08 July 2019 New Jersey employers may see SUI tax reduction for FY 2020 During recent testimony to the state Senate budget committee, New Jersey Department of Labor & Workforce Development Commissioner Robert Asaro-Angelo stated that employers may see a further decrease of $200 million in state unemployment insurance (SUI) taxes for fiscal year (FY) 2020 (July 1, 2019 through June 30, 2020), resulting in a combined savings of nearly a half-billion dollars over two years. According to the commissioner, the SUI trust fund balance continues to grow more solvent and, as a result, the SUI tax rate schedule may move to the lowest provided for by law, Rate Schedule A, with rates ranging from 0.3% to 5.4%. For FY 2019, Rate Schedule B is in effect, with rates ranging from 0.4% to 5.4%. Previously, Department officials had expected that the FY 2020 rate schedule would remain at Schedule B. (EY Payroll Newsflash Vol. 19, #114. 7-6-2019.) SUI taxes in New Jersey have continued to decrease steadily since the state recovered from the economic downturn of a decade ago.
Document ID: 2019-1218 | |||||||
