CHAMBER OF COMMERCE SOUTHERN NEW JERSEY EXPRESSES DISAPPOINTMENT OVER UI LEGISLATION

The following is a statement from Christina M. Renna, president & CEO, Chamber of Commerce Southern New Jersey:

Today, state government did not act on a bill the CCSNJ has strongly advocated for, which would offset future unemployment insurance (UI) tax increases that collectively totals an approximate $1 billion tax hike on businesses over the next two years. Businesses did their part during the height of the pandemic, shutting their doors to adhere to the state’s mandated public health guidelines. As a result, employers had to lay off workers and the state faced historic unemployment levels that heavily drew down the New Jersey’s UI fund. This draw down will now lead to unfair tax increases on businesses that state government had the power to stop, but instead chose to turn a blind eye to. The continued plight of small businesses, especially those that are women and minority-owned, remains very real. It is well-known that the state is flush with cash due to federal recovery money. The CCSNJ is disappointed that Governor Murphy and others did not find use of these funds as appropriate to use to avoid a tax increase on New Jersey’s small businesses.