The USDOL has released the final FUTA credit reductions. All states that requested the BCR waiver has been approved. Only four states remain on the FUTA credit reduction states. Employers will submit all other FUTA taxes at a 0.6% for the 2015 FUTA tax year. Please keep in mind that the additional contributions will need to be submitted with the final Federal Form 940 that is due January 31, 2016. Listed below are the four states that still owe monies under the Title XII loan provision.
California has announced that they expect their loan to be repaid by 2018. Connecticut is hoping to repay their loans by November 10, 2016. Ohio and the Virgin Islands have not released a repayment plan at this time. Additional information regarding the FUTA loans and credit reductions can be found at http://oui.doleta.gov/unemploy/data.asp.
