Extends certain federal income tax advantages of individual health savings accounts to individual taxpayers under the New Jersey gross income tax.
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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 extends certain federal tax advantages currently available for individual health savings accounts (HSAs) to individual taxpayers in New Jersey. Specifically, it amends state tax law to align New Jersey’s rules with the federal Internal Revenue Code regarding HSAs, allowing New Jersey residents to deduct HSA contributions and distributions for qualified medical expenses. The bill also makes adjustments to health benefits plans offered by carriers and clarifies rules regarding coverage for newborn hearing loss and specialized infant formulas. Finally, it modifies provisions related to net income calculation and tax deductions.
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6 on record
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