How do the revised rules in the Bipartisan Budget Act of 2015 affect you and your business?
The bill lowers the rate new employers must pay to 1.7 percent of the first $11,000 of an employee’s wages. Sponsored by Rep. Larry Liston, R-Colorado Springs, and Sen. Suzanne Williams, D- Aurora, the new law replaces the amount businesses would have had to pay under a 2011 law.
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That law required new employers to pay premium rates of more than 3 percent per $11,000.
New employers will now pay the lower rate unless they have benefits charged against them from an earlier business.
The legislation will mean the Unemployment Insurance Trust Fund will see $24.4 million less over the next three fiscal years, according to the state.