Bill > H90

This bill provides for a program to improve the solvency of the Unemployment Insurance Trust Fund and provide relief to employers and workers in the Commonwealth. Key provisions include: - Authorizing up to $7 billion in bonds to reduce the need for federal advances or repay federal advances made to the Unemployment Insurance Trust Fund from 2020-2025. - Establishing a temporary unemployment insurance excise tax on employers to pay interest on federal advances. - Creating a tax credit for individuals who received unemployment compensation in 2020 and 2021 if their household income does not exceed 200% of the federal poverty level. - Implementing a program to provide COVID-19 emergency paid sick leave to employees, with reimbursement to eligible employers from a dedicated fund. - Establishing a special commission to study the long-term solvency of the Unemployment Insurance Trust Fund. Overall, the bill aims to strengthen the financial position of the Unemployment Insurance Trust Fund, provide targeted relief to employers and workers impacted by the COVID-19 pandemic, and explore long-term reforms to improve the system's solvency.

Budget and Finance

House Committee on Ways and Means (H)

https://malegislature.gov/Bills/192/H90