A2445

Allows gross income tax deductions totaling $300,000 over five taxable years for certain primary care physicians in New Jersey.

New Jersey A2445 allows gross income tax deductions totaling $300,000 over five taxable years for qualified primary care physicians. To qualify, a physician must practice family medicine, general internal medicine, general pediatrics, or general obstetrics or gynecology in the state. The deduction starts at $100,000 in the first year and decreases by $20,000 each subsequent year, provided the physician maintains a qualified New Jersey professional practice for the five years. If the physician does not maintain the practice, they must repay the full amount of the gross income tax liability.