2019 NJ Shared Responsibility Tax

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.