Allows gross income tax deductions totaling $300,000 over five taxable years for certain primary care physicians.
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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 would allow certain primary care physicians practicing in New Jersey to deduct up to $300,000 from their gross income over five taxable years. Qualified physicians, including those in family medicine, internal medicine, pediatrics, or obstetrics/gynecology, would receive a one-time deduction of $100,000 in the first year, with subsequent annual reductions of $20,000. The goal is to encourage primary care physicians to remain in New Jersey and attract new practitioners to the state.
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