S.4708

New Jersey S4708 allows a gross income tax deduction for employment-related childcare expenses.

New Jersey S4708 allows taxpayers to claim a gross income tax deduction for employment-related expenses incurred for dependent care services. This deduction applies to services for the care of a dependent of the taxpayer who has not attained age 13. The deduction is calculated similarly to federal tax law, excluding expenses for household services. The bill also specifies that expenses for which a credit is claimed under another section cannot be deducted under this provision. The deduction is available to taxpayers with New Jersey taxable income of $150,000 or less.