Extends gross income tax medical expense deduction to certain cord blood banking services.
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed General Assembly
- To Governor
- Became Law
Overview
This bill amends New Jersey law to allow taxpayers to deduct certain costs paid for cord blood banking services from their gross income as medical expenses. Currently, the state’s medical expense deduction only covers expenses related to treating existing or imminent medical conditions. This change would make cord blood banking costs eligible for the deduction, potentially lowering the cost for New Jersey residents and encouraging the growth of cord blood banking services within the state.
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Document of record
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Sponsors
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1 on record
Primary sponsor
James Beach
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