Bill Text: NJ S3276 | 2018-2019 | Regular Session | Introduced
Bill Title: Provides gross income tax credit to doctors working at new primary care practices.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2018-12-10 - Introduced in the Senate, Referred to Senate Health, Human Services and Senior Citizens Committee [S3276 Detail]
Download: New_Jersey-2018-S3276-Introduced.html
Sponsored by:
Senator BRIAN P. STACK
District 33 (Hudson)
SYNOPSIS
Provides gross income tax credit to doctors working at new primary care practices.
CURRENT VERSION OF TEXT
As introduced.
An Act providing a credit against the New Jersey gross income tax to doctors working at new primary care practices, 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. A physician that practices at a new primary care office that has a total of three or fewer physicians practicing at the office shall be allowed a credit against the tax otherwise due pursuant to the "New Jersey Gross Income Tax Act," N.J.S.54A:1-1 et seq. The amount of the credit shall be equal to twenty percent of the physician's pro rata share of premiums paid for professional liability insurance in the taxable year. A physician shall be allowed this credit for up to five taxable years of primary care practice at a new office.
As used in this section:
"New" means within the seven years from when an office opens, commencing with the taxable year an office started accepting patients for primary care.
"Physician" means a person licensed pursuant to chapter 9 of Title 45 of the Revised Statutes to practice medicine in the State.
"Primary care office" means the location at which a physician practices family medicine, general internal medicine, or general pediatrics.
b. The amount of the credit allowed pursuant to this section shall not reduce the tax liability otherwise due for the taxable year to an amount less than zero.
c. The order of priority of the application of the credit allowed pursuant to this section, and any other credits allowed against the tax imposed pursuant to "New Jersey Gross Income Tax Act," N.J.S.54A:1-1 et seq., for a taxable year shall be as prescribed by the director.
d. In the case of married individuals filing jointly, each individual shall be permitted to claim the credit pursuant to this section in the taxable year if that individual is eligible for the credit.
e. The director shall promulgate procedures and forms by which a taxpayer may certify that the taxpayer qualifies for the credit allowed pursuant to this section.
2. This act shall take effect 90 days next following the date of enactment and apply to physicians practicing at offices that opened on the effective date or later.
STATEMENT
This bill provides a gross
income tax credit to doctors working at
new primary care practices. The credit is equal to 20 percent of the pro rate
share of the doctor's professional liability insurance premiums. An office is
considered new if it is within the seven years from when the office started
accepting patients for treatment. A doctor will be allowed to take the credit for
five of the seven years in which an office is considered new. To be eligible
for the credit a doctor must practice at a primary care office that does not
have more than three doctors practicing primary care at the office.
