October 29th, 2015 by WCBC Radio

Governor Larry Hogan today announced that most Maryland businesses will see a significant reduction in unemployment insurance taxes, the lowest possible rates allowed under state law, beginning in the First Quarter of 2016. Maryland employers will now pay between $25.50 and $127.50 less per employee per year than what is paid by businesses under the current rate.

“Our administration is committed to making it easier for citizens and companies to do business in Maryland. Earlier this year, we eliminated 100 fees across state government, and we are streamlining processes in government agencies, cutting out bureaucracy and working to identify and eliminate unnecessary regulations that harm small businesses and employers,” said Governor Hogan. “Due to the strong growth of the Unemployment Insurance Trust Fund, we are pleased to be able to let business owners know that the cost of unemployment insurance in Maryland will be reduced. This is a real win for our business community and the state as a whole.”

Due to the fact that most Maryland employers pay the minimum tax rate, many companies will experience a 50 percent reduction in unemployment insurance from $51.00 to $25.50 per employee per year.