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N.J. Delay on Tax Hike for Unemployment Fund Passes House

Oct. 29, 2020, 7:05 PM

New Jersey’s imminent payroll tax increase, which pays for the state’s unemployment fund, would be delayed for three years under a bill from state Democrats.

The New Jersey General Assembly voted 72-0 Thursday to advance legislation, (A.B. 4853) which would substitute an automatic hike on payroll taxes scheduled for July 2021, with phased in increases. The bill, which will now be taken up in the Senate, has bipartisan support and a strong backing from New Jersey’s business community.

The tax is tied to the state’s now depleted unemployment trust fund. By design rates go up in tiers when ...

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