The Iowa Workforce Development Agency (IWD) announced recently on its website that it would continue to use Table 7 for the 2021 tax rating year.  Table 7 is what was used in 2020 so employers should not see an increase in their unemployment tax rates attributable to state factors.  The site reported in June, Governor Kim Reynolds directed $490 million from the state’s $1.25 billion CARES Act Coronavirus relief fund to be poured into the unemployment insurance trust fund for the state which enabled it to maintain Table 7.

The IWD is required by law to establish the tax table each year and it is primarily based on the balance of the trust fund as of June 30 or August 15 of each year, whichever balance is higher.  The formula used is designed to enable the trust fund to keep pace with potential liabilities as covered unemployment and wages grow in the state.  The taxable wage base for 2021 will increase to $32,400 and the tax rates are expected to be mailed mid-November as in the past.

If you have questions regarding this announcement or about any of your unemployment tax accounts, please reach out to your CCC Tax Analyst.


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