WCCO EYE4 LOGO WCCO Radio wcco-eye-red01, ww color red

Latest News

Minn. Businesses To See Drop In Unemployment Tax

View Comments

Get Breaking News First

Receive News, Politics, and Entertainment Headlines Each Morning.
Sign Up
Today's Most Popular Video
  1. 4 Things For April 18, 2014
  2. WCCO Viewers’ Choice For MN’s Best Fried Chicken
  3. Wis. Senior Bowls Perfect 300 ... Again
  4. Dozens Behind Bars After Largest MN Heroin Bust
  5. Morning Headlines From 04/18

ST. PAUL, Minn. (AP) – Minnesota businesses will see lower unemployment insurance taxes starting next year.

The Minnesota Department of Employment and Economic Development says Tuesday that the unemployment insurance trust fund’s $1.2 billion reserve at the end of September was enough to trigger a tax cut proposed by Gov. Mark Dayton and enacted by the Legislature this year.

The fund went into deficit during the recession, and the employment and economic development commissioner says its turnaround is a sign of an improving economy. The agency estimates businesses will save $346.5 million in 2014-15.

The trust fund provides benefits to laid-off workers. Minnesota businesses pay unemployment insurance taxes on the first $29,000 of annual wages per employee. Starting Jan. 1, the base tax rate on that amount will drop from 0.5 percent to 0.1 percent.

(© Copyright 2013 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

View Comments
blog comments powered by Disqus