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Bill > A4007
NJ A4007
NJ A4007Allows small employers to claim tax credit for paying certain health benefits plan premiums.
summary
Introduced
03/07/2024
03/07/2024
In Committee
06/12/2025
06/12/2025
Crossed Over
Passed
Dead
01/12/2026
01/12/2026
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 small employers with fewer than 20 employees to claim a tax credit for paying their employees' health benefits plan premiums, provided the plan is at least as comprehensive as the essential health benefits required under the federal Affordable Care Act. The credit is up to $250 for each employee with single coverage and $500 for each employee with family coverage, with the full credit available only if the employer pays the full premium. The credit is reduced proportionally if the employer pays less than 100% of the premium. The total credit cannot exceed the amount paid by the employer for the employees' health benefits plan premiums.
Committee Categories
Business and Industry
Sponsors (4)
Last Action
Reported and Referred to Assembly Financial Institutions and Insurance Committee (on 06/12/2025)
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/A4007 |
| Analysis - Statement ACE 6/12/25 | https://pub.njleg.gov/Bills/2024/A4500/4007_S1.PDF |
| BillText | https://pub.njleg.gov/Bills/2024/A4500/4007_I1.HTM |
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