Governor Pence Announces Full Payoff of Unemployment Insurance Loan

Statement

Governor Mike Pence today announced that the Department of Workforce Development (DWD) has completed the full payoff of the unemployment insurance loan, saving Hoosier businesses $327 million in taxes, which equates to $126 per employee in the state. This payoff removes the Federal Unemployment Tax Act (FUTA) penalty facing employers in January 2016.

"Hoosier businesses and employees can now rest assured that this tax on hiring has been eliminated," said Governor Pence. "Thanks to our prudent fiscal management and financial planning, we are able to save businesses a total of $327 million in 2016 -- funds that can be used for hiring new employees, growing existing companies, raising wages, and more. By paying off our unemployment insurance loan, Indiana is proving once again the importance of growing and maintaining healthy state finances."

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