In an interview with The Center Square this week, NJBIA Vice President of Government Affairs Christopher Emigholz said legislation slowing the pace of a looming $1 billion tax hike on business to replenish a depleted unemployment insurance fund will help struggling New Jersey businesses.
Without the legislation, which would stagger the hefty tax hike over three years, small businesses will be walloped all at once in July 2021.
“Hopefully, we’re in a better place (in July),” Emigholz said. “Hopefully, the economy and unemployment are better, but we know that we’re still going to be hurting. Instead of a massive spike, it is a more manageable phase-in.”
Other states have used federal tax dollars to replenish their insurance trust funds. Emigholz has encouraged New Jersey lawmakers to send future money from federal legislation to the unemployment insurance trust fund, as well.
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