92nd General Assembly
Summary of SB0795
   [ Home ]   [ Back ]   [ Legislation ]
Please enter a bill number.

 Full Text  Bill Status
Senate Sponsors:

House Sponsors:

Short description: 
UNEMP INS-CONTRIBUTION RATES                                               

Synopsis of Bill as introduced:
        Amends the Unemployment Insurance Act.  Makes various changes  in      
   employers'  contribution  rates  and  fund  building rates in 2002 and      
   subsequent years.                                                           
          FISCAL NOTE (Department of Employment Security)                      
          The 0.1% reduction in the tax rate paid by employers would           
          equate to a maximum tax break of $9 per covered employee for         
          all affected employers. The estimated first year impact totals       
          $8 million, less than one percent of all projected tax revenues      
          that first year. Of the 288,584 employers assigned a tax rate        
          for CY 2001, 158,305 (55%) are at the minimum tax rate and           
          would likely benefit from the tax reduction in 2002. Unemploy-       
          ment benefit payments would not be affected by this proposal.        
          Illinois' unemployment trust fund, where employer taxes are          
          deposited and from which unemployment benefits are paid, has a       
          current balance of $1.7 billion. If future economic changes          
          result in trust fund insolvency, State law triggers benefit          
          freezes or reductions and an additional State surcharge on           
          employers, and federal law triggers penalty taxes on employers       
          and assesses interest on any debt that must be paid with other       
          State funds.                                                         
        HOUSE AMENDMENT NO. 1.                                                 
          Deletes reference to:                                                
          820 ILCS 405/1506.1                                                  
          820 ILCS 405/1506.3                                                  
          Adds reference to:                                                   
          820 ILCS 405/241                from Ch. 48, par. 351                
        Deletes  everything.   Amends  the  Unemployment  Insurance  Act.      
   Makes a technical change in a Section  concerning  the  definition  of      
Last action on Bill: SESSION SINE DIE

   Last action date: JAN-07-2003

           Location: Senate

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   1     SENATE -   0


 Full Text  Bill Status