In this video press release, Assemblymen Craig J. Coughlin (D-Middlesex) and Timothy J. Eustace, D.C. (D-Bergen) discuss their legislation that prevented a mandatory tax increases from impacting New Jersey businesses.
The recently enacted law (formerly A-4112) eliminated a 10 percent surcharge in the unemployment insurance tax rates that would have been imposed on employers during fiscal year 2014. The law is estimated to save New Jersey businesses $300 million in FY 2014 alone. The sponsors believe that this savings will help stimulate small business growth and job creation in the state.
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