Idaho governor signs bill to reduce unemployment insurance tax rate (2024)
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Gov. Brad Little (R) signed Idaho House Bill 428 into law on Mar. 6, 2024, reducing employer-paid unemployment insurance taxes by 20%. The bill retroactively took effect starting Jan. 1. The state estimates Idaho businesses will save about $44 million in 2024 taxes and $117 million over the next five years under the new law.
The state House passed the bill 69-1 on Feb. 5 and the state Senate passed the bill 35-0 on Feb. 27.
State unemployment taxes are state employment taxes employers pay to support the unemployment insurance program. State unemployment taxes are also known as SUTA taxes, state unemployment insurance (SUI) taxes, or reemployment taxes. Each state sets its own tax rate range, wage base (the amount of pay an employer needs to pay taxes on for each employee), and experience rating system.
Unemployment insurance is a joint federal and state program that provides temporary monetary benefits to eligible laid-off workers who are actively seeking new employment. Qualifying individuals receive unemployment compensation as a percentage of their lost wages in the form of weekly cash benefits while they search for new employment.
The federal government oversees the general administration of state unemployment insurance programs. The states control the specific features of their unemployment insurance programs, such as eligibility requirements and length of benefits.
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