Guess what? If you’re one of the 210,000 customers of the Ohio Bureau of Workers’ Compensation, then you could be getting a nice-size check. Thanks to Ohio Governor John Kasich and the BWC’s board, $1 billion will be returned to 210,000 Ohio employers in the form of a rebate. The board of the BWC unanimously approved the governor’s proposal two weeks ago.
So where is this money coming from, you ask? These rebates will be coming directly from the BWC and are made possible by the agency’s larger-than-expected fund balances. Employers can expect a return of about 56 percent of their most recent annual premium.
The overall goal for these rebates is to help stimulate the Ohio economy. In a May 30, 2013, press release the BWC administrator and CEO, Stephen Buehrer, was quoted as saying:
“The Board’s actions in providing a rebate and reducing base rates makes it a banner day for business in Ohio. We’re pleased prudent management and smart investing at BWC are paying off, literally, for hundreds of thousands of Ohio’s private and public employers.”
To ensure that you actually receive your rebate check, you can register for an e-account or log in to your account at the BWC’s employer demographic information service offering website. At this site, you can verify that your mailing address is correct or update any necessary information.
If you need help understanding how this rebate impacts your business, or if you’re looking for more information, contact Rea & Associates. The team of Ohio tax specialists can help you understand this overall initiative and help you plan for when you receive your rebate check.