DOL announces states with 2015 FUTA credit reductions

For 2015, eight states and one jurisdiction faced a potential FUTA credit reduction. Five of those states repaid their outstanding advances before November 10, thereby eliminating any FUTA credit reduction for the year. The remaining three states and one jurisdiction–California, Connecticut, Ohio, and the Virgin Islands –had an outstanding balance of advances on January 1 in each of the years of 2010 through 2015, and did not repay all advances before November 10, 2015. Therefore, these states face at least a 1.5% credit reduction. California, Ohio, and the Virgin Islands all applied for and were granted waivers of the fifth year Benefit Cost Rate (BCR) additional credit reduction. Connecticut is subject to the BCR add-on however. (DOL Communication, November 11, 2015.)

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