[First Reprint]

SENATE, No. 943

STATE OF NEW JERSEY

INTRODUCED MARCH 14, 1996

By Senators SINGER, HAINES and Kosco

An Act excluding ¹[certain income of retired members of the Armed Forces of the United States] military pension payments and military survivor's benefit payments¹ from gross income subject to the gross income tax and supplementing 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 military pension payments ¹or military survivor's benefit payments¹ paid to individuals by the United States with respect to service in the Armed Forces of the United States.

    2. This act shall take effect immediately and apply to taxable years commencing on or after January 1, 1996.

Excludes United States military pensions from the gross income tax.