The Wisconsin Department of Workforce Development recently reported that the Unemployment Insurance Trust Fund deficit has been eliminated after reaching a $1.4 billion deficit in January of 2011. The elimination of this debt is due to reforms enacted to the state’s unemployment insurance program and an increase in statewide economic output that has seen a reduction in unemployment.
The elimination of the Unemployment Insurance Trust Fund deficit will result in a reduction in taxes for small business owners and employers throughout Wisconsin. The positive balance of the fund is expected to reduce Unemployment Insurance Tax from 1.5% to 0.6% of wages up to $7,000, saving a typical small business more than $2,500 in taxes for 2014. For more information on this and other news from the Department of Workforce Development, please visit their website or visit them on Facebook.