>State’s failure to repay unemployment loan means higher tax for employers
State employers are being billed this month for an additional $21 per employee in 2011 federal unemployment tax as a result of the state’s failure to pay back a $1.7 billion loan from the federal government.
The tax, which will total more than $80 million for state employers, is a result of the state’s failure to repay a federal government loan granted to New Jersey to help foot the bill for unemployment insurance. The tax increase is charged only to states that have had a loan balance for two consecutive years. (Isherwood, PolitickerNJ)
