FOR IMMEDIATE RELEASE:
June 29, 2010

CONTACT:
Anthony Marucci
609-989-7888 ext. 116
Cell: 201-247-8361
Anthony@njchamber.com

Scott Goldstein
609-989-7888 ext. 113
Scott@njchamber.com

Governor and Legislature Avert Steep Payroll Tax

The New Jersey Chamber of Commerce is praising Gov. Chris Christie and the Legislature for taking action to avert a $1 billion payroll tax increase on employers.

The Legislature yesterday upheld Gov. Christie's conditional veto of bill S-1813 that would have asked employers to pay an average increase of $400 per employee toward the state’s Unemployment Insurance fund starting July 1.

The conditional veto prevents the full tax increase from going into effect this year and softens the blow for New Jersey employers who are still struggling in a difficult economy.

“We appreciate the efforts from both branches of government to make sure the business community wouldn't be hit with a huge tax increase,” said Dennis Bone, chairman of the New Jersey Chamber of Commerce. “I would like to thank leadership on both sides of the aisle for working with the New Jersey Chamber on this issue over the past few months. We will continue to work with the governor and the Legislature to bring the UI fund to solvency.”

 “With this measure, New Jersey employers have predictability and now know what they will pay,” said Michael Egenton, senior vice president environment and transportation for the Chamber. “Instead of an average $400 increase per employee, it’s an average of $130. Business can now plan accordingly and focus on running and growing their businesses.”

The business community will participate in the New Jersey Unemployment Insurance Task Force - created in the conditional veto - to pursue further reform.