Show Some tax relief is promised for some Tax relief from the recently increased unemployment compensation taxes may be in the offing for some employers next year as a result of new legislation enacted by the 1963 Utah Legislature Other changes in the law are designed to place a greater portion of the unemployment costs with units which experience Indicates are most likely to be responsible for unemployment in The cheery note was sounded by the Utah the nonprofit tax research in a study just prepared analyzing the 1963 changes in Utah's unemployment compensation program The Foundation study points out that the recently announced unemployment compensation tax increases for 1963 will a-mount to 50 or more in the case of employers with the most stable payroll In a doubling of the Federal employment tax this year will boost total Federal and state payroll taxes by of subject payrolls first paid to each which amounts to per The new legislation passed this year will make fundamental changes in the unemployment compensation finance program for 1964 According to the Foundation the new law will result in some reduction from the higher unemployment taxes imposed this year for most of the stable For many of the seasonal and less stable thc new law could result in still higher taxes next One of the major changes in the new law is the increase in the wage base on which the unemployment tax must be paid from to per Coupled with this increase in the wage base Is a downward revision in the tax rates paid by each class of The net effect of these according to the Foundation is that the tax paid by most employers with a experience rating during 1964 will be below that for but still above that for For most employers and many employers with less favorable the tax paid next year will be more than that for either 1962 or J Foundation analysts observe that the rating formula in the new law will be more sensitive in classifying As a there will be fewer employers who will attain the more favorable rate and some firms as a result will slip into lower classes which will necessitate still higher taxes for such Other changes analyzed in the report include change from to total wages in determining annual payroll use of adjusted payroll data in determining payroll variation of firms which had a simplification of the procedure used in assigning tax rates to the various classes of and 1 authorization for the Industrial Commission to require a deposit or a bond in to payment of the unemployment Most of the 1963 amendments to the unemployment compensation law relate to the financing The Foundation study points out that there were some minor changes which will tighten the eligibility requirements somewhat for persons receiving unemployment For the most the eligibility changes will take effect in while the new financing provisions will not go Into effect until |