DEO Press Releases

Governor Rick Scott: Florida Businesses Saved Almost $2.3 Billion as Unemployment Taxes Fell

May 09, 2016

TALLAHASSEE, Fla. – Today, Governor Rick Scott announced that Florida businesses have saved almost $2.3 billion over the last four years because of a reduction in the unemployment tax. In 2012, Florida business paid a minimum of $120.80 in unemployment taxes per employee due to the high number of Floridians seeking reemployment assistance during the recession. In 2016, the minimum tax rate dropped by more than 94 percent from 2012’s rate to $7.00 per employee.

Governor Rick Scott said, “Our number one goal is to make Florida the best place in the world to get a job, and hardworking Florida businesses have created more than 1,061,00 new jobs for Florida families. Because more Floridians are back at work, we have been able to save Florida businesses more than $2 billion which can instead be reinvested to hire more employees. This is great news for businesses and families in the Sunshine State.”

Unemployment taxes fund Florida’s Reemployment Assistance Trust Fund. During the recession, more Floridians sought reemployment assistance, emptying the trust fund and causing it to become insolvent in 2009. As a result, payroll taxes rose. Florida’s improved economy and private-sector job growth rate has allowed the state to dramatically reduce the minimum unemployment tax rate.

Florida Department of Economic Opportunity Executive Director Cissy Proctor said, “Our focus on job creation is positively effecting Florida’s economy. As more jobs are created, we have the opportunity to reduce taxes for Florida businesses, which in turn helps the economy grow and allows business to hire more Floridians. Every time an unemployed Floridian gets a job, our economy grows stronger.”

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