S 2945
Allows tax credit for expenses incurred for medical insurance premiums and deductible payments for certain taxpayers under gross income tax.
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Sign in to take action- Introduced
- Passed Senate
- Passed General Assembly
- To Governor
- Became Law
Bill overview
This bill proposes a new tax credit for New Jersey residents to help offset the costs of medical insurance premiums and deductible payments. The credit is available to taxpayers with incomes below certain thresholds – $65,000 for individuals and $130,000 for married couples – and is calculated as the difference between medical insurance costs and 8.5% of their gross income. The bill also includes provisions to encourage regular medical visits and prevents taxpayers from claiming the credit for expenses already deducted.
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