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

Summary

A statement of the Assembly Commerce and Economic Development Committee of the State of New Jersey, dated October 21, 2020, reporting favorably on Assembly Bill No. 4807. The bill would suspend the State shared responsibility tax, which current law imposes on taxpayers who do not maintain minimum essential health care coverage, for individuals receiving unemployment or experiencing a substantial loss of income during the coronavirus disease public health emergency, defined as a reduction in monthly income of 50 percent or greater compared with the taxpayer's average monthly income in tax year 2019.

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Full text

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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