Topics:
May 4, 2022
Small Businesses Will Start Saving Money Almost Immediately
Minnesota Legislature Finally Signs off on UI Tax Relief
- $2.73 billion to pay off debt owed to the federal government and refill UI system reserves
- 2022 Base Tax Rate reduced from 0.50% to 0.10%
- 2022 Additional Assessment changed from 14.00% to 0.00%
- 2022 Special Assessment (Federal Interest Loan Assessment) changed from 1.80% to 0.00%
- You should still file and pay your first quarter taxes at the “pre-deal” rate (were due April 30, 2022).
- You will receive a credit for excess first quarter payments. In 1-2 weeks, the state will recalculate your updated payment amount and apply a credit to your account. The credit can be used toward the next quarter’s UI taxes.
- You can request a refund of the excess first quarter payments in lieu of the credit. It will take 2-3 months for the state to issue a refund check.
State:
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