New Jersey's 25th Legislative District

Senator Anthony Bucco

Senator Anthony Bucco

Bucco: Fraud-Fighting Measures Helped Restore UI Trust Fund to Full Solvency

Please Share:

Bookmark and Share

$1 Billion UI Fund Surplus Triggers $200 Million Tax Cut for Employers

Senate Republican Budget Officer Anthony Bucco said that strong anti-fraud measures signed into law in 2013 helped lead to a $1 billion surplus in the New Jersey Unemployment Insurance Trust Fund and a $200 million tax cut on employers.

Sen. Anthony Bucco said anti-fraud efforts helped restore the state UI fund to full solvency triggering a $200 million tax cut for employers. (Wikimedia Commons)

“The $200 million tax cut announced by Governor Christie today is a direct result of our efforts to crack down on unemployment insurance fraud,” said Bucco. “We increased penalties on those who fraudulently claimed benefits and added new safeguards to prevent those claims from being approved.”

The Governor highlighted a number of anti-fraud efforts which saved the UI fund hundreds of millions, helping to turn a $2.1 billion deficit into a positive balance of $1 billion.

Bucco sponsored S-2738, enacted on August 9, 2013, which assesses penalties for certain fraudulently obtained unemployment benefits and directs those penalties into the UI fund.

He also sponsored S-2740, enacted on October 16, 2013, which requires information reported by employers to the Department of Human Services about newly hired employees to be shared by the department with other state agencies.

“With a $1 billion surplus, I’m glad to say that our efforts to prevent fraud have helped restored the UI fund to full solvency,” added Bucco. “The resulting $200 million tax cut will lower the cost of doing business for New Jersey employers and help them to continue growing the state’s economy.”

Please Share:

Similar Posts on SenateNJ.com

Leave a Comment:

Comment Rules: Please remain civil, stay on topic, and refrain from using foul or abusive language. Posts that violate those rules may be hidden or deleted, and repeated violators may be blocked.

District 25 Guide

Anthony Bucco

Tony's Bio & Public Service

Constituent Services

Tony Can Help You!

Contact Tony

Tony Wants to Hear from You!

Directions

Getting to Tony's Office

District 25

About the Legislative District

Email Updates

Sign Up for Tony's Newsletter

Facebook

Follow Tony's Page

Internships

Students - Get Involved

Legislative Activity

Committees, Bills & Votes

Twitter

Tweet @tonybucco

Tony's Recent Posts

- Proudly Serving Parts of Morris and Somerset Counties -