We are pleased to let you know that a significant tax decrease for businesses is on its way to you on Jan. 1, 2014, thanks in part to work the Florida Retail Federation did on your behalf nearly two years ago.
The state of Florida’s minimum Reemployment Assistance Tax rate (formerly known as Unemployment Compensation) will decline by more than 40 percent next year. The minimum 2014 rate published by the state will be $47.20 per worker -- down from $81.60 per worker in 2013. The taxable wage base of $8,000 and the maximum rate of $432 per employee will remain the same.
In 2012, the Florida Retail Federation fought hard in the face of the initial skepticism of legislative leadership to pass HB 7027 through the Florida Legislature. HB 7027 ultimately included most of our recommended measures to avoid a massive shock to employers by extending the time required to replenish the state fund for benefits. (The proposed minimum rate per employee in 2012 was $171.70 per employee – HB 7027 reduced it to $121.60.)