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N.J.’s largest health insurer wins right to seek tax break, get into for-profit health care business Updated Dec 18, 2020; Horizon Blue Cross Blue Shield of New Jersey, the largest health insurer in the state, would be permitted to shed some of its tax burden and regulations and expand into the health care business, under a bill that soared through both houses of the state Legislature Thursday. The bill allowing Horizon to seek state approval to change its corporate structure is complicated and controversial. In another year, it likely would not have passed in the 10 days that it did. But with state revenues depressed by the pandemic, Horizon’s pledge to pay the state $600 million by June 2022 to soften the blow of losing other tax revenue from the Newark-based company, won many converts.

New jerseyUnited statesChris christieNia gillNellie pouKevin conlinPhil murphyRobert singerHal wirthsShirley turnerDepartment of bankingAssembly speakerHorizon blue cross shieldSenate presidentAssemblyman hal wirthsDemocratic controlled legislature