HI SB371

Reduces the taxable wage base for unemployment insurance taxes to wages not exceeding $7,000 per individual employee, effective for calendar year 2009 and all years beyond.

Eliminates the temporary higher wage base of $13,000 that was in effect for calendar year 2008 only, contingent on the unemployment trust fund maintaining an adequate reserve.

Maintains the $7,000 wage base cap that was previously established for calendar year 1991.

Takes effect on July 1, 2009.