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The New Jersey Business Coalition submitted a letter to Gov. Phil Murphy on Friday supporting two measures to assist the state’s Unemployment Insurance Trust Fund.
The coalition, which includes more than 100 leading business and nonprofit groups, urged the governor to sign bill A-4853/S-3011, which would soften and phase in a $1 billion increase in payroll taxes – rather than hit employers with the increase all at once next July – as a result of the low balance in the fund.
The second request made of the governor was to use New Jersey’s unspent federal CARES Act funding to replenish the state’s Unemployment Insurance Trust Fund – as other states have done.
The coalition wrote: “We believe these are two straightforward and ready-to-go measures that could benefit our state in the short-term by providing payroll tax relief to employers, and in the long-term by allowing businesses to focus more of their resources on staying open, rehiring workers, and balancing their finances.”
To read the full letter, click here.