MO HB1632

Establishes the Unemployment Compensation Fund as a special fund separate from other state moneys, administered by the division for unemployment compensation purposes.

Adds revenues derived from income tax levied on unemployment compensation under chapter 143 as a new source of funds deposited into the Unemployment Compensation Fund.

Maintains three separate accounts within the fund: a clearing account, an unemployment trust fund account, and a benefit account.

Specifies that money credited to the state's account in the federal Unemployment Trust Fund pursuant to Section 903 of the Social Security Act shall be used exclusively for administration expenses and benefit payments.

Prohibits establishment of other funds with increased employer taxes offset by reduced unemployment contributions, except for the special employment security fund created in section 288.310.