Unemployment Insurance Tax Tables improvement in 2014
DES MOINES — Iowa Workforce Development announced employers will see approximately $104 million dollars in tax savings by moving from tax Table 5 to Table 6.
The average rate will fall from 2.0 percent to 1.6 percent for 2014.
This marks the third year in a row for positive movement, and will save Iowa businesses nearly half a billion dollars in tax savings, which can be reinvested to encourage job growth.
“This change demonstrates the continued improvement in Iowa’s economy,” stated Iowa Workforce Development director Teresa Wahlert.
In 2014, the Unemployment Insurance Tax Table will move in a positive direction to Table 6. The new employer non-construction rate will decrease from 1.1 percent to 1.0 percent in 2014, the lowest permitted rate by federal law.