Allows tax credit for expenses incurred for medical insurance premiums and deductible payments for certain taxpayers under gross income tax.

S 2945 creates a New Jersey tax credit for low-to-moderate income residents to offset medical insurance costs. It allows individuals with gross income under $65,000 (single or married filing separately) or $130,000 (married filing jointly or head of household) to claim a credit equal to the difference between their medical insurance costs (premiums plus deductibles) and 8.5% of their income. The credit cannot be claimed for expenses already deducted under existing tax rules. The bill requires the Division of Taxation to coordinate with the Health Department to advertise the credit's availability. It takes effect for taxable years beginning after its enactment date.