HB 700 Summary

• Reenacts and consolidates Mississippi's workforce training and education laws, establishing the Mississippi Department of Employment Security in the Governor's Office with expanded administrative powers and duties over unemployment compensation and employment services.

• Creates a Self-Employment Assistance Program (SEAP) allowing unemployment benefits recipients identified as likely to exhaust benefits to participate in approved self-employment activities without losing eligibility for standard work requirements.

• Implements accrual rules for computing employer contribution rates effective January 1, 2012, and establishes that modified contribution rates apply when the Unemployment Compensation Fund reserve ratio equals or exceeds 3% as of November 16.

• Adds penalties (20% fraud penalty plus 1% monthly interest) for unemployment benefits obtained through fraud or failure to report earnings, with portions deposited into the Special Employment Security Administration Fund for department operations.

• Extends the repeal date of certain workforce and TANF provisions to July 1, 2017, and maintains various economic development incentive programs including the Mississippi Advantage Jobs Act and Growth and Prosperity Act.