TRENTON – Legislation sponsored by Senator Fred Madden (D-Gloucester, Camden) that would cut the unemployment insurance (UI) tax rates that will be imposed on employers during fiscal years 2012 and 2013 cleared the full Senate today. The reduction will save employers $652.9 million total and an average of $208 per employee over the two year period.
“Given the current economic climate, it is important that we take steps to aid businesses in New Jersey, particularly small businesses,” said Madden, chairman of the Labor Committee. “By cutting taxes on employers we are providing them a much needed break, while also sparing the unemployed from a reduction in benefits.”