Unemployment Insurance Tax Rates Reduced for 2012 and 2013

On June 29, 2011, Governor Chris Christie signed into a law a bill (A3819) that will reduce the unemployment insurance tax rates on employers during fiscal years 2012 and 2013. According to the Assembly Majority Office, “[e]mployer tax liability will be cut from $300 per worker to $100 per employee on average, generating a savings of $450 million for New Jersey businesses.” The law also changes the requirements regarding notification to employers when benefit payments are made and charged to their employer account. Previously, the law required the Department of Labor to send or furnish copies of certain records regarding benefit payments charged to their employer account. The new law changes this requirement to permit the Department to use technology to reduce costs associated with mailing paper notifications.