Type:Notice
Citation:89 FR 99282
Reading Time:about a minute or two
The Department of Labor issued a notice about FUTA credit reductions for 2024. Employers in California and New York will face a 0.9% reduction because they didn't repay their loans timely. Connecticut managed to repay its advances, avoiding any reductions. The US Virgin Islands applied for, and received, a waiver of additional reductions, but will still face a 4.2% reduction due to long-term outstanding advances.
Simple Explanation
The government is saying that some places may have to pay more money because they took too long to pay back a loan. California and New York will pay a little more, while the US Virgin Islands will pay a lot more, even though they got special permission not to pay even more than that.