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Committee Statement - Senate Bill No. 3116, Senate Commerce Committee (New Jersey, February 11, 2021)

Summary

Senate Commerce Committee Statement to Senate, No. 3116, State of New Jersey, dated February 11, 2021, reporting Senate Bill No. 3116 favorably. The statement says the bill provides that, for any month in which the public health emergency declared in Executive Order 103 of 2020 or an extension or replacement of it is in effect, the State shared responsibility tax is not imposed on an applicable individual if the taxpayer receives unemployment benefits or is experiencing a substantial loss of income. 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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“Committee Statement - Senate Bill No. 3116, Senate Commerce Committee (New Jersey, February 11, 2021).” Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2021-02-11-scm-s3116-s1-be9b279524/, SHA-256 79e5484387448447b98dfab4bde0cc047ae9d2f8d1ae55ad58dfb5855c169d1f.

Full text

     SENATE COMMERCE COMMITTEE

                   STATEMENT TO

                 SENATE, No. 3116

 STATE OF NEW JERSEY
                  DATED: FEBRUARY 11, 2021

   The Senate Commerce Committee reports favorably Senate Bill
No. 3116.
   This bill provides that, for any month during which the public
health emergency declared by the Governor in Executive Order 103
of 2020 concerning the coronavirus disease 2019 pandemic, or an
extension or replacement of that Executive Order, is in effect the
State shared responsibility tax shall not be imposed with respect to
any applicable individual for that month if the taxpayer:
   (1) receives unemployment benefits; or
   (2) is experiencing a substantial loss of income.
   Current law requires certain taxpayers to pay the State shared
responsibility tax for each month the taxpayer or the taxpayer’s
dependents do not have minimum essential coverage to provide for
the costs of health care services.          This bill suspends that
requirement during the coronavirus disease 2019 pandemic for
taxpayers receiving unemployment benefits and taxpayers who have
experienced a substantial loss of income.
   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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