TRENTON – Gov. Chris Christie signed three bills into law on Friday, including one that that provides for reductions in worker taxes paid into the state disability benefits fund.
The bill will lower the amount of payroll taxes deducted from worker paychecks, according to the front office.
The bill, S2609/A3792, 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 percent) on each worker’s taxable wage base. This revised funding system takes effect in 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),” according to Christie’s press release.
Christie also signed S483, which expands availability of general development plan approvals and long-term vesting of preliminary and final site plan approvals in Smart Growth areas; and S2580, which requires specific instructions for workers filing unemployment insurance claims.