Boise, ID. – The first bill of the 2018 Idaho Legislative session was introduced on Thursday, seeking to lower the cost employers pay in unemployment insurance taxes.
If passed, the bill could save employers a total of $115 million over the next three years by making changers in how Idaho calculates it’s unemployment insurance tax rate.
Supporters of the measure, including Idaho Governor Butch Otter, and many within the Idaho Department of Labor, are calling for the changes to the trust fund that Idaho uses to pay unemployment benefits.
Currently, employers in Idaho pay a state unemployment tax that then goes into s trust fund, from which unemployment benefits are distributed to workers. The unemployment insurance tax rate that feeds the trust fund is determined by a formula that factors how long the trust fund can last during an economic recession.
The trust fund is currently on track to rise to close to 1 billion dollars by 2020.