NJ S1832

Bill

Allocates $2.5 billion to unemployment compensation fund from federal government assistance and halts increases in employer unemployment taxes related to benefits paid during coronavirus disease 2019 pandemic state of emergency.

Introduced
02/28/2022

In Committee
02/28/2022

Crossed Over

Passed

Dead
01/08/2024

Introduced Session

2022-2023 Regular Session

Bill Summary

This bill allocates $2.5 billion in available federal assistance to the unemployment compensation fund (fund). The money shall be deposited into the fund in order to pay back the balance in federal unemployment insurance loan advances pursuant to Title XII of the Social Security Act, prior to the date when the first interest payment is due, and notwithstanding any other provision of law concerning the actual fund reserve ratio for purposes of employer contribution rate for fiscal years 2022, 2023, and 2024, to increase the unemployment compensation fund balance. Current law requires that unemployment contribution rates for employers, for fiscal year 2022, will be the rates set by column "C" of the of the experience rating table, for FY 2023 the rates in column "D", and for FY 2024 the rates in column "E". The bill modifies that provision of law to specify that notwithstanding any other provision of law concerning the actual fund reserve ratio, the contribution rate for employers liable to pay contributions for fiscal years 2022, 2023, and 2024, would be the rates set by column "B" of the table.

AI Summary

This bill allocates $2.5 billion in available federal assistance to the unemployment compensation fund in order to pay back federal unemployment insurance loan advances and increase the fund balance, despite the actual fund reserve ratio. The bill also specifies that for fiscal years 2022, 2023, and 2024, the contribution rates for employers liable to pay contributions will be set by column "B" of the experience rating table, rather than the higher rates that would normally apply based on the actual fund reserve ratio.

Committee Categories

Labor and Employment

Sponsors (3)

Tony Bucco (R)*, Kristin Corrado (R)*, Jean Stanfield (R),

Last Action

Introduced in the Senate, Referred to Senate Labor Committee (on 02/28/2022)

Official Document

https://www.njleg.state.nj.us/bill-search/2022/S1832

(3 Companion Bills)

Version:

Document Type	Source Location
State Bill Page	https://www.njleg.state.nj.us/bill-search/2022/S1832
BillText	https://www.njleg.state.nj.us/Bills/2022/S2000/1832_I1.HTM
Bill	https://www.njleg.state.nj.us/Bills/2022/S2000/1832_I1.PDF

Bill	Bill Name	Last Action	Type
A2440	Allocates $2.5 billion to unemployment compensation fund from federal government assistance and halts increases in employer unemployment taxes related to benefits paid during coronavirus disease 2019 pandemic state of emergency.	Introduced, Referred to Assembly Labor Committee	Same As
A5828	Allocates $2.5 billion to unemployment compensation fund from federal government assistance and halts increases in employer unemployment taxes related to benefits paid during coronavirus disease 2019 pandemic state of emergency.	Introduced, Referred to Assembly Labor Committee	Carry Over
S3858	Allocates $2.5 billion to unemployment compensation fund from federal government assistance and halts increases in employer unemployment taxes related to benefits paid during coronavirus disease 2019 pandemic state of emergency.	Introduced in the Senate, Referred to Senate Labor Committee	Carry Over

Bill > S1832

summary

Introduced Session

Bill Summary

AI Summary

Committee Categories

Sponsors (3)

Last Action

Official Document

bill text

bill summary

bill summary

bill summary