Bill > S35

This bill proposes the following key provisions: 1. It provides $7 billion in funding to reduce or avoid the need for federal advances to the Unemployment Insurance Trust Fund and to repay prior federal advances and interest. This funding would be raised through special obligation bonds issued by the state. 2. It imposes a temporary excise tax on employers based on their unemployment insurance contribution rates to help pay interest on federal advances. 3. It establishes a COVID-19 Emergency Paid Sick Leave program that requires employers to provide up to 40 hours of paid sick leave for COVID-related reasons and creates a fund to reimburse employers for the costs. 4. It makes several temporary changes to the state's unemployment insurance laws, including extending the period for determining extended benefits and modifying the "off" indicator for purposes of extended benefits. 5. It provides a state income tax deduction for certain COVID-19 related federal financial assistance received by taxpayers. Overall, the bill aims to provide financial relief to the Unemployment Insurance Trust Fund and employers, as well as offer COVID-19 related paid sick leave benefits to employees, in response to the economic impacts of the pandemic.