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Committee backs indexing taxable wage base to unemployment activity to ease employer costs
Summary
The committee passed SB 298 to index Arkansas' taxable wage base for unemployment insurance to the insured-unemployment rate. Proponents said indexing reduces ad hoc tax increases and can save employers money when the trust fund is healthy; opponents sought clarity on triggers and fiscal monitoring.
The Senate Public Health, Welfare and Labor Committee on Wednesday passed SB 298, a bill that would index the taxable wage base used to calculate unemployment insurance taxes to the insured unemployment rate.
Department of Workforce Services staff said the current wage base is $10,000 and that indexing could reduce it to as low as $7,000 in favorable economic conditions. "For every employee, an employer will realize on average…
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