Employers in New Jersey have a longer time to prepare to deal with the draining impact of the pandemic on the state s Unemployment Trust Fund under legislation signed by Gov. Phil Murphy.
The governor s action on Monday reduces the amount of an employer’s unemployment taxes through Fiscal Year 2023.
“A similar phase-in payroll tax measure was utilized after the financial crisis of 2007-2009,” according to New Jersey State Chamber of Commerce Executive Vice President of Government Relations Michael Egenton.
The measure also prevents a rate increase for employers who had to layoff workers during the pandemic through no fault of their own.