SF2891 Summary

• Reduces future unemployment insurance taxes for employers when the state trust fund balance exceeds 4 percent above the amount equal to an average high cost multiple of 1.0 as of December 31 of any calendar year.

• Distributes tax reductions proportionally to nonmaximum experience-rated employers based on their percentage of total taxes paid during the calendar year.

• Excludes employers at maximum experience rating and high experience rating industry employers from receiving tax reductions.

• Tax reductions apply to unemployment taxes paid between March 1 and December 15 of the year following the December 31 trust fund calculation.

• Effective retroactively from December 31, 2015, with special provisions allowing the December 31, 2012 average high cost multiple to apply to the December 31, 2015 calculation, with reduced taxes applied to payments between July 1, 2016 and June 30, 2017.