Unexpected Tax Cut for NJ Businesses

Unexpected tax cut for NJ businesses

State unemployment insurance contributions outdid projections The post Why NJ businesses are getting an unexpected tax break appeared first on NJ Spotlight News.

New Jersey businesses will see unemployment taxes fall in July

The decline in unemployment tax rates announced on June 18, 2025, was unexpected. Labor Commissioner Robert Asaro-Angelo told Assembly lawmakers in April the fund was healthy but still recovering. (Photo courtesy of N.J. governor's office)Unemployment insurance taxes paid by New Jersey businesses will decline in July, years after a surge on pandemic jobless claims drained the state fund that pays unemployment benefits and triggered a tax hike. R…

New Jersey to lower unemployment tax rate for employers, projecting $300 million in savings - WRNJ Radio

NEW JERSEY — The New Jersey Department of Labor and Workforce Development announced that stronger-than-expected unemployment insurance (UI) contributions will allow the state to lower the UI tax rate paid by employers, starting July 1. The rate reduction, shifting from “Column D” to “Column C” on the state’s UI tax table, means employer contribution rates will range from 0.5% to 5.8%, down from the current 0.6% to 6.4%. The change is expected to…