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FL H1061
Bill
Status
Failed
3/9/2012
Primary Sponsor
Mike Horner
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AI Summary
- Repeals the scheduled increase in the unemployment compensation taxable wage base from $7,000 to $8,500 (effective January 1, 2012) and eliminates the planned return to $7,000 beginning January 1, 2015, keeping the wage base permanently at $7,000
- Reduces the positive adjustment factor divisor from one-third to one-sixth of the difference between the trust fund balance and 5% of taxable payrolls, effectively slowing the rate at which the Unemployment Compensation Trust Fund is replenished when underfunded
- Lowers the trust fund balance threshold that triggers the positive adjustment factor from 5% to 4% of taxable payrolls, meaning the surcharge on employers ceases sooner
- Delays the start date for a revised positive adjustment factor computation using a one-fourth divisor from January 1, 2015, to January 1, 2018
- Removes provisions that defined "taxable payroll" based on the $8,500 wage base and eliminated transitional data-blending rules for 2012 and 2013 employer rate calculations, conforming to the restored $7,000 wage base
- Takes effect upon becoming a law
Legislative Description
Unemployment Compensation
Last Action
Died in Business and Consumer Affairs Subcommittee
3/9/2012
Committee Referrals
Business And Consumer Affairs Subcommittee12/28/2011
Full Bill Text
No bill text available