Senate Commerce Committee Statement to Assembly - Assembly Bill No. 4807 (State of New Jersey, February 11, 2021)

Summary

The New Jersey Senate Commerce Committee reported Assembly Bill No. 4807 favorably on February 11, 2021. The bill suspends the State shared responsibility tax for people receiving unemployment or whose monthly income fell 50 percent or more against their 2019 average during the coronavirus emergency.

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“Senate Commerce Committee Statement to Assembly - Assembly Bill No. 4807 (State of New Jersey, February 11, 2021).” Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2021-02-11-scm-a4807-s3-28b25d7e11/, SHA-256 951bbb9399024cf1fe62dc188829122490e004226eaac9e816d83cc662ad9f76.

Full text

     SENATE COMMERCE COMMITTEE

                   STATEMENT TO

              ASSEMBLY, No. 4807

 STATE OF NEW JERSEY
                  DATED: FEBRUARY 11, 2021

   The Senate Commerce Committee reports favorably Assembly
Bill No. 4807.
   This bill would suspend the State shared responsibility tax for
individuals receiving unemployment or experiencing a substantial
loss of income during the coronavirus disease public health
emergency. Current law imposes the State shared responsibility tax
on taxpayers who do not maintain minimum essential health care
coverage to provide for the costs of health care services. Under the
bill, a “substantial loss of income” means a reduction in monthly
income of 50 percent or greater in a month, as compared to the
taxpayer’s average monthly income in tax year 2019.

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