Monday, November 10, 2014

Tax savings for Rhode Island employers

Rhode Island Governor Lincoln D. Chafee joined Rhode Island Department of Labor and Training Director Charles J. Fogarty today in Cranston to announce repayment of the funds that the state borrowed to cover unemployment insurance (UI) benefit payments.

As a result of the repayment, six months earlier than scheduled, Rhode Island's 32,000 employers will save more than $50 million in taxes -- including taxes under the Federal Unemployment Tax Act (FUTA) and the state job development assessment - in 2015, and $45 million more (in tax savings) in 2016. "This is a big win for Rhode Islanders and our business community," Governor Chafee said. Please click here for details.