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Business and Economy

Unemployment Tax Rate Cut By 1 Percent

New Hampshire’s unemployment tax rate will go down by 1 percent in the first quarter of this year, state officials said Tuesday.

The new rate of 3.4 percent is expected to save employers more than $37 million over the next three months.

The lower rate is triggered when the state’s unemployment compensation trust fund maintains a balance of $275 million or more during the previous quarter.

This comes after the rate was lowered in the final quarter of 2014 by point-five percent.

Governor Maggie Hassan says the news is a sign of an improving economy, noting the continued reduction of the state’s unemployment rate, which stands at 4.1 percent.

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