With the belief that state government should do all it can to minimize Alaskans' tax burden, Governor Sean Parnell signed his legislation to allow Alaskans to keep more of their paychecks. House Bill 76 gives the Department of Labor commissioner the discretion to stop automatic payroll tax increases when the Unemployment Insurance (UI) Fund is deemed solvent.
"Alaskans work hard for their money, and today we are ensuring they're able to keep more of their paychecks," Governor Parnell said. "Alaska's small businesses and workers will not be paying more each year in payroll taxes when the UI Fund is solvent, and that's good for our economy. I appreciate legislators for standing with me as we work to lower Alaskans' taxes and create opportunity across the state."
As of June 15, the Alaska Unemployment Insurance Trust Fund had a balance of $294 million.