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Statement By:
Tom Feeney, President and CEO, Associated Industries of Florida

Regarding Florida’s Repayment of Unemployment Compensation Loan 

May 23, 2013

“When the recession hit and Florida was forced to borrow money from the federal government to pay unemployment compensation benefits to those without work, Associated Industries of Florida, the business community and legislative leaders rallied to develop meaningful reforms that would stabilize our state’s unemployment compensation system and ensure those who needed assistance would receive it, in a manner that mitigated the sudden tax burden placed on our businesses. 

Now, four years later, we are thrilled that Florida has repaid the debt and our economy is back on track as evidenced by the falling unemployment rate. With our trust fund replenished and our federal loan repaid, Florida businesses can soon look forward to lower unemployment tax rates.

This tax relief will enable Florida employers to create new jobs, which will contribute to the continuing health of the Unemployment Compensation Trust Fund. More jobs and more people working is the formula for Florida’s economic success.”