NJ Passes Bill Delaying Tax Increase for Businesses Amid Economic Struggle

Governor Murphy on Tuesday, December 15, 2020 (Edwin J. Torres 2020).

Governor Phil Murphy signed a law to ease the tax burden on small businesses, as they struggle against coronavirus-induced economic stress.

“COVID-19 continues to pose economic challenges to businesses across the state,” said Murphy. “Today’s bill signing will alleviate the financial burdens many businesses are facing and help them get back on their feet during this difficult time.”

The measure, A-4853/S-3011, reduces the UI payroll tax through 2023.

Nonprofits and governmental employers who provide benefits to workers will be able to cut their UI payments by up to 50%.

The recent stimulus bill that Congress passed will allow the state to use federal unemployment insurance advances to make up for recued tax payroll.

“Many New Jersey businesses are struggling right now, and we cannot allow them to be further penalized by a rise in Unemployment Insurance costs when layoffs were the only option for them to save their business,” said Senate President Steve Sweeney. “This law will be influential in preventing further economic damage to our businesses and communities.”



To Read The Full Story

Are you already a subscriber?
Click to log in!