IL HB1550

Modifies employer contribution rates for unemployment insurance beginning in calendar year 2012 by setting minimum rate at 0.0% and maximum rate at 7.4% (or greater if adjusted state experience factor increases the maximum).

Creates the Unemployment Insurance Task Force to study and recommend reforms to Illinois unemployment insurance that balance business growth with worker protection.

Task Force reform recommendations may include altering employer contribution rates based on employment loss experience, developing private unemployment insurance markets, or establishing employee-owned accounts funded by employer and employee contributions.

Task Force composition includes five members appointed by the Governor, Speaker of the House, Minority Leader of the House, President of the Senate, and Minority Leader of the Senate, serving voluntarily without compensation.

Task Force must submit final report with cost and savings estimates to the Governor and General Assembly by December 31, 2012, and is abolished on January 1, 2013.