Payroll Tax Compliance Industry News
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MI: Michigan not a FUTA credit state
BSI Communications | Feb 09, 2012
Due to the repayment of Michigan’s loan balance, Michigan is no longer a FUTA credit state. As a result, the debt repayment and UI solvency taxes have been rescinded.
State officials announced in December that Michigan’s $3.2 billion Unemployment Trust Fund balance had been repaid to the U.S. Treasury. The repayment to the federal government was made possible through the sale of variable rate demand bonds by the Michigan Finance Authority.
Because the transaction was completed before year-end 2011, the state and its business community will experience significant interest savings, FUTA tax credits will be restored, future tax penalties will be avoided and the solvency tax on Michigan employers will be eliminated. Read the announcement for more information.