92nd General Assembly
Summary of SB0796
   [ Home ]   [ Back ]   [ Legislation ]
Please enter a bill number.

 Full Text  Bill Status
Senate Sponsors:

House Sponsors:

Short description: 
UNEMP INS-FUND BUILDING RATES                                              

Synopsis of Bill as introduced:
        Amends the Unemployment  Insurance  Act.   Eliminates  provisions      
   specifying  fund  building  rates  for  certain  employers in 2002 and      
   subsequent years.                                                           
          FISCAL NOTE (Department of Employment Security)                      
          Elimination of the 0.4% fund builder would equate to a maximum       
          tax break of $36 per covered employee for all affected employ-       
          ers. The estimated first year impact totals $176 million (15%        
          of all projected tax revenues that first year. All 288,584           
          employers assigned a tax rate for CY 2001 would benefit from         
          the tax reduction in 2002. Unemployment benefit payments would       
          not be affected by this proposal. Illinois' unemployment trust       
          fund, where employer taxes are deposited and from which unem-        
          ployment benefits are paid, has a current balance of $1.7 bil-       
          lion. If future economic changes result in trust fund insolven-      
          cy, State law triggers benefit freezes or reductions and an          
          additional State surcharge on employers, and federal law trig-       
          gers 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 405/1506.3                                                  
          Adds reference to:                                                   
          820 ILCS 405/3200               from Ch. 48, par. 820                
        Deletes  everything.   Amends  the  Unemployment  Insurance  Act.      
   Makes a technical change in a Section concerning the  short  title  of      
   the Act.                                                                    
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