Friday, July 31, 2020 9:58 PM EST
By The Associated Press, AP
TRENTON, N.J. (AP) — New Jersey Democratic Gov. Phil Murphy has signed legislation that will impose a tax on state health insurance plans after a federal levy expires and use those funds to reduce costs for residents. The measure narrowly passed the Democrat-led Legislature this week in the face of Republican opposition. Murphy said in a statement the bill is aimed at restoring a key provision of the Affordable Care Act, also known as Obamacare, that is set to expire this year. The measure sets a levy of 2.5% of the net value of health insurance premiums. The law then applies those proceeds to certain health insurance markets, specifically those in the individual market, including minors.