Georgia companies need to prepare themselves for a large tax increase in 2012. At the start of next year, the Georgia State Unemployment Tax Authorities (SUTA) rate will be at least doubled for every worker in the state which companies pay for. A few years ago, the state unemployment trust fund ran out of money which forced Georgia to borrow a $720 million loan from the federal government. Though the state has already paid back $21 million in interest payments, the loan has started to become due causing the state to increase the rate to pay off the loan.
Georgia Labor Commissioner Mark Butler is suggesting the state cut back on benefits with a requirement to wait a week before being eligible to collect unemployment benefits. Also, he would like to take the top benefit amount down from $330 to $300 a week, along with cutting back the total number of weeks.
For more information, please contact Todd Weyandt at todd@laihr.com.
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