Unemployment Insurance Tax Going Up

Under the State House Dome, Tom Fahey reports in the Union Leader that New Hampshire businesses will be paying more:

The Department of Employment Security is looking at options under its emergency powers to insure the solvency of the state's unemployment trust fund.

The trust fund stood at $96.7 million on Wednesday, down from $200.7 million in September. Deputy Commissioner Darrell Gates said the fund is paying out benefits of $6 million a week. Quarterly employer payments due by May 2 should be in the $50 million range.

When the fund is flush, at $225 million or more, many employers get discounts on their tax payments. The DES eliminated discounts in March. Now it's getting ready to bump up the rate for all employers by a half-percent. The only question is when, Gates said.