NJ S2945

Creates a New Jersey gross income tax credit for medical insurance premiums and deductible expenses that exceed 8.5% of the taxpayer's gross income

Individual filers or married individuals filing separately qualify with gross income up to $65,000; joint filers or head of household qualify with combined gross income up to $130,000

Taxpayers cannot claim both this credit and existing deductions for medical expenses under N.J.S.54A:3-3 or N.J.S.54A:3-5 for the same expenses

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

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