Business

NJ Businesses Face Unemployment Tax Hike

NJ TODAY
TRENTON -- New Jersey businesses are facing a significant tax hike this summer if the federal government doesn't help replenish the state's unemployment fund, Gov. Chris Christie warned this week. New Jersey’s Unemployment Insurance Fund will be $1.6 billion in debt by March, according to Christie. Business taxes are automatically increased by law when the fund’s balance goes below a certain level as measured every March. The new Republican governor plans to ask the federal government to forgive loans that are keeping the fund solvent, but warned that there was no money in the state budget to stop the tax increase.
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Posted by Editor at February 3, 2010 03:06 AM