Unemployment Insurance Tax Refund Headed Your Way

FromTheDomeAs a result of the state’s unemployment insurance system collecting more than it needs to remain solvent, a bill was signed into law this year that will provide payroll tax relief of $258 million in the unemployment insurance system. Most employers will receive a credit on their 2016 unemployment insurance premium totaling approximately 40 percent. Notices are being mailed from the Department of Employment and Economic Development and will be arriving soon.

Here are the details:

  • Eligible employers will receive a one-time credit on their 2016 unemployment insurance premiums due July 30, 2016. If you have already paid, carry over the credit until July 30, 2017.
  • Eligible employers will receive future credits whenever the Unemployment Insurance Trust Fund balance reaches 104% of the federally recommended solvency level.
  • Employers at the maximum experience rating are not eligible for credits.

You can get much more information and answers to FAQs on the official state UI website.