State employment officials say businesses across Oklahoma can expect a break when it comes to paying unemployment insurance in 2014.
The Oklahoma Employment Security Commission announced that many businesses can expect to pay less because of record collections into the state’s Unemployment Insurance Trust Fund. The fund that is used to pay state unemployment benefits to qualified workers reached topped $1 billion earlier this month for the first time in 72 years.
Agency economist Lynn Gray says because of improved conditions of the trust, the agency expects to see a “significant tax cut” for Oklahoma employers in 2014. While the overall condition of the economy will determine how large the cut will be, Gray says it could result in a decline of collections between $175 million and $225 million.
Topics Oklahoma
Was this article valuable?
Here are more articles you may enjoy.
North Carolina Becomes First State to Pass Outright Ban on Litigation Financing 
5 Years After Surfside Collapse: Safer Condos, More Transparency for Underwriters 
DeSantis Signs Citizens Commercial Clearinghouse Bill That’s Been Called ‘Unneeded’ 
Need Wind Mitigation? New Florida Insurer Wants to Help With That 
