Michigan Unemployment Tax Rates to Fall in 2020

Michigan’s unemployment tax rates are to decrease for 2020 because a bond-obligation assessment is not to be in effect, the state Unemployment Insurance Agency said Dec. 20.

The assessment helped the state repay bonds issued to repay its loan balance from the federal unemployment account. For 2019, the rate of the assessment ranged from 0.72% to 2.42%.

Effective Jan. 1, 2020, total unemployment tax rates for experienced employers are to range from 0.06% to 10.3%, an agency spokeswoman told Bloomberg Tax in an email.

For 2020, the unemployment tax rate used to calculate total tax rates for new nonconstruction employers ...