The Tax Cuts and Jobs Act has eliminated the federal shared responding health insurance penalty for tax year 2019. The penalty was previously imposed on individuals and families who did not maintain health insurance coverage for all twelve months of the tax year. Unfortunately, in response to these federal changes, the state of New Jersey has enacted legislation requiring residents to maintain minimum essential health insurance coverage or face penalties on their New Jersey income tax return starting in 2019.
Elimination of the Federal Health Insurance Penalty
