NJ S3988

Creates a New Jersey gross income tax credit for medical insurance costs, including premiums and deductible payments, when those costs exceed 8.5% of the taxpayer's gross income

Limits eligibility to individual filers or married individuals filing separately with gross income of $65,000 or less, or joint filers/heads of household with combined income of $130,000 or less

Prohibits taxpayers from claiming this credit for expenses already deducted under existing medical expense deductions (N.J.S.54A:3-3 or N.J.S.54A:3-5)

Requires the Director of the Division of Taxation and Commissioner of Health to advertise the credit within one year to encourage regular medical visits

Takes effect immediately and applies to taxable years beginning on or after January 1 following enactment