Virginia Employers to See Tax Savings in 2016
Gov. Terry McAuliffe announced that Virginia employers will enjoy lower unemployment insurance taxes in 2016 as a result of Virginia’s improved economy.
Due to the solvency of the unemployment insurance fund in Virginia, employers statewide are expected to see total savings of more than $74 million next year. Virginia’s savings advantages are only getting better for employers operating in Virginia.
Unemployment insurance rates in Virginia are among the most attractive in the country and well below national averages. Rates are typically lower than many competing states in the Southeast.
| Virginia | North Carolina | South Carolina | Tennessee | United States | |
|---|---|---|---|---|---|
| UI Tax Rate | 0.47% | 0.91% | 0.87% | 0.47% | 0.82% |
| UI Tax Per Employee | $209 | $441 | $320 | $221 | $235 |
Speaking about the Nov. 17 announcement, Gov. McAuliffe said, “I am thrilled to announce these additional tax savings for Virginia’s employers, which are a direct result of the progress we have made in building a new Virginia economy. When you are running a business, every dollar counts, and I am hopeful that this is just the beginning of the benefits Virginia companies, communities and families will derive from our ongoing efforts to grow and diversify our economy.”