On May 30, 2018 Governor Phil Murphy signed the “shared
responsibility tax” bill into law. The law is similar to the ACA’s Individual
Mandate, takes effect on January 1, 2019, and requires New Jersey residents to
maintain health insurance coverage with minimum essential coverage.
New Jersey’s new mandate will assess an annual penalty for
non-compliance of 2.5% of a household’s income, or $2,085, whichever is
greater. A hardship exception will be announced later this year.
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