The state of New Jersey has made the following tax law changes for tax year 2018:
- New Jersey will no longer impose Estate Tax for individuals after January 1, 2018.
- Veterans of the Armed Forces of the United State, Armed Forces Reserves, or National Guard of New Jersey who were honorably discharged or released under honorable circumstances are now eligible for an additional $3,000 exemption .
- You can now make a contribution to The New Jersey Yellow Ribbon Fund on your New Jersey return.
- You may now take a credit, known as The Angel Investor Tax Credit, if you make a qualified investment to a New Jersey emerging technology business holding company. In order to qualify for this credit, 100% of the investment must be transferred to The New Jersey emerging technology business from the holding company.
You can read more about these tax law changes here.