Maryland employers will likely face an increase in unemployment taxes early next year, according to a new report.
The report by the Maryland Budget and Tax Policy Institute found that Maryland's unemployment insurance trust fund reserves are running low, likely leaving employers to pick up the slack starting in January.
"This tax increase comes at a time when employers can least afford it," Patrick Lester, senior analyst for the Maryland Budget and Tax Policy Institute, said in a statement. "Despite years of record-low unemployment and continued low benefits, Maryland's unemployment insurance trust fund entered this economic downturn only minimally solvent."
According to the report, only a third of unemployed workers in Maryland receive unemployment insurance benefits. The national average, by comparison, is 43 percent. The report also found the state's average weekly benefit of $241 is among the lowest in the nation. In Washington, the state with the best benefits, the weekly benefit is $496 per week.
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