The resolution urges Congress to renew the enhanced premium tax credits that are set to expire at the end of 2025. These tax credits, initially expanded under the American Rescue Plan Act of 2021 and later extended by the Inflation Reduction Act, have significantly improved access to affordable health insurance for over 19 million Americans, including more than half a million residents of New Jersey. The resolution highlights that enrollment in New Jersey's health insurance marketplace, Get Covered New Jersey, has doubled due to the increased financial assistance, with a substantial percentage of enrollees qualifying for these credits and paying minimal monthly premiums.

The resolution emphasizes the potential negative consequences of allowing these tax credits to expire, including a projected average increase of $1,260 per year in health insurance costs for individuals who previously benefited from the credits. Older residents nearing Medicare eligibility would face even steeper increases. The loss of these credits could lead to many individuals becoming uninsured, thereby straining healthcare providers with increased uncompensated care. The resolution concludes that extending these tax credits is essential for maintaining affordable and accessible health insurance for families in New Jersey and across the nation.