Florida Reemployment Tax Rate To Remain At Lowest Rate For Fourth Year In A Row
By Space Coast Daily // December 15, 2018
Since 2012, Florida's reduced reemployment tax for businesses over 94%
TALLAHASSEE, FLORIDA – Governor Rick Scott announced Florida businesses will continue to pay the lowest possible rate for reemployment taxes in 2019 – for the fourth year in a row.
Florida’s strong economy and private-sector job growth has allowed the state to dramatically reduce the minimum reemployment tax rate.
The $7.00 per employee minimum tax rate for 2019 is down from a high of $120.80 per employee in 2012. Since 2012, Florida has reduced the reemployment tax for businesses by more than 94 percent, resulting in a savings of more than $6.8 billion.
“Florida’s strong business climate and tax cuts have created more than 1.64 million jobs over the last eight years,” said Gov Rick Scott.
“I’m proud of our state’s strong job growth and for the fourth year in a row, the reemployment tax remains low, allowing us to keep attracting businesses to Florida, ensuring our economy remains competitive.”
Businesses in Florida pay the reemployment tax as a percentage of the first $7,000 in wages for each employee. Reemployment taxes, or taxes on payroll, fund Florida’s Reemployment Assistance Trust Fund.
Florida is committed to supporting and enhancing its business-friendly environment and one example of this is the recently deployed effort to create operational improvements that allow businesses to electronically submit corrections to previously filed reemployment tax returns with the Department of Revenue.
As a result, Florida has been awarded the United States Department of Labor 2018 Unemployment Insurance State Performance Excellence Award for Tax Operations.
Florida Department of Economic Opportunity Executive Director Cissy Proctor said, “I am proud that USDOL has recognized our dedication to supporting a business-friendly environment in our great state. The work our agencies have done makes it easier for businesses to file taxes while saving taxpayer dollars.”
DOR Executive Director Leon Biegalski said, “It’s great to see the state’s dedicated employees recognized for their monumental efforts. This process improvement is part of the agency’s continued efforts to provide excellent service efficiently and at the lowest possible cost.”
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