South Carolina Lowers Average Unemployment Tax Rate

Businesses in South Carolina will see their state unemployment insurance tax rates drop about a third, on average, next year.

Gov. Henry McMaster (R) said Nov. 7 the state has met a solvency trigger for its unemployment insurance trust fund, allowing for the elimination of surcharges on the tax in 2020.

The state Department of Employment and Workforce estimates that businesses will save a total of about $68 million in unemployment taxes next year because of the rate cuts. South Carolina’s rates had been boosted since 2003 to rebuild the fund, which it uses to provide benefits ...