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 a substantial number of enrollees paying $10 or less per month for coverage.

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 New Jerseyans 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.