P.L. 2018, Chapter 31 – This law, signed on May 31, 2018, will become effective January 1, 2019. It establishes the New Jersey Health Insurance Market Preservation Act which creates a State Shared Responsibility Tax to encourage residents to sign up for health insurance. The Shared Responsibility Tax takes effect in the 2019 tax year. The Affordable Care Act created a federal tax that will not be levied after the 2018 tax year. The State tax is designed to prevent erosion of health insurance markets once the federal tax expires.
Grimaldi Tax Pro 