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AR 196

Urges Congress to renew expiring enhanced premium tax credits.

2024-2025 Regular Session Introduced by Carol Murphy

Urges Congress to renew enhanced premium tax credits expiring in 2025 to keep health insurance affordable for NJ residents and millions nationwide.

Introduced in the Assembly, Referred to Assembly Financial Institutions and Insurance Committee
#memorializat #taxation
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Bill Summary · AR 196

AR 196 — Summary

Overview

AR 196 is an Assembly Memorializing Resolution introduced in the New Jersey General Assembly on June 27, 2025. The measure is a non-binding request urging the United States Congress to renew the enhanced premium tax credits (PTCs) for health insurance that are scheduled to expire at the end of 2025. It is classified as a resolution and was referred to the Assembly Financial Institutions and Insurance Committee.

  • Bill Number: AR 196
  • Title: Urges Congress to renew expiring enhanced premium tax credits
  • Status: Introduced in the Assembly; referred to Assembly Financial Institutions and Insurance Committee
  • Introduced: June 27, 2025
  • Classification: Resolution (Memorialization)
  • Subject: Taxation; Health insurance affordability

What the bill would do

  • The resolution urges Congress to renew the enhanced premium tax credits that are scheduled to expire at the end of 2025.
  • It directs that copies of the resolution be transmitted to key federal leaders in both chambers of Congress (Senate and House) representing New Jersey.

Key provisions and points (as stated in the version content)

  • The enhanced premium tax credits were created under the American Rescue Plan Act of 2021 to broaden access to affordable health insurance during the COVID-19 pandemic.
  • The 2022 Inflation Reduction Act extended these enhanced credits through 2025.
  • The enhanced credits are reported to reduce the cost of quality health insurance for over 19 million Americans, including more than 500,000 New Jersey residents enrolled through Get Covered New Jersey.
  • Get Covered New Jersey enrollment has doubled since its launch, driven by increased financial assistance.
  • In 2025, nine in ten New Jersey marketplace enrollees qualified for an enhanced premium tax credit; roughly half pay $10 or less per month, and many pay $1 or less per month.
  • The resolution emphasizes potential consequences if Congress does not renew the credits:
    • Average annual premium cost for an individual who previously received an enhanced credit could rise by about $1,260.
    • Costs for some could be more than double their current premium; older residents near Medicare eligibility could see average increases around $1,860 per year.
    • There could be more uninsured residents and greater demand on hospitals and health providers due to higher uncompensated care.
  • The statement underscores that extending these credits is critical to maintaining affordable and accessible health insurance in New Jersey and nationwide.

Who would be affected

  • While the measure itself is federal in scope (a request to Congress), the content highlights direct effects on:
    • New Jersey residents enrolled in Get Covered New Jersey
    • Individuals who previously benefited from enhanced PTCs nationwide
    • Hospitals and health care providers that could face higher uncompensated care if credits lapse

Procedural and timeline aspects

  • The bill is currently in the Assembly and referred to the Assembly Financial Institutions and Insurance Committee.
  • As a memorializing resolution, its effect is to express the General Assembly’s policy position and urge federal action, rather than to enact state law.
  • There is no New Jersey fiscal appropriation attached; the bill serves to advocate for federal action.

Context and rationale

  • The measure leverages the NJ Legislature’s stance that extended premium tax credits have substantially improved insurance affordability and enrollment, with notable protections for New Jersey residents and health system stability.
  • It cites enrollment and price reductions under the expanded credits and warns of significant cost and access consequences if the credits expire.

This summary focuses on the bill’s purpose, provisions, affected parties, and procedural status, presenting the essential information needed to understand AR 196.

Compiled from official sources — confirm details with the bill’s official record.

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