Legislation sponsored by Senator Steven Oroho (R-Sussex, Warren, Morris) to avert a substantial tax on New Jersey businesses has been signed into law.
“By reducing unemployment insurance tax rates for the upcoming fiscal year, this measure allows employers to continue adding jobs and increases the state’s competitive economic position,” said Oroho, a member of the Senate Economic Growth and Budget committees.
Senator Oroho’s S2404 eliminates a 10-percent surcharge on New Jersey employer unemployment insurance taxes during fiscal year 2014. This bill will avert a $300 million payroll tax increase, according to the Office of Legislative Services. It will save employers approximately $150 per employee.
Governor Christie signed the bill into law on Friday.
“To attract new businesses and jobs this legislature must continue to tackle issues like New Jersey’s high cost, burdensome tax structure and excessive red tape that have made our state less competitive under past administrations,” Oroho concluded. “To continue the state’s economic turnaround we must prioritize job growth over growth in government.”