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News Now

CU System
N.J. budget may raise CU payrollproperty taxes
TRENTON, N.J. (3/17/09)--Credit unions in New Jersey should expect their payroll and property taxes to increase under the state budget announced by Gov. Jon Corzine, says the New Jersey Credit Union League. Corzine made his annual budget address to a joint session of the state legislature March 4, said the league (Weekly Update March 9). With a deepening recession, rising unemployment, mounting state debt and falling state revenues, the budget touched every sector including government, private enterprise, individuals and not-for-profits such as credit unions. Corzine promised to pump $270 million into the state Unemployment Insurance Trust Fund, but officials said that probably won't be enough to avoid triggering an automatic tax increase on July 1st. The tax is triggered when the fund dips below a threshold measured on March 31. The Labor Department said the fund, which is down to $126.6 million, is paying $75 million a week in claims--nearly double that of last year. State officials indicated a tax increase of about $70 per employee is likely, the league said. A reduction in aid to municipalities also likely will increase real property tax on both homeowners and commercial properties, including credit union facilities, the league said. The state has the nation's highest real property tax.


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