Assembly Commerce, Economic Development and Agriculture Committee Statement to Assembly, No. 4007 (2025)

Summary

An Assembly Commerce, Economic Development and Agriculture Committee statement to Assembly, No. 4007, State of New Jersey, dated June 12, 2025, reporting the bill favorably. The bill allows taxpayers with fewer than 20 employees to claim a tax credit for paying employees' health benefits plan premiums for a plan at least as comprehensive as the essential health benefits requirements of the federal Affordable Care Act. The credit is up to $250 per employee in a single plan and $500 per employee in a family plan, with the full amount only when the employer pays the full premium. A reduced credit applies if the employer pays at least half of the premium or employees are not enrolled for the full taxable year.

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Cite this document

“Assembly Commerce, Economic Development and Agriculture Committee Statement to Assembly, No. 4007 (2025).” Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/a4007-ace-statement-6-12-25-a72cd7a129/, SHA-256 165bd1c7c62bbaedc6319b4854be97f41f98a669267d1135e18abfd95f23a10e.

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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