NJ A2992

Provides a gross income tax deduction totaling $300,000 over five taxable years for qualified primary care physicians practicing in New Jersey

Deduction starts at $100,000 in the first year and decreases by $20,000 annually over the following four years ($100,000, $80,000, $60,000, $40,000, $20,000)

Eligible physicians include those practicing family medicine, general internal medicine, general pediatrics, or general obstetrics/gynecology

Physicians who do not maintain their New Jersey practice for the full five years must repay the full tax liability from deductions taken, unless the Director of Taxation grants a hardship exemption

Aims to address projected primary care physician shortages caused by retirements, limited residency programs, and increased patient demand from the Affordable Care Act