Increasing Tax Relief
- Assemblyman Burzichelli is working on a measure that would increase the annual income limit for seniors and people living with disabilities to be eligible for an annual property tax deduction. The income limit increase will help to give seniors and people living with disabilities additional relief on their property tax bills.
- Senator Sweeney, Assemblyman Burzichelli, and Assemblyman Taliaferro strongly supported the implementation of a new law that will bring targeted tax relief to seniors and honorably discharged veterans, making it more affordable to stay here in New Jersey. These relief measures mean that veterans, retirees and seniors will be encouraged to remain in New Jersey, as will their beneficiaries, keeping their spending within the state as well. The changes to the tax code include:
- An exemption on retirement income of $100,000 for couples filing together, $50,000 each for couples filing separately, and $75,000 for individuals.
- A $3000 exemption on personal income for all honorably discharged veterans.
- Elimination of the New Jersey Estate Tax on January 1, 2018.