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Bill > S1412
NJ S1412
NJ S1412Allows small employers to claim tax credit for paying certain health benefits plan premiums.
summary
Introduced
01/09/2024
01/09/2024
In Committee
01/09/2024
01/09/2024
Crossed Over
Passed
Dead
Introduced Session
2024-2025 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 for a health benefits plan that is at least as comprehensive as the essential health benefits requirements of the federal Affordable Care Act. The credit is up to $250 for each employee enrolled in a single plan and $500 for each employee enrolled in a family plan, with the full credit only available if the employer pays the full premiums. The credit is reduced if the employer pays at least half of the premium, and further reduced based on the percentage of the year the premiums were paid. The total credit cannot exceed the total amount paid for the employees' health benefits plan premiums.
Committee Categories
Budget and Finance
Sponsors (2)
Last Action
Introduced in the Senate, Referred to Senate Budget and Appropriations Committee (on 01/09/2024)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.njleg.state.nj.us/bill-search/2024/S1412 |
| BillText | https://pub.njleg.gov/Bills/2024/S1500/1412_I1.HTM |
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