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What states owe in unemployment loansPosted Tuesday, March 29, 2011, at 9:55 AM
When it comes to owing the federal government for loans used to pay state unemployment claims, Missouri is certainly not alone.
My story yesterday explained how some business groups would like the state to issue bonds to repay these loans in order to preserve the Federal Unemployment Tax Act (FUTA) credits Missouri businesses receive. Here's a link to that story: http://www.semissourian.com/story/171385...
States have borrowed $46 billion from the federal government to pay their unemployment claims.
When states carry these loans for more than two years, the federal government starts taking away tax credits as a way to force states to pay back the loans. Three states have already had their FUTA tax credits reduced. Twenty-one more states, including Missouri, are expected to lose tax credits in 2011.
Here's a look at what other states owe, from the U.S. Department of Labor.
State Unemployment Trust Fund Loans
* Outstanding Loans from the Federal Unemployment Account.
Balances as of March 24, 2011 are:
New Hampshire $17,992,519.13
New Jersey $1,963,484,563.22
North Carolina $2,705,901,772.74
Rhode Island $250,719,973.16
South Carolina $969,197,870.21
Virgin Islands $19,785,251.63
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Melissa Miller is business editor at The Southeast Missourian. A graduate of the University of Missouri Journalism School, she's worked as a reporter, photographer, editor and as the executive director of two not-for-profit organizations. After living in Michigan and then Indiana, she moved back to her hometown of Jackson, Mo. In addition to writing daily stories for The Southeast Missourian, Melissa coordinates editorial content each month for Business Today. Business Today is a monthly publication for southeast Missouri's business community. Monthly themes include health care, agriculture, women in business, technology and more. Business Today is direct mailed to business owner and managers throughout southeast Missouri and southern Illinois. Follow her updates on local business developments at www.twitter.com/semissourianbiz or on Facebook at www.facebook.com/MelissaMillerSoutheastMissourian