This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Board Votes To Keep Nevada Jobless Tax The Same


CARSON CITY, Nev. (AP) â¿¿ A state board Wednesday recommended keeping the unemployment tax rate paid by Nevada employers essentially unchanged for 2014 after weighing different scenarios for climbing out of a debt hole brought on by record joblessness during the recession.

The Employment Security Council endorsed keeping an average rate of 2.25 percent â¿¿ if the state doesn't issue bonds to pay off $520 million still owed to the U.S. Department of Labor to meet jobless claims during the recession.

If bonds are issued, the rate would be lowered to 2.1 percent because employers will still be assessed a fee to cover debt service, projected at 0.5 percent to 0.8 percent.

Either way, the average annual tax paid by employers, per employee, would stay roughly the same as it is now. Tax rates vary based on a company's employment stability, and there are 18 different rate tiers.

The 2014 state unemployment insurance rate paid by businesses will be based on an employee's annual wage base of $27,400, up from $26,900 in 2013.

Renee Olson, administrator of the Employment Security Division, said paying off the debt with bonds would save businesses from having to pay interest on that debt and other levies imposed by the federal government.

It would also give Nevada a clean slate should the state be forced to borrow more money in another recession.

This year interest on the debt totaled $16.5 million.

Nevada's debt to the federal treasury reached $846 million in April 2012. As Nevada's economy slowly improved, that obligation has been whittled down to $520 million.

Olson said keeping the unemployment tax rate steady and paying off the debt could help put Nevada's unemployment trust fund back in the black, with a $190 million projected surplus by the end of next year.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.74 -1.15%
FB $117.58 0.73%
GOOG $693.01 0.29%
TSLA $240.76 -2.81%
YHOO $36.60 0.03%


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs