Earlier this month, Governor Kristi Noem of South Dakota signed H.B. 1034, which could decrease some employers’ tax rates as early as next year.
Schedule B tax rates are lowered 0.05 percent under this law bringing the positive-rated employers’ range from 0 to 0.8 and the negative-rated employers’ range from 1.3 to 9.3 percent.
These changes are dependent, however, upon the balance of South Dakota’s unemployment trust fund meeting specific requirements.
Another bill signed by the governor (H.B. 1035), changes the current name of the state’s “unemployment insurance program” to the “reemployment assistance program”.