Illinois General Assembly - Full Text of HB3404
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Full Text of HB3404  98th General Assembly

HB3404 98TH GENERAL ASSEMBLY


 


 
98TH GENERAL ASSEMBLY
State of Illinois
2013 and 2014
HB3404

 

Introduced , by Rep. Dwight Kay

 

SYNOPSIS AS INTRODUCED:
 
820 ILCS 405/1506.7 new

    Amends the Unemployment Insurance Act. Provides that an employer that has been assigned a contribution rate based upon an experience rating, and has no amounts past due under the Act, may, upon the payment of an amount equivalent to any portion or all of the unemployment benefits used in computing the experience rating, obtain a cancellation of unemployment benefits used equal to the payment made. Contains provisions regarding: application of payments; computation of a new experience rating and contribution rate; and the method and time for making payments.


LRB098 10158 JLS 40317 b

FISCAL NOTE ACT MAY APPLY

 

 

A BILL FOR

 

HB3404LRB098 10158 JLS 40317 b

1    AN ACT concerning employment.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Unemployment Insurance Act is amended by
5adding Section 1506.7 as follows:
 
6    (820 ILCS 405/1506.7 new)
7    Sec. 1506.7. Contribution rate buydown.
8    (a) An employer that has been assigned a contribution rate
9based upon an experience rating, and has no amounts past due
10under this Act, may, upon the payment of an amount equivalent
11to any portion or all of the unemployment benefits used in
12computing the experience rating, obtain a cancellation of
13unemployment benefits used equal to the payment made. The
14payment is applied to the most recent unemployment benefits
15paid that are used in computing the experience rating. Upon the
16payment, the Department must compute a new experience rating
17for the employer, and compute a new contribution rate.
18    (b) Payments for a contribution rate buydown may be made
19only by electronic payment and must be received within 120
20calendar days from the beginning of the calendar year for which
21the contribution rate is effective.