Press Detail

Businesses Penalized For State Unemployment Insurance Debt

Posted on November 21, 2011

Stateline.org

This article explains how employers in some states, including the State of Illinois, must pay higher taxes as a result of their state not paying back loans made by the Federal government to fund unemployment programs. The State of Illinois is issuing bonds to pay back the $2 billion debt, but employers will not see lower taxes until 2012. The Civic Federation says  issuing bonds is reasonable and necessary to pay back the debt.