Garden State Times

The Senate Labor Committee has approved legislation sponsored by Senate Republican Leader Anthony M. Bucco. The bill aims to alleviate the financial burden of purchasing workers' compensation insurance for certain sole proprietorships in New Jersey.

Senator Bucco commented on the significance of the bill, stating, "New Jersey is an expensive place to do business and this bill is a small step towards fixing that by providing some of our state's smallest and newest businesses with financial relief." He added that the measure would benefit New Jerseyans financially and encourage entrepreneurs and small business owners to remain or relocate to the state.

The proposed legislation, identified as S-794, allows S-corporations to opt out of purchasing workers' compensation insurance for their founder or principal if the corporation consists solely of that individual. This exemption aims to reduce expenses for single-person corporations.