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New Jersey Companies Face $300 Million Payroll Tax Hike

June 30, 2022, 8:17 PM

New Jersey businesses can expect to pay a higher payroll tax starting Friday after state lawmakers failed to pass a plan that would have eased the burden on replenishing the state’s unemployment trust fund.

Senate lawmakers agreed to leave out legislation as part of a $50.6 billion budget that would have offered a tax credit to help offset automatic payroll tax increases to fill the fund after record unemployment during the pandemic.

Business leaders had lobbied lawmakers in Trenton to partially use federal relief funds to refill the state’s unemployment insurance fund to avoid asking small and large ...