MA Revised Unemployment Insurance Tax Rates & Assessments
The MA Department of Unemployment Assistance (DUA) has announced that they will post revised unemployment insurance tax rates and assessments to employers’ online accounts on Monday, July 26.
COVID-19 related claims from this year and last created an estimated $7 billion deficit in the UI Trust Fund, resulting in a drastic increase in the Solvency Fund Assessment (9.23%) earlier this year. A COVID-19 relief fund was then created to remove those claims from the Solvency Fund, but those claims are still to be paid for employers, over the next 20 years, via a new COVID-19 assessment.
The revised Solvency Fund Assessment is expected to be 1.12%. The initial new COVID-19 assessment is expected to be 10.5% of an employer’s experience tax rate.
Both Q1 and Q2 2021 contributions and deferrals are due on 8/21/2021. Q2 2021 Wage Fillings are still due by 3pm on August 2, 2021. Read more here.