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.