SB 426

Current law provides four schedules of unemployment insurance contribution

(tax) rates, with Schedule D containing the lowest rates and Schedule A containing

the highest. Which schedule is in effect for a given calendar year depends on the cash

balance of the state's unemployment reserve fund as of the preceding June 30.

Schedule D, which is in effect in calendar year 2021, is otherwise in effect for any

calendar year whenever, as of the preceding June 30, the state's unemployment

reserve fund has a cash balance of at least $1,200,000,000.

This bill requires Schedule D of the unemployment insurance contribution (tax)

rates to remain in effect through the end of calendar year 2023, regardless of the cash

balance of the state's unemployment reserve fund as of June 30, 2021, and June 30,

2022. However, the bill provides that it applies only if the 2021-23 budget bill, as

enacted, provides for transfers of $60,000,000 in each of fiscal years 2021-22 and

2022-23.