North Carolina is providing businesses with tax credits for their unemployment insurance fund contributions. | Stock Photo
North Carolina is providing businesses with tax credits for their unemployment insurance fund contributions. | Stock Photo
Employers in North Carolina will receive an Unemployment Insurance Fund tax credit as part of the state's COVID-19 Recovery Act.
The Archdale-Trinity Chamber of Commerce reminded its members about the change in a July 10 emailed newsletter. The chamber said that employers will receive a tax credit that is equal to their first-quarter 2020 payments made into the unemployment fund.
The credit, the chamber said in the newsletter, is automatically deducted and to receive it employers will have had to file their first-quarter tax and wage report. Additionally, any first quarter payment an employer has already made into the fund will be applied to their amount due for the second quarter of 2020.
Also according to the Chamber's notice, if an employer's credit is more than their owed Unemployment Insurance Fund taxes, the state will refund the difference. Any amounts currently owed for the first quarter of 2020 will be canceled.
Employers who have any questions can email the Division of Employment Security at des.tax.customerservice@nccommerce.com or call (919) 707-1150.
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