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Bill eases unemployment insurance taxes

CIANJ plans on supporting a bill that will be heard on Monday in the Senate Labor Committee that eases the unemployment tax burden for employers.

The legislation (S2404) has bipartisan support and is sponsored by Sen. Fred Madden, chair of the labor committee, and Sen. Steve Oroho, a leading Republican. The bill eliminates the 10 percent surcharge employers would have faced on July 1. The surcharge was part of the compromise developed three years ago when the unemployment trust fund fell into a deficit because money had been diverted for other purposes and there was an extraordinary demand for benefits when the recession occurred.

The trust fund is still running at a deficit but apparently it has been sufficiently replenished to avoid the surcharge for next year. More details on the fund are expected to be revealed at Monday’s committee meeting.

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    The mission of Commerce and Industry Association is to be the leader in free enterprise advocacy for the purpose of fostering, through education, legislative vigilance and membership interaction, an economic climate that enhances business potential and makes New Jersey a better state in which to live, work and conduct business.

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