Pandemic Darlings The pandemic economy, in original documents
Home Source documents Assembly Commerce and Economic Development Committee Statement, Assembly Nos. 3683 and 2152 (2022)

Assembly Commerce and Economic Development Committee Statement, Assembly Nos. 3683 and 2152 (2022)

Summary

This is an Assembly Commerce and Economic Development Committee statement to the New Jersey Assembly on an Assembly Committee Substitute for Assembly Nos. 3683 and 2152, dated May 19, 2022. The committee reports the substitute favorably. The statement says the substitute reduces the burden to employers of increased unemployment insurance taxes. It establishes the Supplemental Unemployment Compensation Fund with $375 million to reimburse federal loans made to the State unemployment insurance fund. It also provides corporation business tax and gross income tax credits to small businesses for calendar years 2023 and 2024, not refundable but carried forward for seven years. A third provision requires not less than 30 days of advance notice to each employer of any change in its unemployment insurance taxes.

Summary drafted by a model from the document's text below and checked by script against that text before publication. It is a navigation aid, not a reading of what the document proves. Where AI is used

Cite this document

“Assembly Commerce and Economic Development Committee Statement, Assembly Nos. 3683 and 2152 (2022).” Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2022-05-19-ace-a3683-s1-bbd478eb80/, SHA-256 5f506b3fcab601598ac04811e7789ee1aeaaefdfa4c80e0ac5f61ef1839eac48.

Full text

ASSEMBLY COMMERCE AND ECONOMIC DEVELOPMENT
                COMMITTEE

                          STATEMENT TO

     ASSEMBLY COMMITTEE SUBSTITUTE FOR
             ASSEMBLY, Nos. 3683 and 2152


       STATE OF NEW JERSEY
                             DATED: MAY 19, 2022

          The Assembly Commerce and Economic Development Committee
      reports favorably an Assembly Committee Substitute for Assembly
      Nos. 3683 and 2152.
          This Assembly Committee Substitute reduces the burden to
      employers of increased unemployment insurance (UI) taxes by:
          1. Establishing the Supplemental Unemployment Compensation
      Fund and appropriating $375 million to that fund for the purpose of
      reimbursing federal loans made to the State UI fund, with the goal of
      eliminating the State UI fund’s federal debt, avoiding federal charges
      for that debt, and increasing more quickly the reserves in the State UI
      fund needed to facilitate reductions in employer UI taxes;
          2. Providing corporation business tax and gross income tax
      credits to small businesses to help offset scheduled increases in UI
      taxes. The bill adopts the U.S. Small Business Administration’s
      framework for defining a small business based on the numbers of
      employees, revenues, or both, in the industry of the business. The tax
      credits would be available for taxable years and privilege periods
      beginning in Calendar Years 2023 and 2024, and based on potential
      increases in employer UI taxes in FY 2023 and FY 2024. The tax
      credits are not refundable, but may be carried forward for seven years.
      Small business that use grants or other subsidies to offset increased UI
      taxes are not eligible for the bill’s tax credits; and
          3. Requiring not less than 30 days of advanced notice to each
      employer of any changes in the employer’s UI taxes.

File and source

File
2022-05-19_ACE_A3683_S1.pdf
Size
114,362 bytes
SHA-256
5f506b3fcab601598ac04811e7789ee1aeaaefdfa4c80e0ac5f61ef1839eac48
Our copy
2022-05-19_ACE_A3683_S1.pdf
Original
No public link identified.
Back to top