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You are here: Home / Business / Business unemployment tax rate to stay the same

Business unemployment tax rate to stay the same

September 1, 2020 By Dar Danielson

Iowa Workforce Development says the unemployment tax rates paid by businesses will remain unchanged in 2021.

Businesses pay unemployment taxes into a trust fund so unemployment benefits can be paid out — and there was some question whether the increase in unemployment brought on by the pandemic would cost them more. IWD says the governor has put $490 million of federal coronavirus relief money into the pool — and that will allow the rate to stay the same in 2021.

IWD is required to set the new unemployment tax rate each year based on the trust fund balance at the end of the fiscal year June 30th.

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Filed Under: Business, News Tagged With: Employment and Labor, Taxes

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