Businesses will receive their revised 2012 unemployment insurance tax rates during the next several days, the South Carolina Department of Employment and Workforce (DEW) announced Thursday.
Businesses should save about 12 percent for the year compared to the original 2012 rates.
State lawmakers raised unemployment taxes last year to pay back the nearly $1 billion they borrowed from the federal government in 2008 to pay unemployment benefits. The state paid $106 million towards the loan. It still owes more than $675 million that it plans to pay back by the end of 2015.
Because of $77 million in state general fund appropriations, tax rates were recalculated.
The revised tax rate notices, which are being mailed to affected businesses, will inform employers of the new rate they should use when filing third and fourth quarter reports, due Oct. 31 and Jan. 31, 2013 respectively.
The notices will also list applicable credits businesses will receive for payments made in the first and second quarters, which total more than $32 million.
Federal law requires that any overages paid when tax rates were higher must remain as credits to be applied toward future taxes. Credits require no action on the part of the business, and can be used against any future unemployment tax liability and do not expire.
The 2013 tax rates are on track to be released in early November.
For updates, visit http://dew.sc.gov/emp?land.asp or contact rateinfo@dew.sc.gov.
