HB 1489 Summary

• Delays the increase in taxable wage base for unemployment compensation from January 1, 2011 to January 1, 2012, maintaining the $7,000 threshold through 2011 before increasing to $9,500 in 2012.

• Extends the employer contribution rate of 5.6% for one additional year (through 2011) before the 12% rate takes effect in 2012.

• Modifies contribution rate schedules and fund ratio calculations to apply the new multi-schedule system (Schedules A-I) starting in 2012 instead of 2011.

• Updates the minimum contribution rates for employers with insufficient history and political subdivisions, delaying implementation of higher rates to 2012.

• Effective January 1, 2011 on a retroactive basis.