IL HB0702

Allows employers to pay quarterly unemployment insurance contributions in equal installments during the first three quarters of a calendar year upon payment of an annual administrative fee not exceeding $100.

Establishes a specific payment schedule: first quarter contributions paid in four installments (April 30, July 31, October 31, and January 31); second quarter contributions paid in three installments (July 31, October 31, and January 31); third quarter contributions paid in two installments (October 31 and January 31).

Eliminates interest accrual on contributions for the first three quarters if the employer elects this option and pays all contributions and fees on time; interest accrues if payments are late.

Authorizes the Director to promulgate necessary rules to implement the installment payment provisions.

Suspends the installment payment option for any calendar year in which bonds are outstanding under the Illinois Unemployment Insurance Trust Fund Financing Act as of January 1 of that year.