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From My Perspective - Unemployment Compensation Tax Increase Delayed
Unemployment Compensation Tax Increase Delayed
By:
BlakeG
On:
3/3/2010 2:18 PM
Posted To: 2010 Legislative Session
On the first day of session lawmakers in both the House and Senate passed legislation that will delay unemployement compensation tax increases for two years.
Businesses will still see the minimum per-employee tax rise from $8.40 to $25.20, but that is much less than the originally calculated rate of $100.30.
The rate that an employer pays in state unemployment compensation taxes is specific to the business and is based on a formula that also considers an employer’s three year experience. In 2009, employers at the minimum rate paid $8.40 per employee. The new rate will bring in $2.5 billion in unemployment compensation taxes for FY 10-11 and represents a $759 million tax increase on Florida employers.
Florida employers will save approximately $1.9 million in unemployment taxes over the next two years, but if the unemployment trend doesn't improve lawmakers will face a similar problem in 2012.
