Maryland Unemployment Insurance Taxes To Drop

Maryland employers will pay lower unemployment insurance taxes next year, since because fewer people are applying for unemployment benefits, and the state’s trust fund had recovered from recession-driven lows. As reported in the Washington Post:

Companies will be notified before the end of the month about the change in the tax rate, officials said. They estimate that the businesses affected will see a 50 percent reduction in unemployment insurance from $51 to $25.50 per employee per year.

The Department of Labor Licensing and Regulation press release give background to this positive change,

“The unemployment tax rate reduction is a sign of Maryland’s improving business climate that will allow employers the opportunity to thrive and create jobs as we work together to strengthen our economy,” said Secretary of the Department of Labor, Licensing and Regulation Kelly M. Schulz.

For more information, see the full story from the Washington Post and this press release from the Department of Labor, Licensing and Regulation.