Signed by Governor Jan Brewer

Vote Smart's Synopsis:

Vote to pass a bill that increases taxes on employers for unemployment benefits during calendar years 2011 and 2012.

Highlights:

• Requires each employer to pay a special assessment in 2011 and 2012 at a rate to be determined by the Department of Economic Security, unless the amount of the employer's assessment in any one quarter is less than $10, in which case the assessment will be waived for that quarter (Sec. 2).

• Establishes the unemployment special assessment fund, consisting of monies collected from employers' special assessments, to be used for paying the costs of any outstanding loan on unemployment benefits in the following manner (Sec. 2):
• Monies shall first be used to pay interest charges incurred on the loan; and
• Monies shall then be used to retire the loan principal no later than November 10, 2012.

• Authorizes the Department of Economic Security to increase the assessment for 2012 from the assessment for 2011 if the fund monies are calculated to be insufficient to pay the interest charges and retire the principal no later than November 10, 2012 (Sec. 2).

Full Bill Text