Bill > H4745

This bill amends South Carolina's unemployment insurance tax rate calculation method by gradually extending the lookback period for calculating an employer's "benefit ratio" (a measure that compares unemployment benefits paid out to an employer's taxable payroll). Currently, the calculation uses twelve calendar quarters of data, but the bill will change this to sixteen calendar quarters in 2027 and twenty calendar quarters in 2028. The purpose of this change is to provide a more comprehensive view of an employer's unemployment insurance claims history when determining their tax rate. The calculation will continue to use data filed through June 30th of the current year and will be calculated to the sixth decimal place. If fewer than the specified number of quarters are available, the calculation will use whatever data is available. The bill will take effect upon the Governor's approval.

Business and Industry

https://www.scstatehouse.gov/billsearch.php?billnumbers=4745&session=126&summary=B