NJ small biz tax credit sought for unemployment insurance hikes

Saying small businesses in the state continue to hurt from the effects of the COVID-19 pandemic, three New Jersey lawmakers want to give these business owners credits to protect against unemployment insurance tax increases.

The bill (A3683) introduced Thursday by Assembly members Roy Freiman, D-Somerset, Lou Greenwald, D-Camden, and Chris Tully, D-Bergen, according to the legislators, would provide corporate business tax and gross income tax credits to 70% of small businesses in the Garden State.

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The tax credits would be available for taxable years 2023 and 2024 to offset any spike in unemployment insurance contributions during Fiscal '23 and '24, for businesses that have not used any other grants or subsidies to make up that cost.

"We're putting money back into the pockets of small business owners allowing them to grow their operations and invest in their employees," Greenwald said in an Assembly Democrats release.

No further information on the bill was yet available Friday on the state legislature's website.

Patrick Lavery is a reporter and anchor for New Jersey 101.5. You can reach him at patrick.lavery@townsquaremedia.com

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Filed Under: COVID-19 Coronavirus, small business, tax credit, Unemployment Insurance

Categories: New Jersey News