AR SB298

Amends Arkansas Code § 11-10-215(a)(2)(A)(i) to establish variable taxable wage bases for unemployment insurance contributions based on seasonal insured unemployment rates, effective for calendar years beginning after December 31, 2019.

Sets taxable wage base thresholds at $7,000, $8,000, $9,000, or $10,000 depending on whether the average seasonal unadjusted insured unemployment rate (July 1 through June 30) falls within 0-1%, 1.01-1.49%, 1.5-2.19%, or 2.20% or greater ranges respectively.

Increases taxable wage base to $11,000 if unemployment insurance trust fund disbursements exceed $200,000,000 and the fund balance falls below $600,000,000 during the fiscal year period.

Increases taxable wage base to $12,000 if unemployment insurance trust fund disbursements exceed $250,000,000 and the fund balance falls below $400,000,000 during the fiscal year period.

Allows the federal taxable wage base to become the new minimum amount if increased under federal law providing tax credit for state unemployment fund contributions.