Pennsylvania State Capitol building in Harrisburg, Pa
Matt Rourke / AP Photo
Pennsylvania pays off $2.8B unemployment compensation debt
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The Associated Press
Matt Rourke / AP Photo
Pennsylvania State Capitol building in Harrisburg, Pa
(Harrisburg) — Pennsylvania has paid off $2.8 billion in bonds it issued in 2012 to retire a post-recession unemployment compensation debt that businesses owed to the federal government.
State officials said this week that the last installment was paid Jan. 1.
That completed the repayment on one of the largest bond issuances in the state’s history, if not the largest.
Gov. Tom Wolf’s administration says the total debt service was $3.4 billion and saved employers approximately $57 million.
With the bond debt repaid, businesses will no longer pay a 1.1% interest factor assessed on their unemployment compensation taxes.
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