Bill > A2445

This bill allows certain primary care physicians practicing in New Jersey to deduct a total of $300,000 from their gross income over five taxable years, aiming to encourage them to practice in the state. A "qualified primary care physician" is defined as a licensed physician practicing family medicine, general internal medicine, general pediatrics, or general obstetrics or gynecology. A "qualified New Jersey professional practice" involves diagnosing, judging, and communicating medical information, as well as performing medical tasks like physical exams and surgeries within the state. The deduction starts at $100,000 in the first year and decreases by $20,000 each year for the following four years, provided the physician maintains their practice in New Jersey for the entire five-year period. If a physician stops practicing in New Jersey before the five years are up, they will have to repay the tax savings from the deductions, though the Director of the Division of Taxation can waive this repayment in cases of hardship. This measure is intended to address a projected shortage of primary care physicians in New Jersey, exacerbated by factors like an aging physician population, limited residency programs, and increased demand from newly insured patients under the federal Affordable Care Act.

Health and Social Services

https://www.njleg.state.nj.us/bill-search/2026/A2445