Reemployment Tax in Florida Remaining Low for the Third Year in a Row
Florida’s reemployment tax rate will remain low in 2018 for the third year in a row— with 60 percent of Florida’s employers paying the minimum tax rate, according to Florida Governor Rick Scott.
The reemployment tax, which was implemented in 2000, helps fund Florida’s Reemployment Assistance Trust Fund in an effort to reemploy Florida’s unemployed workforce. Since 2012, Florida’s businesses have saved more than $4.9 billion due to reductions in reemployment taxes from as high as $120.80 to today’s low rate of $7.00. By keeping the reemployment tax rate low, Florida’s job creators are able to save and invest in the growth of their businesses.
Lowering the cost of living and cost of doing business remain top priorities for the Florida Chamber of Commerce. As Florida continues to outpace the U.S. economy in job growth, with no personal income tax, and a projected $1 trillion economy by the end of 2018— the minimum rate remaining at $7.00 per employee, helps position Florida for another year of growth.
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New Year, New Reemployment Tax Rates
Florida job creators will see additional savings this year, effective January 1, on their 2016 reemployment tax, also known as the state unemployment compensation tax. The minimum tax rate will go down from $16.80 per employee to $7 per employee, and the maximum rate remains the same at $378 per employee. Notices of reemployment rates will be distributed to each employer by the Florida Department of Revenue.
Take Action Now
For more information on the reemployment assistance tax and to receive a copy of the 2016 Reemployment Tax Rates Fact Sheet, please contact Carolyn Johnson at firstname.lastname@example.org or 850-521-1235.