
Businesses in New Jersey could face higher health insurance premiums under legislation introduced July 6 that would impose a new state tax on fully insured health insurance premiums. Ocean City Regional Chamber of Commerce opposes the bill. S-2676 (Vitale, D-19) / A-4389 (McKeon, D-27), would impose a new 2.75% state excise tax on fully insured health insurance premiums for health benefits plans, MEWAs and dental and vision coverage. The bill is similar to a health insurance tax Gov. Phil Murphy proposed in his original FY 2021 budget proposal, which he put forth before the pandemic began in the U.S. Ocean City Regional Chamber of Commerce opposes the bill because it will increase healthcare costs for employers who have been struggling for years to continue to provide healthcare coverage to their employees despite... Read More