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New Jersey businesses spared huge tax jump
Gov. Chris Christie has signed legislation that calls for the phasing in of a sharp increase in the state’s unemployment tax rate, a move proponents say will spare businesses from having to immediately pay a hefty boost in the rate.
The increase, needed to help restore the state’s depleted unemployment insurance fund, will now be phased in over a three-year period instead of being imposed all this year. The measure, which had received bipartisan support and was strongly backed by the business community, was signed by Christie late last month. (Shipkowski, The Associated Press)
