NJBIA Chief Government Affairs Officer Christopher Emigholz told NJ101.5 news reporter David Matthau this week that it’s appropriate that small business relief is part of Gov. Phil Murphy’s $53.1 billion budget for FY24.
New Jersey businesses are set to be charged another $300 million-plus unemployment insurance tax increase on July 1 – the third of three installments of an overall $1 billion payroll tax. Emigholz noted that most states used federal American Rescue Plan funds to replenish their unemployment insurance trust funds that were emptied during the pandemic.
“Knowing that we have a budget with a $10 billion surplus, I think some small business UI tax relief is appropriate,” Emigholz said.
Emigholz also noted that New Jersey businesses are shut out from the ANCHOR property tax relief program for the second straight year – despite the fact they pay nearly half of the property taxes in the state.
“Is there a way that we could think about including small businesses or manufacturers into the ANCHOR program so they get some relief?,” Emigholz told Matthau.
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