New Jersey S2945 allows a tax credit for medical insurance premiums and deductible payments for certain income-eligible taxpayers.

New Jersey S2945 introduces a tax credit for medical insurance premiums and deductible payments for eligible taxpayers under the gross income tax. The credit is available to individual filers or married individuals filing separately with a gross income not exceeding $65,000, and to married individuals filing jointly or heads of household with a combined gross income not exceeding $130,000. The credit amount equals the difference between the total medical insurance costs incurred and 8.5 percent of the taxpayer's gross income.

New Jersey S2945 allows a tax credit for medical insurance premiums and deductible payments for certain income-eligible taxpayers.

New Jersey S2945 introduces a tax credit for medical insurance premiums and deductible payments for eligible taxpayers under the gross income tax. The credit is available to individual filers or married individuals filing separately with a gross income not exceeding $65,000, and to married individuals filing jointly or heads of household with a combined gross income not exceeding $130,000. The credit amount equals the difference between the total medical insurance costs incurred and 8.5 percent of the taxpayer's gross income.