3 Updates from Your NFIB/Wisconsin State Director

Date: August 04, 2015

3 Updates from Your NFIB/Wisconsin State Director

As Gov. Scott Walker took his message of reigning in spending and right the state’s fiscal ship nationwide, Wisconsin small business owners back home can rest easy knowing that NFIB is continuing to look out for their interests in the capital.

Here are three updates from NFIB/Wisconsin State Director Bill G. Smith on state issues that matter to your small business.

1. Unemployment insurance fund has solid finish.

The Legislative Audit Bureau has released a report that shows the unemployment reserve fund ended the fiscal year with its first positive balance in six years.  According to the Audit Bureau, the fund grew from a negative $208.4 million as of June 30, 2013, to $329.4 million as of June 30, 2014, the first positive balance since the end of fiscal year 2007-08.

The improved balance in the fund enabled the state to repay the federal loan and has not had to borrow from the federal government for benefit payments since July, 2014.  As a result, employers have saved millions of dollars in assessments for interest due on the federal loan.

The report cited a drop in unemployment claims, but also benefit and tax changes as the driving force in achieving a positive balance.  Some changes in the law, strongly backed by NFIB, helped restore a positive fund balance. Specifically, those changes include requiring a one week waiting period to receive benefits, a reduction in benefits, reducing eligibility from 86 weeks to 26 weeks, tightening work search requirements, and implementing stronger, more effective fraud detection.  On the tax side, the taxable wage base has been increased, and the highest tax rate schedule remains in effect.

2. Unemployment rate remains below national average.

Wisconsin’s unemployment rate continues to run below the national average while UI claims drop to their lowest level since 1995, and average annual weekly UI claims are at their lowest levels since 2000. More good news … Manpower Employment Outlook Survey gave Wisconsin a better outlook than the nation and the second best outlook since the end of the recession for the third quarter.

3.  Minimum wage hike proposed.

Representative Melissa Sargent (D-48, Madison) and Senator Robert Wirch (D-22, Kenosha) have introduced legislation that would increase the state minimum wage to $15 per hour, eliminates the current prohibition on local governments enacting their own minimum wage laws, eliminates the tip credit, and indexes future increase based on the Consumer Price Index.  The legislation has been referred to the Assembly Committee on Small Business Development.

Related Content: Small Business News | Economy | Wisconsin

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