SENATE, No. 361

STATE OF NEW JERSEY

PRE-FILED FOR INTRODUCTION IN THE 1996 SESSION

By Senators BUBBA and MATHEUSSEN

An Act providing a refundable gross income tax credit for certain Medicare Part B premium increases, supplementing Title 54A of the New Jersey Statutes.

    Be It Enacted by the Senate and General Assembly of the State of New Jersey:

    1. A taxpayer shall be allowed a credit in the amount equal to any amount of premiums paid for the taxable year for the taxpayer's supplementary medical insurance benefits for the aged and disabled, Medicare Part B, pursuant to 42 U.S.C.§1395j that is greater than the premiums charged pursuant to federal law for calendar year 1995.

    Any amount of credit allowed under this section in excess of the amount required, when taken in combination with any other credits allowed under this act, to reduce the taxpayer's liability to zero shall be considered an overpayment of tax and shall be refunded to the taxpayer in the manner provided by subsection (a) of N.J.S.54A:9-7.

    2. This act shall take effect immediately and apply to taxable years beginning on or after January 1, 1997.

Provides refundable gross income tax credit for certain Medicare Part B premium increases.