Bill
HB 1975
Overview: HB 1975 - Relieving individuals from paying interest on certain unemployment insurance overpayment assessments.Status: Effective date 6/6/2024. Introduced: January 22, 20
Overview: HB 1975 - Relieving individuals from paying interest on certain unemployment insurance overpayment assessments.
Status: Effective date 6/6/2024. Introduced: January 22, 2025
Purpose and Intent: The bill aims to provide relief to individuals who have been assessed overpayments of unemployment insurance benefits by waiving the interest charged on those overpayments.
Key Provisions:
- Prohibits the state from charging interest on unemployment insurance overpayment assessments.
- Applies retroactively to all outstanding overpayment assessments, effectively eliminating any interest charges that have already accrued.
- Requires the state to recalculate and refund any interest payments made by individuals on past overpayment assessments.
Affected Parties and Impacts:
- Individuals who have been assessed unemployment insurance overpayments will no longer be required to pay interest on those amounts.
- The state's unemployment insurance program will forgo revenue from interest charges, but this is expected to provide financial relief to affected claimants.
Procedural and Timeline Considerations:
- The bill has been introduced and is currently awaiting further legislative action.
- If passed, the provisions would take effect on the specified effective date of June 6, 2024.
Compiled from official sources — confirm details with the bill’s official record.
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