $675, whichever is less. The credit’s $675 limit applies per service member. The caregiver’s gross income may not exceed $100,000 as a joint filer or $50,000 as a single or separate filer.
The bill was approved unanimously. It next goes to the Senate Budget and Appropriations Committee for consideration.
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