Christie signs bill to nix unemployment tax surcharge
By Jared Kaltwasser
The start of the new fiscal year won’t bring a new unemployment tax surcharge for employers.
Gov. Chris Christie made sure of that Friday, when he signed a bill postponing the 10 percent surcharge. The move will save employers about $300 million in the 2014 fiscal year.
The measure had bipartisan support, and was a top priority for many business groups, who said companies would have difficulty withstanding the surcharge at a time of recovery, both from the economic recession and Hurricane Sandy.
Assemblyman Craig J. Coughlin (D-Woodbridge) said New Jersey is still in a “fragile position,” with high unemployment and slower economic growth than its neighbors and much of the nation.
“The last thing our businesses need is an additional tax hit,” he said. “This is the responsible thing to do to ensure our businesses can continue focusing on job creation and economic development.”