NJ Delays Unemployment Insurance Tax Hike

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TRENTON — New Jersey officials delayed an increase in a 10 percent unemployment insurance  tax surcharge that was scheduled to take effect today, the first day of fiscal year 2014.

Gov. Chris Christie signed the bi-partisan bill, which was approved unanimously by the Legislature, on Friday.

“This will save employers $300 million during this fiscal year, allowing them at this difficult time to focus on creating jobs and economic development for our state and its workers,” said Assemblyman Tim Eustace (D-Bergen/Passaic). “Creating a good environment for job creation in New Jersey is a top priority, and this is essential ingredient to accomplish that goal.”

The scheduled tax surcharge was called for by a table that the state uses to determine unemployment insurance tax rates on an annual basis. The table is intended to make sure that the state’s unemployment insurance fund remains solvent.

 


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