Illinois' unemployment taxes lowered for seventh straight year

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CHICAGO (WIFR) -- Illinois business owners are projected to pay $1.66 billion in unemployment insurance taxes in 2019, according to the Illinois Department of Employment Security.

This marks the seventh straight year Illinois unemployment taxes have dropped. The state has slashed Illinois unemployment insurance taxes by more than half in that timeframe from the $3.36 billion paid in 2012.

“The cost of doing business in Illinois has continued to decline for the vast majority of employers when it comes to Unemployment Insurance,” said Illinois Department of Employment Security Director Jeff Mays.

Unemployment taxes will drop for more than 92 percent of employers required to register for the tax. The taxes are determined by unemployment charges and taxable wages in the state.

The Illinois unemployment rate stood at 4.1 percent in September, the lowest mark for the state since February 1999.

Rates are determined by the of ratio of unemployment charges to taxable wages paid in the state. The Illinois unemployment rate for September was down to 4.1 percent. The last time the Illinois jobless rate last stood at 4.1 percent was in February 1999.

For more information, visit the Illinois Department of Employment Security website​.