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Maryland To Raise Unemployment Insurance Tax Rates

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Businesses in Maryland will see their unemployment insurance tax rates more than triple next year.

The Baltimore Daily Record reports minimum rates for 2010 will be $187 per employee, that's up from $51 in 2009. About 60 percent of employers in the state pay the minimum, but rates vary depending on the number of unemployment claims filed against the business.

The secretary of the state department of labor, licensing and regulation says Maryland is raising the amount employers pay to the highest level allowed because of a drastic drop in the state's unemployment fund.

The fund's balance fell from nearly $900 million a year ago to $341 million last month, while the unemployment rate grew from 4.5 percent a year ago to 7.2 percent in August.

Matt McCleskey reports...

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