South Carolina to Issue Revised 2012 Unemployment Rates
South Carolina’s budget has been approved and it is good news for employers.
Similar to last year, legislators appropriated approximately $77 million to be deposited
directly into the state’s unemployment trust fund. This additional money will
allow the agency to again recalculate and reduce 2012 tax rates for all employers
retroactively to January 1, 2012. With this deposit the agency also expects
to again make a federal loan payment large enough to qualify for a credit reduction
exemption in 2012. If the payment is made by November 10, 2012 and the USDOL
approves, the FUTA effective rate for 2012 would be 0.6% instead of 1.5%. The
agency is hoping to have the preliminary new rate schedule posted on their website
in couple of weeks. They hope to issue the revised rate notices in late September
or early October. Credit statements reflecting overpayments applicable to first
and second quarter will also be issued at that time. Unfortunately, refunds
will not be available; credits will have to be used against future taxes due.
We will publish more information as it becomes available.
Employer Tax Services
This weblog is sponsored by TALX.
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