LEGISLATION TO REDUCE UNEMPLOYMENT INSURANCE TAX RATE PASSES COMMITTEE

A measure which would reduce the unemployment insurance (UI) tax rate for employers, was approved by the Senate Labor Committee, by a vote of 4 to 2. The bill, would allow the state’s unemployment insurance to increase by only one increment over the next year. Absent the legislative fix, the tax rate would automatically increase to its highest possible level, plus add an additional 10%. Under triggers written in the UI law – which requires the tax rate to increase incrementally when the system runs in deficit – the tax rate is scheduled to jump by multiple increments this year, resulting in a $1 billion dollar increase, which figures out to be $400 per employee. This measure now heads to the full Senate for approval.

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