Provides gross income tax deduction for senior citizens for certain medical expenses for in-home care or care in assisted living and long-term care facilities and funeral expenses.

This New Jersey bill (A4039) creates a tax deduction for seniors (62+), blind individuals, or those with disabilities. It allows eligible taxpayers to deduct up to $50,000 annually for unreimbursed medical expenses related to in-home care, assisted living, or long-term care facilities, as well as funeral costs for spouses or disabled dependents who were also seniors/blind/disabled at death. The deduction covers services like diagnostic, therapeutic, and personal care required by a licensed healthcare provider under a care plan. It excludes expenses already claimed under existing medical deduction rules and requires the expenses to be unreimbursed. The bill would take effect immediately upon enactment.