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 Alabama employers could see a radical increase in FUTA taxes if the Alabama Senate fails to pass House Bill 83.
HB 83 is legislation required by the U.S. Department of Labor to make a technical correction to the State Unemployment Tax Act (SUTA) legislation passed in 2005. Congress passed a SUTA bill in in 2005 as well requiring each state to pass legislation confirming their law to the federal law. Failure to pass the corrective legislation would give the U. S. Department of Labor the authority to remove a substantial tax credit currently in place for Alabama employers.
According to the Director of the Alabama Department of Industrial Relations, Phyllis Kennedy, the elimination of the 5.4% tax credit would raise FUTA taxes from the current .8% of the first $7,000 of wages to 6.2% of the first $7,000 of wages. According to DIR, taxes would increase to $434 per employee, rather than the current rate of $56 per employee.
HB 83 was passed by the House on April 10th and received a second reading in the Alabama Senate on May 24th. The bill is currently awaiting a vote by the full Senate.
With only one day left in the Regular Session, the Senate needs to get pass their deadlock and approve HB 83. Therefore, your follow up contacts with our area State Senators is essential and encouraged.
Don't assume someone else is calling - make your contacts today!
State Senator Phil Poole
205.371.6337
334.242.7889
334.353.9485 (FAX)
poole@mound.net
State Senator Bobby Singleton
334.624.3021
334.242.7935
334.242.2210 (FAX)
BSingle164@yahoo.net
State Senator Charles Bishop
334.242.7894
334.353.9777 (FAX)
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Vote YES on June 5!
The Business Council of Alabama proudly endorses, and encourages your support for, Constitutional Amendments One and Two, when you go to the polls for the June 5 Special Election. Both amendments passed the Alabama Legislature unanimously in March and, with voter approval, both will help fuel Alabama'scontinued economic growth, spur billions in new investment, and create thousands of new jobs.
Please consider these important amendments and cast your vote FOR ALABAMA'S FUTURE on Tuesday, June 5.
Amendment One: The Capital Improvement Trust Fund
Will provide the resources needed for the state to continue offering economic incentives to new and existing businesses that are considering locating or expanding in Alabama.
When it was created seven years ago, the CITF's bonding authority was capped at $350 million. Today, our economy is much more vital, and with more than 30 companies actively considering Alabama for major economic investments, the increased cap will ensure Alabama has the tools and resources it needs to keep our economy growing.
"The economic growth opportunities in Alabama now are truly unprecedented," says BCA President and CEO William J. Canary."We must be in a position to maintain the momentum, win these projects, and secure new jobs and economic security for thousands of Alabamians for years to come."
Amendment Two: Protecting Alabama's Investments and Financial Strength
Will not only ensure the availability of money needed to meet the healthcare needs of retired public employees, but will also help protect Alabama's strong position with bond rating agencies.
New federal reporting guidelines, established by the Governmental Accounting Standards Board (GASB), require that states must, for the first time, report the true actuarial cost of benefit obligations due to public employees when they retire.
Failure to make progress toward securing the money needed to cover these costs would hurt Alabama's position with bond rating agencies, resulting in millions of dollars in higher interest payments on debt issued for school construction and economicdevelopment projects.
"Amendment Two is important for several reasons, not the least of which is that it will protect healthcare funds for our retired public employees and improve state accountability and policy planning in this regard," Canary says. "But its significance for ensuring Alabama's compliance with new federal requirements and protecting the state's strong bond rating, which is critical to economic development, can't be overstated."
With economic progress and Alabama's future in mind, BCA heartily encourages you to support both amendments.
VOTE YES on June 5!
T O LEARN MORE, VISIT WWW.BCATODAY.ORG
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 Plan to attend a special reception for Congressman Davis, today, June 4, between 5:00 PM and 7:00 PM at Harrison Gallaries. While donations are appreciated, they are not required. Please plan to attend and let the "voice of business" be visible and involved.
For more information on today's event, contact us at 205.758.7588. |
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While there is only one day left, there is still a slight chance the Sunday alcohol sales legislation could pass in the Senate. Therefore, please call our area State Senators today and encourage their support to give the right to vote on this issue to the citizens of Tuscaloosa. Your influence and contact would make a positive impact.
Here is contact information:
State Senator Phil Poole
205.371.6337
334.242.7889
334.353.9485 (FAX)
poole@mound.net
State Senator Bobby Singleton
334.624.3021
334.242.7935
334.242.2210 (FAX)
BSingle164@yahoo.net
State Senator Charles Bishop
334.242.7894
334.353.9777 (FAX)
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