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.

S 2725 allows New Jersey taxpayers aged 62 or older, or who are blind or disabled, to deduct up to $50,000 in unreimbursed medical expenses for in-home care or care in assisted living and long-term care facilities. This deduction applies to expenses for the taxpayer, their spouse, or a dependent who also meets the age or disability criteria. The bill also provides a separate $50,000 deduction for funeral expenses of a spouse or dependent who was 62 or older, blind, or disabled at the time of death. Both deductions cannot cover reimbursed expenses or amounts already claimed under existing medical expense tax rules.