Texas employers who had paid taxes into the Unemployment Compensation Trust Fund are set to receive approximately $320 million in refunds.
The Texas Workforce Commission (TWC), which collects unemployment insurance taxes from Texas employers for the Unemployment Compensation Trust Fund, has started mailing the refunds because the fund has risen above the levels mandated by state law.
As a result, the TWC is sending 360,000 Texas employers surplus tax credits with an average refund amount of $800.
“Strong job growth has reduced demands on the unemployment insurance system in recent years,” says TWC Chairwoman Diane Rath.
Employers that hadduring 2007, paid all due taxes and are experience-rated (that is, they were in business with payroll for at least 18 months before October 1, 2006) are eligible to receive refunds.
Final tip: If you don’t receive your refund and you think you’re eligible, be sure to contact the TWC. You can get more information at www.twc.state.tx.us/ or by calling the commission at (800) 832-9394.