Unemployment compensation taxes paid by Florida businesses will skyrocket next year due to the state's high jobless rate -- 11 percent in September.
The minimum tax will jump from $8.40 per employee to $100.30 -- an almost 12-fold increase -- in 2010, state Department of Revenue officials said Wednesday.
The maximum will go up from $378 per employee to $459.
Another factor contributing to the increases is that taxable wages are going up from $7,000 to $8,500 per employee.
The increases are needed to replenish the state's Unemployment Compensation Trust Fund. It dropped from more than $1.3 billion last year to zero in August. Florida then began borrowing $300 million a month from the federal government to pay benefits.