The resolution urges Congress to renew the enhanced premium tax credits that are set to expire at the end of 2025. These tax credits, which were expanded as part of 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 the state's health insurance marketplace, Get Covered New Jersey, has doubled due to the increased financial assistance, with nine out of ten enrollees qualifying for these credits. Many individuals are now able to secure coverage for as little as $1 or $10 per month, a stark contrast to the pre-expansion period.

The resolution emphasizes the potential negative consequences if these tax credits are allowed to expire, including an 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, averaging $1,860 more annually. The loss of these credits could lead to many individuals becoming uninsured, thereby limiting their access to necessary medical care and placing additional strain on healthcare providers due to 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.