The New Hampshire Employment Security Division announced it is increasing employer tax rates starting with the second quarter, 2020. The unemployment compensation trust fund balance fell below $300,000,000 which is the first of three thresholds that govern whether or not the NH ESD can change the employers’ tax rates mid-year (Section 282-A:82 NH Revised Statutes). As a result, employers will see an increase in their rates of 0.50% starting with April 1, 2020. Employers should also bear in mind there are two other surcharges that can be added by the commissioner if he or she believes the fund balance is in jeopardy. The Emergency Power Surcharge of 0.50% can be added as can the Emergency Surcharge. The Emergency Surcharge is an additional 0.50% and is put into place if the unemployment compensation trust fund balance falls below $150,000,000. Neither of these two additional surcharges has been in place since 2013.
Due to the historic increase in unemployment claims caused by the COVID-19 virus, it is possible New Hampshire employers will see additional changes to rates as the unemployment compensation trust fund balance is further drained. The unemployment taxable wage base remains unchanged at $14,000.
CCC will keep you updated on any additional changes to this and all other states as soon as we are aware.
