Potential tax hike for employers & employees in Ohio unemployment fund proposal

In order to provide support for Ohio’s unemployment-compensation fund, lawmakers have proposed raising taxes for employers and employees. It’s a five-part proposal that would allow the fund to become solvent by 2025, and could allow more unemployed, low-wage workers to become eligible for benefits.

The new proposal includes features such as a decline in employer tax rates once the fund becomes solvent, and a low-rate employee tax. According to Zach Schiller, Policy Matters research director, the plan is a balanced approach in comparison with previously proposed bills.

To read more about the proposed unemployment fund bill and how it may affect your business, click here.