As a result of continued growth in the state’s economy, Missouri employers will save $186 million in federal taxes as the state retires its obligation to the federal Unemployment Insurance Trust Fund six months ahead of schedule, Gov. Jay Nixon announced today. A revised projection from the U.S. Department of Labor shows that Missouri’s obligation will be retired early, which will lower the federal tax burden on Missouri businesses by $84 per employee.
“This revised projection is yet another clear indication of our strong and growing economy,” Gov. Nixon said. “Today, our unemployment rate is at its lowest point since June 2008 as more Missouri employers continue to create jobs and invest. By holding the line on taxes and investing in true economic drivers like education, we are keeping the cost of doing business low, while keeping our workforce strong.”
The most recent jobs report by the Missouri Department of Economic Development stated that Missouri’s unemployment rate fell by two-tenths of a point in December to 5.9 percent, the lowest unemployment rate since June 2008. In comparison, the U.S. unemployment rate for December was 6.7 percent.
In 2009, Missouri became one of many states that received a loan from the United States Treasury to fund its unemployed insurance program during the national recession.