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State announces cut to unemployment insurance tax rates

Maryland businesses will pay less in unemployment insurance taxes next year, state officials said Thursday — a sign, they said, that the economy is improving.

Officials said fewer workers are being laid off and filing unemployment insurance claims, enabling the trust fund used to pay jobless claims to grow to levels that now permit a rate reduction.

The tax rate is reset by law each year, based on the balance in the fund, which topped $983 million at the end of September, up nearly $80 million from the same time the year before.

“It’s fortunate for Maryland employers that we’ve recovered enough to migrate back to lower tables and save them some money in their taxes,” said Dennis Morton, acting assistant secretary of the state Department of Labor, Licensing and Regulation’s division of unemployment insurance.

Read full article here from Baltimore Sun

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