Bill
HSB 114
Overview: HSB 114, "A bill for an act relating to unemployment insurance taxes on employers."Status: Subcommittee: Kniff McCulla, Cooling and Meggers.Introduced: January 30, 2025Pu
Overview: HSB 114, "A bill for an act relating to unemployment insurance taxes on employers."
Status: Subcommittee: Kniff McCulla, Cooling and Meggers.
Introduced: January 30, 2025
Purpose and Intent: The bill aims to make changes to the state's unemployment insurance tax system, which is used to fund unemployment benefits for eligible workers.
Key Provisions:
- Adjusts the formula used to calculate unemployment insurance tax rates for employers, potentially resulting in changes to the taxes paid by individual businesses.
- Modifies the criteria used to determine an employer's tax rate, such as the employer's history of layoffs and use of the unemployment insurance system.
- Provides for the automatic adjustment of tax rates based on the balance in the state's unemployment insurance trust fund.
Affected Parties and Impacts:
- Employers, who will see changes to their unemployment insurance tax rates and obligations.
- Employees, who may be affected by changes to their employer's unemployment insurance costs and hiring/layoff practices.
- The state's unemployment insurance system and trust fund, which will be impacted by the changes to tax rates and formulas.
Procedural and Timeline Considerations:
The bill has been assigned to a subcommittee for further consideration. It will need to pass through additional legislative committees and votes before potentially becoming law.
Compiled from official sources — confirm details with the bill’s official record.
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