Bill > A2992

Introduced Session

This bill provides a gross income tax deduction totaling $300,000 over five taxable years for certain primary care physicians who practice in New Jersey. The purpose of the bill is to encourage primary care physicians to continue to practice in New Jersey and for newly qualified physicians to stay in New Jersey to practice. To qualify for the deduction, a physician must be a taxpayer engaged in the practice of family medicine, general internal medicine, general pediatrics or general obstetrics or gynecology in the State. The initial allowable deduction of $100,000 in the first taxable year is reduced by $20,000 per year in each of the four following taxable years. It is estimated that the supply of primary care physicians will continue to fall short of demand in the coming years due to the number of physicians who are nearing retirement age, a shortage of residency programs, and the recent influx of great numbers of newly insured patients brought about by the federal Affordable Care Act. This bill provides an incentive for primary care physicians to practice in the State by reducing their income tax liability.

AI Summary

Committee Categories

Tennille McCoy (D)*, 

Introduced, Referred to Assembly Health Committee (on 01/09/2024)

Official Document