Businesses to Receive Revised Tax Rates

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The SC Department of Employment and Workforce announced that South Carolina businesses will soon be receiving revised 2012 unemployment tax rate notices. The revised rates reflect $77 million in savings, thanks to state general fund appropriations that are being used to pay back a $933 million federal loan the state used to pay jobless benefits. The revised tax rate notices will inform employers of the new rate they should use when filing third and fourth quarter reports which are due Oct 31 and Jan 31, respectively. The notices will also list applicable credits businesses will receive for payments made in the first and second quarters. This rate change is a direct result of legislation pushed for and supported by the business community during the last two legislative sessions.