SPRINGFIELD (AP) -- Illinois officials say
the unemployment insurance tax rate will fall in 2014 for most businesses as
the economy is expected to improve.
The Illinois Department
of Employment Security said Wednesday employers who did not reduce their
workforces in 2013 typically will see the greatest savings.
Illinois unemployment insurance taxes make up 0.7
percent of the average employer's per-employee compensation cost. Taxes for
each of nine different types of businesses are lower this year.
The maximum rate of 8
percent is down from 8.4 percent.
Tax rates are applied to
the first $12,960 of wages.
taxes pay for benefits for laid-off workers. They support 26 weeks of benefits.
Operational funding for the Employment Security agency comes from federal
funds, not business taxes or other state funds.
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