NJ S2347

New Jersey residents serving in the U.S. Armed Forces who are stationed or deployed outside the state for at least six months during the taxable year would have their military compensation excluded from state gross income tax.

Amends N.J.S.54A:6-7 to expand existing tax exclusions for military compensation, which currently only applies to service members not domiciled in New Jersey.

Maintains existing exclusions for mustering-out payments and housing/subsistence allowances for active, reserve, and National Guard members.

Takes effect immediately upon enactment and applies to taxable years beginning on or after the enactment date.