SOUTHERN NEW JERSEY CHAMBER OF COMMERCE EXPRESSES DISAPPOINTMENT WITH UI LEGISLATION
The following is a statement from Christina M. Renna, President and CEO, Southern New Jersey Chamber of Commerce:
Today, the state government failed to act on a bill the CCSNJ has strongly advocated for that would offset future unemployment insurance (UI) tax increases that collectively total a hike about $1 billion for businesses over the next two years. Businesses did their part during the height of the pandemic, shutting down to comply with state-mandated public health guidelines. As a result, employers had to lay off workers and the state had to deal with historic levels of unemployment that sharply reduced New Jersey’s unemployment insurance fund. This cut will now result in unfair tax increases for businesses that the state government had the power to shut down, but instead chose to turn a blind eye. The lingering plight of small businesses, especially those owned by women and minorities, remains very real. It is well known that the state is overflowing with money due to federal recovery money. The CCSNJ is disappointed that Governor Murphy and others have not found the appropriate use of these funds to avoid a New Jersey small business tax increase.
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