Reduces taxable wage base applied to certain tax contributions.

This bill amends New Jersey's unemployment compensation tax law to adjust how the taxable wage base is calculated for certain employers. It directly affects private employers and specific nonprofit organizations that pay unemployment contributions in the state. The key provision changes the formula used to determine the maximum amount of wages subject to unemployment tax, updating the calculation method for years beginning on or after January 1, 2022. Under the new rules, the taxable wage base will be set at 14 times the statewide average weekly remuneration, with adjustments to ensure it meets or exceeds federal standards.