That new tax exemption for veterans

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Q. What are the specifics regarding the veterans tax exemption and when does it take effect?
— Vet

A. Thank you for your service.

As part of the bill signed into law by Gov. Chris Christie in November 2016 that increased the gas tax, eliminated the estate tax and lowered the sales tax, there was an additional $3,000 tax exemption for veterans.

The exemption does not take effect until tax year 2017, said Howard Hook, a certified financial planner and certified public accountant with EKS Associates in Princeton.

He said this exemption is in addition to any other benefits veterans may qualify for.

“The exemption amount is nice but probably amounts to no more than $250 of reduced tax,” Hook said. “My opinion, a higher dollar amount tax credit which reduces the tax dollar for dollar would have been better.”

“After all, for service to our country, a little more than $250 could be spent, no?” Hook said.

What do you think, Jersey?

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This post was first published in January 2017.

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