Unemployment insurance tax to drop in Maryland
ANNAPOLIS, Md. -- Gov. Martin O'Malley is crediting Maryland business owners for struggling to keep workers employed during the recession and its aftermath with enabling the state to lower the unemployment insurance tax by more than half for many employers.
O'Malley said Monday that many business owners will pay at least $100 less annually per employee, compared to about $187 they pay annually now.
Julie Squire, an assistant secretary at the Maryland Department of Labor, Licensing and Regulation, also noted that Maryland made some key changes to the state's unemployment insurance law in 2010. That enabled the state to qualify for federal incentive funding.
The rate reductions are scheduled to take place in January.