We are seeing a downward trend of rates for 2015.   In our previous release we informed you that Oklahoma employers will see a decreased rate and Tennessee employers may see a decreased rate effective January 1, 2015 – July 30, 2015.   Additional states seem to be following with reductions due to the improvement of their trust fund balance.

For the past six years, rates have stayed high due to the Great Recession.   We expect this trend to continue; however, there may be costs with increased taxable wage base and FUTA taxes for some states.

New Hampshire recently issued their 2014/2015 tax rates that are effective July 1, 2014 – June 30, 2015.   The Commissioner of Employment Security can add or remove a surcharge based on the trust fund balance.   In 2009, an emergency surcharge of 0.5% was added to all New Hampshire employers’ rates. A second surcharge was added in 2010 of 0.5%.     The first 0.5% was removed October 1, 2012, and the second surcharge was removed October 1, 2013.   An inverse rate of 1.5% was also added in 2010 for negative balanced employers.   There is a possibility of a decrease for positive balance employers for the fourth quarter o f2014.   The reductions are based on the following: a reduction of 0.5% when the trust fund equals $250 million for a given quarter; a 1.0% reduction if the trust fund reaches $75 million and 1.5% reduction if the trust fund balance exceeds $300 million.   Decreases of this nature have not occurred in six years, but employers should expect decreases for 2015 unless a major downturn occurs.   Announcements will be made prior to the end of a given quarter if the reduction applies for the quarter.

The tax rate schedule remained the same for Vermont as it was in previous years. Employers may pay additional taxes with the increased taxable wage base for 2015 of $16,400. For all future years, the taxable wage base will be indexed each year with an evaluation of the trust fund balance.   The rates for the fiscal year beginning July 1, 2014 – June 30, 2015, will range from 1.3% – 8.4%.

Arkansas rates will range 1.0% to 12.9% for 2015. The stabilization tax of 0.8% and 0.1% extended benefit tax will continue to be in effect for 2015. The 0.2% Advance Interest Tax will not be in effect for 2015.   Negative balanced employers can be assigned a base rate of 6.0% to 8.0% for 2015. The taxable wage base for 2015 has not been released as of this date.   Employer tax rates should be mailed by mid-December.

Connecticut rates will continue to range from 1.9%-6.8% for 2015. The taxable wage base will also remain at $15,000 for 2015.   The rate notices are anticipated to arrive around mid-December.   Connecticut employers can expect to pay higher FUTA taxes.   A FUTA rate of 2.3% will be paid on the first $7000 for each employee. The estimated cost to Connecticut employers will be $161 per employee.   The additional taxes will be due with the final filing of the Federal Form 940 due on January 31, 2015.

Colorado employers will not be required to pay the bond interest assessment for 2014.   The payment on the bond interest is not required because the state has sufficient funds in the interest trust fund to pay the interest until the bonds are repaid in 2017.


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