Legislation sponsored by Senator Anthony Bucco (R-25) that would create a gross income tax credit to help disabled veterans cover the cost of rent has passed the Senate Military and Veterans’ Affairs Committee.
Sen. Anthony Bucco’s legislation would create a gross income tax credit to help disabled veterans cover the cost of rent. (Dvidshub)
“Disabled veterans who rent, as opposed to own a home, are missing out on critical tax deductions. This is incredibly unfair. Every man or woman who has honorably served our country should have equal access to these programs,” Bucco said. “This legislation will extend our gratitude to all wounded heroes, by providing them with a $1,000 tax credit – regardless of where they live. Our veterans work hard to their pay rent. They deserve this opportunity.”
Bucco noted that approximately 30 percent of New Jersey veterans have an income of less than $35,000 a year.
Senator Bucco’s bill, S-2197, would allow a disabled veteran to claim a non-refundable tax credit of up to $1,000.
“Sadly, many disabled veterans return home from serving our country, only to find that they simply can’t afford to own a home in New Jersey because it’s too expensive,” Bucco said. “These veterans have placed their lives on the line for our freedoms. By creating a veteran rent tax credit, we are providing these men and women with access to an affordable place to call home. It is the right thing to do.”
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