Florida businesses will continue to pay a low rate for reemployment taxes next year for the third year in a row.

The minimum tax rate will remain at $7.00 per employee in 2018. More than 60 percent of Florida’s employers will pay the minimum tax rate, which is the highest number of employers at the lowest reemployment tax rate since 2004, according to Florida Governor Rick Scott.

The $7.00 per employee minimum tax rate for 2018 is down from a high of $120.80 per employee in 2012. Since 2012, Florida businesses have had their reemployment tax reduced by more than 94 percent, resulting in a savings of more than $4.9 billion, said Scott.

“By keeping the reemployment tax low, we are putting more money back into the hands of job creators so they can invest in their businesses,” Governor Scott said. “This continued low rate is another example of the steps we are taking to make Florida number one in the nation for job growth and opportunities.”

Florida businesses pay the reemployment tax as a percentage of the first $7,000.00 in wages they pay each employee. Reemployment taxes, or taxes on payroll, fund Florida’s Reemployment Assistance Trust Fund, which provides income assistance (formerly known as unemployment benefits) to Floridians who lose their jobs through no fault of their own.