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Bill > S2540

NJ S2540

NJ S2540
Allows small employers to claim tax credit for paying certain health benefits plan premiums.

summary

Introduced
05/12/2022
In Committee
05/12/2022
Crossed Over
Passed
Dead
01/08/2024

Introduced Session

2022-2023 Regular Session

Bill Summary

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.

AI Summary

This bill allows taxpayers with fewer than 20 employees to claim a tax credit if they pay for their employees' health benefits plan premiums. The credit is up to $250 per employee with single coverage and $500 per employee with family coverage, with the full credit available only if the employer pays the full premium. The credit is reduced if the employer pays less than 100% of the premium. The credit can be applied against the state corporate income tax and personal income tax, up to 50% of the tax liability, and any remaining credit cannot be carried forward. The bill applies to privilege periods and taxable years beginning after the bill's enactment.

Committee Categories

Budget and Finance

Sponsors (1)

Last Action

Introduced in the Senate, Referred to Senate Budget and Appropriations Committee (on 05/12/2022)
(1 Companion Bills)

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