Yesterday, Rep. Tom Kean Jr. (NJ-07) joined a bipartisan group of lawmakers in introducing the Premium Tax Credit Extension Act. The proposed legislation aims to prevent increases in health insurance premiums for American families and small business owners by extending expanded premium tax credits established under the Affordable Care Act (ACA).
The ACA introduced premium tax credits in 2014 to help lower- and middle-income Americans purchase health coverage on the individual market. In 2021, Congress expanded these credits through 2025, making more families eligible for subsidies and lowering costs for those earning between 100% and 400% of the federal poverty level. Currently, about 86% of marketplace enrollees receive these subsidies. Without an extension, most enrollees could see significant premium hikes, especially in states like New Jersey.
“Millions of Americans rely on premium tax credits to keep their health coverage,” said Congressman Kean. “Since 2021, these credits have helped rideshare drivers, working families, and many others afford private insurance on the individual market. If they expire at the end of the year, families in New Jersey and across the country will face higher costs and risk losing critical coverage. This bipartisan effort will extend the credits for another year as Congress continues working together on long-term solutions to lower health care premiums.”
Congresswoman Jen Kiggans (VA-02), one of the bill’s co-leads, added: “As a nurse practitioner, military spouse, and Mom, I understand firsthand how critical affordable health care is for working families. In Congress, I’ve made it my mission to ensure Virginians—especially our seniors, small business owners, and middle-class families—aren’t blindsided by skyrocketing costs they can’t afford. While the enhanced premium tax credit created during the pandemic was meant to be temporary, we should not let it expire without a plan in place. My legislation will protect hardworking Virginians from facing health insurance bills they can’t afford, thus losing much-needed access to care. We can’t pull the rug out from under hardworking families—we must give Americans more time to plan. This is the last thing Virginians need, and it’s unacceptable.”
Rep. Tom Suozzi (NY-03) also emphasized: “New Yorkers, including 17,000 of my constituents, rely on the ACA’s enhanced premium tax credits to afford their health insurance. At a time when the cost of living is skyrocketing and Americans are concerned about being able to afford basic necessities, we cannot allow them to face thousands of dollars of health insurance premium increases if these tax credits expire. This is too important to wait until the last second to think about solutions. I will always work across the aisle to find a middle ground that solves the problems Americans are worried about.”
Other cosponsors include Reps. Brian Fitzpatrick (PA-01), Jared Golden (ME-02), Jeff Hurd (CO-03), Rob Bresnahan (PA-08), Young Kim (CA-40), David Valadao (CA-22), Carlos Gimenez (FL-28), Juan Ciscomani (AZ-06), Mike Lawler (NY-17), Don Davis (NC-01), and Marie Gluesenkamp Perez (WA-03).
Thomas Kean Jr., who has represented New Jersey’s 7th district in Congress since 2023 after succeeding Tom Malinowski, serves as a current member from New Jersey. He previously served in both chambers of New Jersey’s legislature before his election to Congress.
Kean was born in Livingston in 1968 and currently lives in Westfield. He holds a BA from Dartmouth College.
