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As a member of the Commerce Committee, I have some good news to share! Connecticut has repaid all 2024 Unemployment Trust Fund borrowing prior to the recent deadline, so employers in the state will avoid an increase in federal unemployment taxes in 2025.
This is the second consecutive year that state investments into the Trust Fund spared employers federal unemployment tax increases and the fourth consecutive year that Connecticut employers do not have to pay special assessment fees, which cover interest on the loans. So far in 2024, the state borrowed and repaid $215 million for unemployment benefits payments.
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