TDLWD Says TN Employers Saving Money In 2018; Taxable Wage Base Restored To Pre-Great Recession Level

Thursday, January 4, 2018

On Jan. 1, Tennessee employers began paying less in unemployment insurance premiums when the taxable wage base decreased from $8,000 to $7,000.

The taxable wage base is the annual amount of wages paid to an employee, which is subject to state unemployment tax.

“This will amount to a tremendous savings for each and every Tennessee employer,” said Department of Labor and Workforce Development (TDLWD) Commissioner Burns Phillips.  “They pay taxes into the state’s unemployment insurance trust fund and this will greatly reduce that tax bill.”

Officials said, "During the Great Recession in 2008, Tennessee’s unemployment insurance trust fund became insolvent due to a tremendous increase in unemployment claims.  In an effort to ensure adequate funding to pay unemployment benefits, state lawmakers passed legislation that increased Tennessee’s taxable wage base from $7,000 to $9,000.  The legislation also included provisions to reduce the taxable wage base when the trust fund was restored to an adequate funding level.

"After six years at an elevated rate, in 2016 TDLWD reduced the taxable wage base from $9,000 to $8,000.  That reduction resulted in a savings for employers, while continuing to grow the trust fund balance. 

"On June 30, the unemployment insurance trust fund balance continued to remain above $1 billion, which triggered the lowering of the taxable wage base to $7,000.00, effective Jan. 1, 2018."

“Having the trust fund balance over $1 billion dollars is a milestone for Tennessee,” Comm. Phillips said.  “We weathered the recession better than many other states and now our trust fund has fully recovered from the hit it took during those difficult years.”

The Taxable Wage Base applies to all employers who pay quarterly state unemployment insurance premiums.  Tennessee uses money from the trust fund to pay qualified claimants up to 26 weeks of unemployment insurance benefits.



6 Gearhiser, Peters, Elliott & Cannon, PLLC Attorneys Named To 2019 Best Lawyers List

Gearhiser, Peters, Elliott & Cannon, PLLC announced that six lawyers  have been included in the 2019 Edition of  The Best Lawyers in America . Since it was first published in 1983,  Best Lawyers  has become universally regarded as the definitive guide to legal excellence.   Best Lawyers has published their list for over three decades, earning ... (click for more)

21 Chambliss Attorneys Selected For Best Lawyers In America 2019

Best Lawyers  selected William P. Aiken as the 2019 "Lawyer of the Year" for Health Care Law. Listed in  Best Lawyers in America  since 1993, Aiken concentrates his practice in health care, commercial contracts and business transactions, mergers and acquisitions, and corporate and securities law. He serves as the firm's chair for mergers and acquisitions and is a ... (click for more)

Trustee Hullander Says Airbnb Will Remit Hotel/Motel Tax Directly To His Office; It Has 600 Local Hosts With $7 Million Annual Income

Trustee Bill Hullander said Wednesday that Airbnb has agreed to directly remit hotel/motel tax for its 600 hosts in Hamilton County to his office. Mr. Hullander said prior to the agreement that his office had difficulty locating those renting out rooms or homes and had just 90 on the books. The agreement is slated to boost the current hotel/motel income from $85,000 to $560,000. ... (click for more)

County Attorney Says All Votes Were Counted In Recent Election Snafu, And None Affected Outcomes Of Races

County Attorney Rheubin Taylor, who is also the lawyer for the Election Commission, said all ballots were counted despite a recent election snafu. He said the affected voters did not affect the outcome of any election. Election officials said they learned just prior to the Aug. 2 election that there was a problem with  some district lines being improperly drawn several ... (click for more)

Jeff Styles, I Believe You - And Response (2)

I am glad that Jeff Styles presented the details of the event on his website.  Just because the government alleges a crime does not mean guilty. A criminal charge is an allegation by government. Sure, that allegation can be very serious, but the charge is still an unproven allegation until a court of law and Lady Justice has her review of the proof.  A person gets ... (click for more)

Roy Exum: ‘The Cake Is Baked’

If all goes well, and as expected, Hamilton County Chancellor Jeff Atherton will tell a group representing the Democratic Party not to ever again clutter his office or his courtroom with such a childish amount of political poppycock as will be brought on display tomorrow. The Democrats want to block Robin Smith, a longtime Republican stalwart, from becoming our next State Representative ... (click for more)