comparemela.com

Latest Breaking News On - Community broadband authority - Page 1 : comparemela.com

Vermont Legislative Update 03-15-21 - An analysis from DRM s Government & Public Affairs Team | Downs Rachlin Martin PLLC

Unemployment insurance bill will increase tax burden for Vermont businesses Without legislative intervention, Vermont businesses will experience an enormous increase in the unemployment insurance tax rate as a result of COVID-19-related claims. A Senate committee has passed a bill to delay that increase, but at the same time also voted to add significant new benefits that will further increase costs to employers. The Unemployment Trust Fund is paid through a UI tax on business owners. Pre-COVID, the fund had a robust $500 million balance. The tax is calculated in five schedule rates, with Schedule 1 the lowest. Higher rates kick in if the trust fund balance decreases, which it has by more than 50% due to pandemic-related business shutdowns and resulting increases in unemployment. Without legislative intervention, the resulting UI tax rate jump to Schedule 5 would cost a majority of businesses $186.00 per employee, more than tripling the current contribution of $58.00 per employee.

© 2024 Vimarsana

vimarsana © 2020. All Rights Reserved.