On May 6, 2010 the U.S. Government Accountability Office released a report to Congress on unemployment insurance trust funds. The GAO report addresses the insolvency of these funds and possible options to improve their financial condition. The combined balance in all state UI trust funds, net of federal loans, is now a negative number (-$15.4 [...]
Service Bulletins
Michigan Tax Credit for Positive Reserve Balance Employers
May 21st, 2010
A tax credit is available for Michigan employers, to partially offset state unemployment taxes. This credit is provided under Michigan law to ease the burden on employers who have to paid additional FUTA taxes for 2009 due to outstanding loans from the federal government.
The credit is the lesser of either:
50% of the additional FUTA tax [...]