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Where did the first half of the year go?    It seems like 2017 just started yesterday; however, the end of June marks the end of the second quarter.    Not only does this mean we are halfway through the year.  It is also the most widely used end date for rate computations.   More than half of the state agency uses a one, three, four or five-year rate computation ending with June 30th to allow them to determine what rate will be assigned for 2018.    Other states have computations that cut off the fourth quarter of the 2016 or maybe include the third quarter of 2017.  No matter what the computation, the 2018 tax rates are based on a historical review of the money coming into the trust fund in the form of contributions and monies being paid out of the trust fund in the form of benefit charges.

The first four states to issue 2018 rates will be Vermont, New Jersey, New Hampshire, and Tennessee.  Their rates become effective July 1, 2017, through June 30, 2018.    New Jersey and Tennessee both have legislation to re-determine their rate schedule for the first two quarters of 2018 if the trust fund changes to dictate revised rates.    The annual tax rates start issuing in October with Oklahoma and Wisconsin.   More than twenty-eight states will issue by the end of December.  It is time to start thinking 2018 tax rates and unemployment budgets!  For information regarding 2018 rate projections, please see our June Newsletter.    I just cannot believe the year is half over already!!


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