Department of Labor and Workforce Development | Jul-05-11 Governor Christie Signs Legislation to Responsibly Reduce Tax Burden on New Jersey Workers

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Jul-05-11 Governor Christie Signs Legislation to Responsibly Reduce Tax Burden on New Jersey Workers

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For Immediate Release
Tuesday, July 5, 2011

Contact:

Michael Drewniak
Kevin Roberts
609-777-2600

Trenton, NJ – Acting again on his commitment to reduce taxes for hardworking New Jerseyans, Governor Chris Christie signed legislation on Friday July 1, 2011 that provides for reductions in worker taxes paid into the State disability benefits fund, lowering the amount of payroll taxes deducted from many New Jerseyans’ paychecks. The bill, S-2609/A-3792 (Turner, Madden/Milam), revises the methodology for funding the State’s temporary disability benefits system by replacing the current flat tax rate of one-half of one percent (0.5%) on each worker’s taxable wage base. This revised funding system takes effect on January 1, 2012 and will result in a payroll tax reduction for New Jersey workers covered under either the State temporary disability benefits plan or an approved private plan. The move responsibly decreases the overall tax burden on New Jersey residents without jeopardizing the health of the Temporary Disability Fund (TDI).

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