Assembly Commerce and Economic Development Committee Statement to Assembly, No. 4807 (October 21, 2020)

Summary

An Assembly Commerce and Economic Development Committee statement to Assembly, No. 4807, State of New Jersey, dated October 21, 2020, reporting the bill favorably. The 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 tax on taxpayers who do not maintain minimum essential health care coverage. A "substantial loss of income" means a monthly income reduction of 50 percent or greater compared with the taxpayer's average monthly income in tax year 2019.

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ASSEMBLY COMMERCE AND ECONOMIC DEVELOPMENT COMMITTEE

STATEMENT TO

ASSEMBLY,
No. 4807

STATE
OF NEW JERSEY

DATED: OCTOBER
21, 2020

The Assembly Commerce and Economic Development 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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