summary
Introduced
02/08/2023
02/08/2023
In Committee
02/08/2023
02/08/2023
Crossed Over
Passed
Dead
04/10/2023
04/10/2023
Introduced Session
2023 Regular Session
Bill Summary
AN ACT concerning Unemployment Insurance Modernization Act of 2023 FOR the purpose of altering the taxable wage base used to determine employer contributions to the Unemployment Insurance Trust Fund; requiring the Maryland Department of Labor, on or before a certain date each year, to determine and make available online the State annual average wage applicable to the rate of contribution; requiring the Secretary of Labor to set the taxable wage base and the maximum weekly benefit amount in a certain manner for certain years; prohibiting the applicable table of rates from shifting more than a certain number of tables under certain circumstances; establishing certain collateral requirements for certain investment funds that own certain portfolio companies; requiring and authorizing the Secretary to take certain actions related to the collateral; altering the circumstances under which an employing unit qualifies for an earned rate of contribution that is based on the experience of the employing unit; altering the circumstances under which an individual is eligible for unemployment benefits; repealing the methodology used to calculate the weekly benefit amount; establishing the methodology to be used to calculate the weekly benefit amount; and generally relating to unemployment insurance. BY repealing and reenacting, without amendments, Article - Labor and Employment Section 8-606(a) and (d) and 8-625(d) Annotated Code of Maryland (2016 Replacement Volume and 2022 Supplement) BY repealing and reenacting, with amendments, Article - Labor and Employment Section 8-607(b), (c), and (d)(1), 8-610(a), 8-612, 8-626, 8-633, 8-802, 8-804, 8-1302, and 8-1304 Annotated Code of Maryland (2016 Replacement Volume and 2022 Supplement) HOUSE BILL 724 BY adding to Article - Labor and Employment Section 8-612.1 and 8-803 Annotated Code of Maryland (2016 Replacement Volume and 2022 Supplement) BY repealing Article - Labor and Employment Section 8-803 Annotated Code of Maryland (2016 Replacement Volume and 2022 Supplement) BY repealing and reenacting, with amendments, Article - Labor and Employment Section 8-610(a) and 8-612(b) Annotated Code of Maryland (2016 Replacement Volume and 2022 Supplement) (As enacted by Section 3 of this Act)
AI Summary
This bill, the Unemployment Insurance Modernization Act of 2023, makes several changes to the unemployment insurance system in Maryland. Key provisions include:
- Requiring the Maryland Department of Labor to determine and publish the state annual average wage applicable to the unemployment insurance contribution rates each year.
- Gradually increasing the taxable wage base from the current $8,500 to 25% of the state average annual wage starting in 2027.
- Requiring the Secretary of Labor to set the maximum weekly benefit amount at two-thirds of the state average weekly wage starting in 2027.
- Establishing new collateral requirements for investment funds that own a significant share of certain high-debt portfolio companies, to ensure those funds pay their fair share of unemployment contributions.
- Altering the eligibility requirements for an employing unit to qualify for an earned rate of contribution based on its experience.
- Repealing the current methodology for calculating the weekly benefit amount and establishing a new formula based on the claimant's highest quarterly wages.
The bill also includes various other technical and administrative changes to the unemployment insurance system.
Committee Categories
Business and Industry
Sponsors (1)
Last Action
House Economic Matters Hearing (13:00:00 2/21/2023 ) (on 02/21/2023)
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://mgaleg.maryland.gov/mgawebsite/Legislation/Details/HB0724?ys=2023RS |
| BillText | https://mgaleg.maryland.gov/2023RS/bills/hb/hb0724f.pdf |
Loading...