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

Summary

A Senate Commerce Committee statement to Assembly, No. 4807, State of New Jersey, dated February 11, 2021, reporting the bill favorably. Under the bill, people receiving unemployment, or whose income fell substantially during the coronavirus disease public health emergency, would not owe the State shared responsibility tax. That tax applies under current law to taxpayers without minimum essential health care coverage. The bill sets the test for a "substantial loss of income" at a drop in monthly income of 50 percent or greater, measured against average monthly income in tax year 2019.

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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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