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CFO Sink Calls on Legislature to Use More Federal Funds for Unemployment Compensation

11/18/2009

CONTACT: Kyra Jennings or Kevin Cate, (850) 413-2842
 
TALLAHASSEE – Florida CFO Alex Sink today called on the Florida Legislature to qualify Florida for more eligible federal economic recovery funds after the Department of Revenue said unemployment compensation taxes paid by the state’s businesses are set to otherwise skyrocket in 2010.
 
“As our state faces 11 percent unemployment, there’s no doubt that Florida’s families and small businesses have been hit hard, yet last session the Legislature willfully left millions of our taxpayer dollars sitting on the table in Washington,” said CFO Sink.  “With our small businesses facing a dramatic tax increase next year, I urge the Legislature to take the steps needed to bring real relief to Florida’s businesses and reduce the impact of this tax hike.”
 
Department of Revenue officials said today that in 2010 the minimum unemployment compensation tax will jump from $8.40 per employee to $100.30 and the maximum will go up from $378 per employee to $459, due to the state’s high jobless rate and the need to replenish Florida’s unemployment compensation trust fund.
 
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As a statewide elected officer of the Florida Cabinet, CFO Alex Sink oversees the Department of Financial Services.  A successful businesswoman with nearly three decades of experience in the private sector, Sink is serving her first term as Florida's CFO.  As CFO, Sink's priorities include using her business experience to cut wasteful government spending, cracking down on financial and insurance fraud and reforming the state government's contracting practices.