HB 1523 Summary

• Creates the State Workforce Investment Fund to receive contributions for administration of State Workforce Investment Board business, grants related to training, and other board-approved projects.

• Establishes combined contribution rates for Mississippi Workforce Enhancement Training Fund and State Workforce Investment Fund of 0.19% for calendar year 2014 (or 2015 if bill becomes effective after March 10, 2014), then 0.16% thereafter, based on taxable wages.

• Distributes collected contributions 94.75% to Mississippi Workforce Enhancement Training Fund and 5.25% to State Workforce Investment Fund in 2014 (or 2015), then 93.75% and 6.25% respectively in subsequent years.

• Reduces newly subject employer unemployment insurance contribution rate by 0.03% for calendar year 2014 only (or 2015 if effective after March 10, 2014).

• Sets minimum general experience rate for unemployment insurance contributions at 0.2% and maintains maximum employer rate cap of 5.4%, with Mississippi Workforce Enhancement Training Fund and State Workforce Investment Fund contributions added on top of this rate.