Verrelli & Wimberly Bill to Exempt Veterans from Taxation on Federally Forgiven Student Loans Advanced by Committee

(TRENTON) – Working to relieve the financial burden of college debt for New Jersey veterans, Assembly Democrats Anthony Verrelli and Benjie Wimberly sponsor legislation that would exempt certain disabled veterans from taxation of any student loans forgiven via the federal Total and Permanent Disability discharge program.

Upon the bipartisan bill (A-803) being advanced by the Assembly Military and Veterans Affairs Committee on Thursday, Assemblyman Verrelli (D-Mercer, Hunterdon) and Wimberly (D-Bergen, Passaic) issued the following joint statement:

“Soldiers who can no longer work due to an injury they sustained while fighting for our country both need and deserve our support. This bill is an important way we can help the disabled veterans in our state. We will continue to do what we can to guarantee assistance for current and former military members throughout New Jersey.”

The legislation, which is also sponsored by Republican Assemblyman Ronald Dancer, will now head to the Assembly Speaker for further consideration.