Assembly lawmakers are set to advance a bill to defray unemployment insurance tax hikes on businesses Thursday, their bid fueled by the state’s ample surplus cash.
The automatic tax hikes are intended to replenish New Jersey’s unemployment trust fund, which pays out benefits to laid-off workers and was drained by skyrocketing jobless claims in the earliest months of the pandemic.
Assemblyman Roy Freiman’s measure would effectively lock in the current tax rate for businesses, which is set to rise in July and again next year. Though the two rate increases will proceed, under Freiman’s bill businesses would receive credits equal to the tax hikes. Read More from NJ Monitor.