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Texas employers: Expect spike in unemployment taxes in ’10

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in Employee Benefits Program,Human Resources,Small Business Tax,Small Business Tax Deduction Strategies

Texas Workforce Commission Chairman Tom Pauken of Dallas recently announced that Texas employers should expect their unemployment insurance taxes to rise significantly next year.

Pauken said the increase in layoffs is close to exhausting a state trust fund. Thus, he and two other commissioners have authorized what they expect to be $2 billion in interest-free borrowing from the federal government to pay state unemployment benefits into 2010. Pauken anticipates issuing $2 billion in bonds to repay the federal loan.

“What I’d like to do is spread it out over a number of years, rather than hit them all at once in 2010,” he said.

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