Assembly Committee Statement to Assembly, No. 4007 (New Jersey, June 12, 2025)

Summary

Assembly Commerce, Economic Development and Agriculture Committee Statement to Assembly, No. 4007, State of New Jersey, dated June 12, 2025. The committee reports favorably Assembly Bill No. 4007, which allows taxpayers with fewer than 20 employees to claim a tax credit for paying employees' health benefits plan premiums. A taxpayer will be entitled to a credit up to $250 for each employee enrolled in a single plan and $500 for each employee enrolled in a family plan. The statement says the full credit may be claimed only if the employer pays the full premiums, and that a reduced credit applies if the employer pays at least half of the premium.

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Cite this document

“Assembly Committee Statement to Assembly, No. 4007 (New Jersey, June 12, 2025).” Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2025-06-12-ace-a4007-s1-dbfceabe81/, SHA-256 3f97504493d42d5e3c3b987abb0aaae7001ae914888fa098d283cde78434f164.

Full text

ASSEMBLY COMMERCE, ECONOMIC DEVELOPMENT AND
           AGRICULTURE COMMITTEE

                          STATEMENT TO

                     ASSEMBLY, No. 4007

       STATE OF NEW JERSEY
                            DATED: JUNE 12, 2025

          The Assembly Commerce, Economic Development and
      Agriculture Committee reports favorably Assembly Bill No. 4007.
          This bill allows taxpayers with fewer than 20 employees to claim a
      tax credit if they pay for their employees’ health benefits plan
      premiums for a health benefits plan that is at least as comprehensive as
      the essential health benefits requirements of the federal Affordable
      Care Act.
          A taxpayer will be entitled to a credit up to $250 for each
      employee enrolled in a single plan and $500 for each employee
      enrolled in a family plan. The employer may only claim the full
      amount of the credit if the employer pays the full premiums. The bill
      provides a reduced credit if the employer pays at least half of the
      amount of the premium. The credit will also be reduced to account for
      employees that are not enrolled for the full taxable year.

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