New Jersey State Laws
✅ Law #1: Medical Debt Reporting & Consumer Credit Changes (P.L. 2024, c.48)
Statute / Law: P.L. 2024, c. 48 — New Jersey’s Medical Debt Law. (Holland & Knight)
Effective: July 22, 2025 (Holland & Knight)
📝 What it does
Prevents medical creditors and collectors from reporting medical debt (for health services performed on or after July 22, 2025) to consumer reporting agencies (credit bureaus). (Holland & Knight)
Stops consumer reporting agencies from including medical debt under $500 or paid medical debt in credit reports. (Holland & Knight)
💰 Cost to taxpayers / state budget
Minimal direct cost to the state; mostly regulatory changes.
Some cost/impact to lenders, credit bureaus who rely on credit data for assessments.
👥 Who it helps / affects
Helps: Consumers struggling with small medical debts or paid debts that were hurting their credit.
Affects: Credit reporting agencies; lenders using credit reports; medical debt collectors.
🧑⚖️ Who sponsored / initiated & opposed
Initiated by NJ Legislature in response to consumer credit fairness concerns. (Holland & Knight)
Consumer rights groups supported; some in financial services might have concerns about credit risk or underwriting.
✅ Pros & ❌ Cons
✅ Pros: Fairer treatment for individuals burdened with medical debt; reduces credit damage from small or already-paid debts.
❌ Cons: Lenders might see reduced visibility of medical debt, possibly affecting risk assessment; may shift costs or premiums.
🗳️ The Ballot Beacon Takeaway
Starting July 22, 2025, NJ stops reporting small (<$500) or paid medical debt to credit bureaus — good move for folks buried in medical bills, less so for lenders depending on full reports.
✅ Law #2: Adjustments to Realty Transfer Taxes & Transfer Fees (P.L. 2025, c. 69)
📝 What it does
💰 Cost to taxpayers / state budget
Probably neutral to state; the government still collects fees, just changes who pays.
Sellers may have higher upfront cost in certain transactions.
👥 Who it helps / affects
Helps: Property buyers (lower closing cost in some cases).
Affects: Sellers (pay more in some cases); real estate professionals; attorneys handling closings.
🧑⚖️ Who sponsored / initiated & opposed
State Legislature passing tax/finance bills. (NJ.gov)
Some sellers or realty stakeholders likely opposed; buyers likely favorable.
✅ Pros & ❌ Cons
✅ Pros: Shifts cost burden from buyer to seller in certain transfers; may make buying more affordable.
❌ Cons: Sellers may pass costs in other ways; some deals may be less appealing if seller cost increases unexpectedly.
🗳️ The Ballot Beacon Takeaway
As of July 2025, NJ changes some property sale fees/taxes so sellers pay more instead of buyers — helps buyers’ out-of-pocket costs, but sellers take on more financial responsibility.
✅ Law #3: Minimum Wage Increase & Unemployment Benefit Boost (2025)
📝 What it does
Raises New Jersey’s minimum wage from previous rate to $15.49/hr for most employees. (NBC New York)
Also increases the maximum weekly unemployment insurance benefit to $875. (WHYY)
💰 Cost to taxpayers / state budget
Some cost increase for employers paying wages; may affect payroll budgets.
Unemployment fund outlays increased due to higher maximum benefit.
👥 Who it helps / affects
Helps: Low-wage workers; unemployed people receiving benefits.
Affects: Employers; businesses with many minimum-wage employees.
🧑⚖️ Who sponsored / initiated & opposed
Initiated via NJ legislative process responding to inflation and cost-of-living pressures. (WHYY)
Opposed by some business advocates worried about wage cost growth; supported by labor rights & worker groups.
✅ Pros & ❌ Cons
✅ Pros: Raises income for workers, more benefit support during unemployment, helps people keep up with inflation.
❌ Cons: Employer costs go up; could lead to higher prices; some businesses may reduce hiring or hours.
🗳️ The Ballot Beacon Takeaway
As of Jan 1, 2025, NJ increased the minimum wage to $15.49/hr and boosted unemployment benefits — a win for workers, with business and budget trade-offs ahead.
✅ Law #4: Tax on Nicotine Products & Gaming Wagering Increases (various P.L. laws)
📝 What it does
💰 Cost to taxpayers / state budget
State revenue increases from higher taxes & fees. Good for the state budget.
Consumers of nicotine products and gaming will pay more.
👥 Who it helps / affects
Helps: State budget & public health goals (discouragement via higher cost).
Affects: Smokers, vape users, gamblers, gaming platforms. Businesses in gaming/sports wagering may see changes in margins.
🧑⚖️ Who sponsored / initiated & opposed
Part of revenue / budget legislation passed by NJ Legislature. (NJ.gov)
Public health groups likely supportive; consumers and industry possibly opposed.
✅ Pros & ❌ Cons
✅ Pros: Raises revenue; may reduce nicotine usage; funds more state programs.
❌ Cons: Higher cost for users; possibility of pushing usage to illegal/unregulated sources; industries may complain about profit margins.
🗳️ The Ballot Beacon Takeaway
NJ in mid-2025 raised taxes on cigarettes, vape liquids, and boosted gaming/sports wagering taxes — helping state coffers and public health, with extra cost for consumers and industry.