Federal law requires that states pay interest on outstanding loan balances under Title XII of the Social Security Act.  Payment of interest is a requirement of employers in each state in order to receive full offset credit against the FUTA tax (26 USC 3304(a) (17)) and must be paid from funds other than funds in the state unemployment benefit account.

Interest on outstanding balances for 2014 is applied at the rate of 2.38739930%

As of May 8th, nineteen states had outstanding interest due as reflected below and interest continues to accrue on balances due and unpaid. States with outstanding Title XII loans should be preparing to assure that the interest payments due are paid by September 30th.

State Outstanding Advance Balance Advance Authorization Current Month Gross Advance Draws Current Month Interest for FY2014

 

Alabama 0.00 0.00 0.00 0.00
Arizona 0.00 40,000,000.00 851,100.00 28,070.86
Arkansas 89,765,161.49 0.00 0.00 1,809,791.47
California 7,412,226,813.55 650,000,000.00 124,000,000.00 144,786,266.14
Colorado 0.00 0.00 0.00 0.00
Connecticut 611,288,504.41 0.00 0.00 8,594,252.57
Delaware 62,492,640.50 0.00 0.00 1,036,429.99
Florida 0.00 0.00 0.00 0.00
Georgia 62,490,887.99 0.00 0.00 2,907,930.26
Hawaii 0.00 0.00 0.00 0.00
Idaho 0.00 0.00 0.00 0.00
Illinois 0.00 0.00 0.00 0.00
Indiana 1,055,853,948.09 50,000,000.00 8,288,811.97 20,421,924.65
Kansas 0.00 0.00 0.00 0.00
Kentucky 411,719,619.97 40,000,000.00 7,853,147.58 9,539,008.55
Maryland 0.00 0.00 0.00 0.00
Massachusetts 0.00 250,000,000.00 0.00 0.00
Michigan 0.00 0.00 0.00 0.00
Minnesota 0.00 0.00 0.00 0.00
Missouri 256,871,421.52 15,000,000.00 0.00 4,590,285.91
Nevada 0.00 0.00 0.00 1,424,740.93
New Hampshire 0.00 0.00 0.00 0.00
New Jersey 0.00 50,000,000.00 2,126,000.00 2,815,516.43
New York 1,517,751,144.71 300,000,000.00 0.00 45,498,739.04
North Carolina 1,101,025,038.72 75,000,000.00 7,458,043.18 27,187,760.36
Ohio 1,613,152,580.93 25,000,000.00 0.00 23,576,615.39
Pennsylvania 434,510,981.58 100,000,000.00 37,674,372.20 1,121,837.36
Rhode Island 40,985,852.41 17,000,000.00 2,770,793.00 1,796,627.72
South Carolina 396,512,366.54 0.00 0.00 6,779,813.84
South Dakota 0.00 0.00 0.00 0.00
Tennessee 0.00 0.00 0.00 0.00
Texas 0.00 0.00 0.00 0.00
Vermont 0.00 0.00 0.00 0.00
Virginia 0.00 0.00 0.00 0.00
Virgin Islands 84,924,581.44 2,000,000.00 0.00 1,230,416.18
Wisconsin 1,847,576.07 200,000,000.00 8,503,236.31 5,917,641.95
Totals 15,153,419,119.92 1,814,000,000.00 199,525,504.24 311,063,669.60

Source: US Department of Labor, Employment and Training Administration, Office of Unemployment Insurance.