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Unemployment Compensation Tax to Decline

By Alabama Public Radio

Montgomery, AL – Alabama employers have been paying at the highest of the state's four tax rates throughout 2005. But the rate will drop down one step in the new year. That will put it at the same rate businesses paid in 2004. Governor Riley announced the change Tuesday at an economic round-table in Montgomery. Riley says the change is another indication of a strong economic recovery in Alabama. He says the change should save Alabama employers about 20 million dollars in the new year. The unemployment compensation tax rate is based on how much money is in a trust fund used to pay unemployment benefits.

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