The New Hampshire Employment Security Department announced on April 2nd that unemployment tax rates will increase for the second quarter of 2020.
The balance of the state unemployment insurance trust fund fell to less than $300 million for the first quarter, triggering a rise in tax rates, the Department said on its website.
Tax rates for the second quarter range from 0.10% to 1.70% for positive-rated employers and from 3.30% to 7.50% for negative-rated employers. For the first quarter, rates ranged from 0.10% to 1.20% for positive-rated employers and from 2.80% to 7.00% for negative-rated employers.
The tax rate for new employers is 1.70%, up from 1.20%.
Tax rates for positive-rated employers and new employers include a solvency-threshold tax rate reduction of 1.00%, down from 1.50% for the first quarter. A surcharge of 0.50%, which was not in effect for the first quarter, is included in tax rates for negative-rated employers.
New Hampshire’s unemployment taxable wage base is $14,000 for 2020.
Our office will be monitoring these situations closely and will send out additional announcements or make postings on our website (https://thomas-and-company.com/news/) as we become aware of new developments.