Provides gross income tax deduction for senior citizens for certain medical expenses for in-home care or care in assisted living and long-term care facilities and funeral expenses.
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed General Assembly
- Passed Senate
- To Governor
- Became Law
Overview
This bill proposes a new deduction on New Jersey’s state income tax for senior citizens (age 62 or older), blind individuals, and those with disabilities. It allows taxpayers to deduct up to $50,000 in qualified medical expenses paid for in-home care, assisted living, or long-term care facility costs, as well as up to $50,000 in unreimbursed funeral expenses for a spouse or dependent. These deductions are intended to help seniors and disabled individuals manage the costs of long-term care and funeral arrangements.
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