SENATE SENIOR CITIZENS, VETERANS' AFFAIRS AND HUMAN SERVICES COMMITTEE

STATEMENT TO

SENATE, No. 361

STATE OF NEW JERSEY

DATED: MAY 8, 1997

      The Senate Senior Citizens, Veterans' Affairs and Human Services Committee favorably reports Senate Bill No. 361.

      This bill allows taxpayers a refundable tax credit on their income tax in an amount equal to any amount of Medicare Part B premium payment they may be required to make in 1997 or thereafter that is greater than the Medicare Part B premium payment required by federal law in calendar year 1995. This credit will protect senior citizen and disabled medicare recipients from any federal increases in the Medicare Part B premiums that might decrease the amount of social security or other support benefits they would otherwise receive.

      This bill was prefiled for introduction in the 1996-1997 session pending technical review. As reported, the bill includes the changes required by technical review which has been performed.