November 7th, 2019 by WCBC Radio
Governor Larry Hogan today announced that for the fifth straight year, Maryland employers will receive the lowest possible unemployment insurance (UI) tax rates allowed under state law. The low tax rate has been made possible by Maryland’s low unemployment and high job growth, signs of Maryland’s strong economy.
Unemployment insurance claim filings, both total and initial filings, are the lowest they have been in over a decade. Benefits paid dropped nearly $62 million between fiscal year 2018 and fiscal year 2019. These factors have resulted in lower unemployment benefit payments, which have helped keep the rate at Table A.
“Our administration is committed to creating more jobs and greater opportunities for our state’s businesses and workforce,” said Governor Hogan. “With a state unemployment rate of 3.7% and the lowest number of unemployment filings in over a decade, we are proud to say that more Marylanders are employed and more businesses are open than ever before.”
In 2020, the range of rates will be from 0.3% to 7.5%. The rate for new employers will be 2.6%. The rate for new construction employers headquartered in another state, which is calculated differently under Maryland law, will be 4.5%. The taxable wage base for 2020 will remain at $8,500.
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