New Tax on New Jersey Health Insurance Companies Effective 1/1/21

Posted on August 7, 2020

Gov. Phil Murphy signed a law Friday that imposes a 2.5% tax on health insurance companies that will help pay the premiums for people who rely on the marketplace created by the Affordable Care Act to shop for coverage.

Click on the links below for articles with more details regarding this new law.

• NJ.com: Murphy enacts new tax on insurance companies to expand health coverage for middle-class families
• NJBIA: Murphy signs health insurance tax, law takes effect Jan 1
• NJSpotlight: Murphy budget includes taxes, spending to combat ACA ‘Sabotage’