This bill proposes a $3,000 gross income tax deduction for New Jersey taxpayers who provide significant financial support to elderly relatives. Specifically, it targets those who support a relative aged 70 or older, who has lived in the taxpayer's home for at least six months during the taxable year. To qualify for this deduction, individual taxpayers must have a gross income of no more than $35,000, while those filing jointly must not exceed $50,000 in gross income.

The legislation aims to alleviate some financial burden for caregivers by allowing them to deduct this amount from their gross income, thereby potentially lowering their overall tax liability. The bill is set to take effect immediately and will apply to taxable years that begin after its enactment.