The United States Department of Labor’s (DOL) Office of Unemployment Insurance recently released results of its review of state unemployment trust fund loan status. If a state’s unemployment insurance trust fund is insolvent, states are permitted to borrow from the federal government’s Unemployment Trust Fund in order to meet the state’s expenditures for unemployment compensation benefits. Federal loans for UI shortfalls must be repaid in accordance with federal law and in 2014, a number of states are being penalized, through federal credit reductions, due to outstanding loans. See if your state’s Federal Unemployment Tax (FUTA) rate will be increasing in 2015.
2014 FUTA Rates by State
