HB3271 Summary

• Allows employers to pay first three quarters' unemployment insurance contributions in equal installments rather than lump quarterly payments, for an annual administrative fee not to exceed $100.

• Establishes payment schedule: first quarter contributions paid in four equal parts (April 30, July 31, October 31, January 31); second quarter in three equal parts (July 31, October 31, January 31); third quarter in two equal parts (October 31, January 31).

• Waives interest accrual on installment payments if employer pays on schedule; interest accrues from original due date if payments are late.

• Authorizes the Director to adopt necessary rules to implement the installment payment program.

• Suspends the installment option for any calendar year when bonds are outstanding under the Illinois Unemployment Insurance Trust Fund Financing Act.