12RS HB495
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HB495

12RS

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HB 495/FN (BR 1902) - L. Clark, J. Adams, R. Adams, R. Adkins, L. Belcher, J. Bell, R. Bunch, T. Burch, H. Collins, L. Combs, W. Coursey, J. Crenshaw, R. Crimm, R. Damron, M. Denham, T. Edmonds, B. Farmer, J. Glenn, J. Gooch Jr., D. Graham, J. Greer, M. Henley, D. Horlander, W. Hurt, J. Jenkins, D. Keene, M. King, Ji. Lee, M. Marzian, T. McKee, R. Meeks, C. Miller, T. Mills, L. Napier, R. Nelson, M. Nemes, F. Nesler, D. Osborne, S. Overly, D. Owens, R. Palumbo, T. Pullin, R. Quarles, R. Rand, J. Richards, S. Riggs, T. Riner, C. Rollins II, S. Rudy, S. Santoro, J. Short, K. Sinnette, R. Smart, F. Steele, W. Stone, G. Stumbo, T. Thompson, D. Watkins, J. Wayne, S. Westrom, B. Yonts

     AN ACT relating to unemployment insurance and declaring an emergency.
     Amend KRS 341.240, relating to the unemployment compensation administration fund, to authorize the secretary to obtain funding through commercially reasonable means to pay interest on federal unemployment loans and to pledge proceeds from a surcharge on contributing employers as security; amend KRS 341.295 and 341.490 to conform; amend KRS 341.595 to require the Governor to make application, if eligible, for a cap on federal unemployment tax credit reductions; amend KRS 341.611 to require that interest on federal unemployment loans be paid from the unemployment compensation administration fund and to assess a surcharge on contributing employers if there are insufficient funds to pay interest; create a new section of KRS Chapter 341 to establish an annual surcharge, beginning on January 1, 2014, on contributing employers if there are insufficient funds to pay interest and costs relating to federal unemployment loans; require that surcharge proceeds be deposited in the interest payment fund; require annual adjustment of surcharge, beginning in January 2015, based on increase in the taxable wage base; permit secretary to reduce or suspend the annual surcharge; impose penalties, including liens, on delinquent surcharge payments; amend KRS 341.612 to provide that balance remaining in interest payment fund be credited to employers' reserve accounts or to unemployment administration fund; EMERGENCY.

HB 495 - AMENDMENTS


     HCS/FN - Make technical changes.
     HCA (1/Title, R. Rand) - Make title amendment
     SCS - Retain original provisions; add requirement that the secretary report on July 1, 2012 and quarterly thereafter on the status of the financing provision, unemployment trust fund, and efforts to obtain a federal tax reduction cap; require that any funds remaining in the interest payment fund be credited to employer reserve accounts; create a new section to require suspension of the taxable wage base increase when the trust fund balance reaches $200 million; limit suspension to the number of years that employers paid additional federal unemployment taxes; permit taxable wage base to increase if trust fund balance is within $20 million of the lower rate schedule trigger amount; provide that increase in maximum weekly benefit amount shall not be limited by suspension of the taxable wage base; and require that suspension of increase in taxable wage base shall not occur if the trust fund balance is less than $200 million or if suspension would violate federal unemployment laws.

     Feb 28-introduced in House
     Feb 29-to Appropriations & Revenue (H); taken from Appropriations & Revenue (H); 1st reading; returned to Appropriations & Revenue (H)
     Mar 1-taken from Appropriations & Revenue (H); 2nd reading; returned to Appropriations & Revenue (H)
     Mar 2-posted in committee
     Mar 13-reported favorably, to Rules with Committee Substitute, committee amendment (1-title) ; taken from Rules; placed in the Orders of the Day for Wednesday, March 14, 2012
     Mar 14-3rd reading, passed 97-0 with Committee Substitute, committee amendment (1-title)
     Mar 15-received in Senate
     Mar 20-to Judiciary (S)
     Mar 21-taken from Judiciary (S); 1st reading; returned to Judiciary (S)
     Mar 22-taken from Judiciary (S); 2nd reading; returned to Judiciary (S)
     Mar 29-reported favorably, to Rules with Committee Substitute as a Consent Bill; posted for passage in the Consent Orders of the Day for Thursday, March 29, 2012; 3rd reading, passed 37-0 with Committee Substitute ; received in House; to Rules (H)
     Mar 30-posted for passage for concurrence in Senate Committee Substitute ; House concurred in Senate Committee Substitute ; passed 92-0; enrolled, signed by each presiding officer; delivered to Governor
     Apr 11-signed by Governor (Acts ch. 52)

Vote History
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