CASPER, Wyo. – Governor Mark Gordon signed an Executive Order (EO) that “will provide significant tax relief to qualifying Wyoming businesses,” according to a statement from the governor’s office on Friday.
“This will take the form of a tax credit and offsetting some potential increases in their Unemployment Insurance (UI) taxes in the future,” the statement said.
Wyoming employers will see their unemployment tax rate drop after Oct. 31 and will be notified by the Wyoming Department of Workforce Services of the value of credits that can be applied to future unemployment taxes, the statement said.
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The decree removes all claims for unemployment insurance benefits between March 13 and December 31, 2020 from eligible businesses whose accounts have been billed for those claims. The EO was cleared by the legislature in 2020 and it is ensuring that these employers do not continue to experience significant increases in UI tax rates due to soaring unemployment claims in the scale of the system that has occurred due to the COVID-19 pandemic.
“It will also provide credits to employers who have suffered an increase in unemployment taxes already paid in 2021,” the statement said.
“We recognize that every employer in the state has been affected in one way or another by the pandemic, and many have seen their unemployment insurance rates rise – some significantly – this year,” said Gordon in the press release.
“This executive order protects Wyoming businesses that have continually met the challenges of this new environment,” Gordon added.
Gordon said he would use $ 58 million in federal funds to fill the Wyoming Unemployment Insurance trust fund, “to ensure that this tax break does not impact rates. future taxation “.
Gordon previously added $ 64 million to this trust fund, which has already helped keep rates from rising even more.
“It is important that we make sure that this significant tax break does not require an increase in unemployment insurance tax rates at a later date,” said the governor.
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