Florida – The state has begun to issue refunds to employers this month as a result of Revised Rates that were issued at the end of April. The state anticipates processing up to 4,000 refund checks a day. ValeU Group is working with the state to make sure our clients receive their available refunds.
Massachusetts – On May 28th, the Governor signed legislation that removes all Covid-19 related benefit charges between March 10, 2020 to August 1, 2021 from a key component of an Employers Tax Rate Calculation(Solvency Rate). As a result, the state will be issuing revised rates in late July to all employers retroactive to the 1st quarter 2021. This should result in considerably lower tax rates for most employers for not only 2021, but 2022 as well. The state will not be issuing refunds as a result of these rate revisions, so employers are advised to use any overpayments as credit towards future SUI contributions. ValeU Group will work with our Clients and the state to make sure all available credits are secured.
New Mexico – The state has also issued revised rates to employers as a result of removing the 2nd quarter 2020 Benefit Charges and Taxable Wages due to provisions under the Small Business Recovery Act of 2020. New Mexico estimates that out of the 50,000 employers in their state, over 9,000 employers will see a rate reduction for 2021, and approximately 2,000 employers will be issued an increased tax rate. ValeU Group will work with the state to make sure our clients receive their available refunds and notify our Clients of any major increases.