Employers to Remain in Tax Table 7 for Unemployment Insurance Rates in 2022
September 3, 2021
Earlier this week, Governor Kim Reynolds announced through an Iowa Workforce Development (IWD) press release that Iowa businesses will continue to be in Tax Table 7 for unemployment insurance tax rates for 2022. This is significant and positive news for employers of all sizes. This is the fifth consecutive year that employers will be in Tax Table 7, which is the second lowest (best) tax rate permitted by Iowa law. Iowa’s unemployment insurance trust fund, which is funded by employer payroll taxes, has expended several hundred million dollars since the pandemic first hit in March 2020. Governor Reynolds took the extraordinary step of infusing the fund with $490 million in CARES Act funding in June 2020 to ensure that tax rates wouldn’t increase on employers in 2021. ABI is very thankful for the governor’s leadership on this important issue. ABI will continue to advocate and push for reforms to make Iowa’s unemployment system more competitive with our neighboring states. Read more from the Des Moines Register.