43:21-7.5 - Contribution rate calculated upon benefit experience; increase if low balance in unemployment trust fund - New Jersey Statutes

43:21-7.5.  Contribution rate calculated upon benefit experience; increase if low balance in unemployment trust fund
    Notwithstanding any provisions of R.S. 43:21-7(c)(5)(A) to the contrary, if  the balance in the unemployment trust fund on March 31, 1972 is less than 7% of  the total taxable wages reported to the division in respect to employment  during the calendar year 1971, the contribution rate to become effective on  July 1, 1972 for each employer eligible for a contribution rate calculated upon  benefit experience, shall be increased   3/10   of 1% over the contribution  rate otherwise established under paragraphs (3) or (4) of R.S. 43:21-7(c);   provided, however, that if the balance in the unemployment trust fund on  December 1, 1972 is less than 2  1/2  % of the total taxable wages reported to  the division in respect to employment during calendar year 1971, the  contribution rates, which would take effect on July 1, 1973 if the balance in  the fund on March 31, 1973 were less than 2  1/2  % of the total taxable wages  reported during calendar year 1972, pursuant to R.S. 43:21-7(c)(5)(A), shall  take effect January 1, 1973.

     L.1971, c. 346, s. 6.  Amended by L.1972, c. 172, s. 2, eff. Nov. 29, 1972.