Murphy will not decide to utilizing federal {dollars} to replenish New Jersey’s Unemployment Insurance coverage Fund

Gov. Phil Murphy declined to decide to utilizing federal cash to avert a tax improve on New Jersey small companies to replenish New Jersey’s Unemployment Insurance coverage Fund.

When requested throughout a information briefing whether or not he may use federal {dollars}, the governor deflected.

“I believe the one factor we need to do is ensure that we’ve bought the best fee of return on no matter, wherever we deploy our cash,” Murphy mentioned. “So my guess is that we’re trying on the curiosity versus the return we might get on … deploying that cash elsewhere.”

New Jersey companies might see a roughly $885 million unemployment insurance coverage (UI) tax improve over three years, together with a $252 million improve beginning in October. Republican lawmakers have known as on the governor to make use of federal American Rescue Plan (ARP) cash to avert the tax improve, even calling for a particular session .

Murphy beforehand mentioned that between $2 billion and $2.5 billion of the $6.2 billion in ARP funds New Jersey obtained has been “spoken for.”

“Whereas Governor Murphy expressed sympathy for small companies impacted by current flooding and storm harm, he nonetheless plans on walloping them once more subsequent month with a giant monetary hit they will sick afford,” state Sen. Declan O’Scanlon, R-Monmouth, mentioned in a press release. “In contrast to Hurricane Ida, the following catastrophe that may goal New Jersey’s struggling employers is totally avoidable and preventable.”

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