AB 226 Summary

• Requires the Employment Development Department to submit reports to the Legislature in May and October each year on the status of the Unemployment Fund and Unemployment Compensation Disability Fund, including fund balances, receipts, disbursements, claim data, tax rates, and employment levels

• When the Unemployment Fund shows a negative balance, the department must include in its report the estimated cost impact on employers from changes in the Federal Unemployment Tax Act (FUTA) tax credit

• When the Unemployment Fund shows a negative balance, the department must include in its report the estimated amount the state is expected to pay in interest charges on any outstanding loan to the federal government