Bill Text: TX HB222 | 2011-2012 | 82nd Legislature | Introduced

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Bill Title: Relating to the ceiling of the unemployment compensation fund.

Sponsorship: Partisan Bill (Democrat 1)

Status: (Introduced - Dead) 2011-04-21 - Left pending in committee [HB222 Detail]

Download: Texas-2011-HB222-Introduced.html

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82R551 ALB-D
By: Strama H.B. No. 222

A BILL TO BE ENTITLED
AN ACT
relating to the ceiling of the unemployment compensation fund.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 204.061, Labor Code, is amended to read
as follows:
Sec. 204.061. CEILING AND FLOOR OF COMPENSATION FUND. (a)
In this section, "covered wages" means taxable wages, divided by
$9,000, multiplied by average weekly wages multiplied by 52 weeks.
(b) In computing the tax rates under this subchapter:
(1) the ceiling of the compensation fund is one-half
of one [two] percent of the total covered [taxable] wages for the
four calendar quarters ending the preceding June 30; and
(2) the floor of the compensation fund is equal to the
greater of:
(A) $400 million; or
(B) one percent of the total taxable wages for
the four calendar quarters ending the preceding June 30.
SECTION 2. This Act takes effect September 1, 2011.