March 2, 2010
Today the Florida Legislature unanimously passed HB 7033 which provides Florida employers with immediate relief from unprecedented unemployment compensation tax increases that they were facing this year.
Without this important legislation, most Florida employers would be forced to pay unemployment taxes at levels higher than 1200% over last year’s amounts. Plus, the full payments would have been due at the end of the first quarter. Many Florida businesses simply could not pay these unexpected, exorbitant taxes without terminating more workers, cutting benefits or possibly closing their doors all together.
Fortunately, AIF began working diligently with our legislative leaders a few months ago to develop a way to alleviate and mitigate this year’s tax burden. Because this law passed today, businesses will have lower tax bills this year and will be able to make their payments on a quarterly payment plan, with payments spread throughout the calendar year, rather than having to make a large lump sum payment at the end of the first quarter.
Specifically, HB 7033 makes the following key changes to the 2010 tax requirements:
Each and every member of the Florida Legislature is to be commended for their votes today. They have listened to the outcry of thousands of Florida businesses and have responded by passing this critical legislation. AIF applauds Senate President Jeff Atwater and House Speaker Larry Cretul for their leadership and commitment in making this important bill the top priority of the session and ensuring its passage in such a timely manner.