Kentucky Recent Unemployment Legislation
Kentucky HB 495 was signed by Governor Steve Beshear on April 11, 2012. This
legislation addresses several issues outlined below:
Allows the state agency to take a loan from an outside source to fund the unemployment administration
fund which is used to pay interest on the federal loan.
Establishes an employer surcharge of 0.22% on taxable wages in 2014 and adjusted downward in 2015
and beyond with relation to the increase in the taxable wage base so that the cost
per employee does not exceed $22. The
money will be used to pay back the loans used to pay interest and replenish the unemployment
insurance interest payment fund.
If eligible under federal law, requires
the Governor to make application in 2013 and subsequent years to request a cap on
FUTA credit reduction.
Adds rules for determining the taxable wage base starting in 2013 based on the level of
the trust fund.
Employer Tax Services
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