Gov. Little signs bill to give 20% unemployment insurance tax cut to Idaho businesses
Nampa, Idaho - Surrounded by the hardworking employees of Nampa company Autovol, a leader in modular construction and automation, Governor Brad Little signed House Bill 428 today to cut unemployment insurance taxes another 20% for Idaho businesses.
"Idaho has the strongest economy in the nation, putting us in the enviable position of being able to change the unemployment insurance tax formula to save employers money while maintaining a solvent trust fund," Governor Little said. "We are on pace to deploy $3.7 billion in tax relief since I took office in 2019, with even more on the way. Idaho is proud that we have delivered more tax relief per capita than any other state while making meaningful investments in schools, roads, and infrastructure."
The widely supported bill adjusts the unemployment insurance desired fund size multiplier from 1.3 to 1.2, which will reduce unemployment insurance taxes and save Idaho businesses $44 million this year and an estimated $117 million over five years. Idaho is among the top 10 states for unemployment insurance trust fund solvency.
Governor Little thanked the Idaho Legislature for its support of the bill, including several legislators who helped get the bill across the finish line - Senators Kevin Cook and Jim Guthrie and Representatives Matt Bundy and James Holtzclaw.
The Idaho Department of Labor will send out rate notices to tens of thousands of Idaho businesses later in March informing them of the new tax cuts.
"Our businesses large and small are a huge component of Idaho’s success, and we thank them for helping to keep our economy the envy of other states!" Governor Little added.
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