A Bill to stop a hike in unemployment insurance taxes is headed to Gov. Chris Christie's desk.
The legislation S2404 / A3675, which would stop a 10% unemployment insurance surcharge that would otherwise take effect on July 1st was passed unanimously by the Assembly and Senate.
The increase is intended to replenish the States Unemployment Trust Fund, Business Organizations such as NFIB and New Jersey IEC say but now is not the time to increases taxes on businesses still struggling to pull their business out of the effects of the great recession.
"The addition of the pending Unemployment Insurance Surcharge would prevent businesses including IEC member Electrical Contractors and our Partners throughout the State from adding the employees and equipment they need to grow their businesses in this still fragile economic climate," said Independent Electrical Contractors National Vice President Joseph Hovanec Jr.
"The fund is headed toward solvency, so this will maybe slow it down a little bit, but it's not going to stop it from getting to that point," said Laurie Ehlbeck, New Jersey Director of the NFIB and a member of the state's UI task force.
Ehlbeck said businesses already have been hit with other fees and cost increases, including health insurance rates, "The more money that is in employers' pockets, the more money they can use to either retain the employees they have or to possibly hire new ones," she said.
Alison Littell McHose (R-Sparta), one of the sponsors of the bill in the Assembly, noted that unemployment has been falling in recent months. "This bill recognizes the need to work with the business community that creates the jobs in New Jersey," she said, in a statement. Read More
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