| Old | New | Differences | |
|---|---|---|---|
| 1 | 1 | By: Strama H.B. No. 3159 | |
| 2 | 2 | ||
| 3 | 3 | ||
| 4 | 4 | A BILL TO BE ENTITLED | |
| 5 | 5 | AN ACT | |
| 6 | 6 | relating to the ceiling of the unemployment compensation fund. | |
| 7 | 7 | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | |
| 8 | 8 | SECTION 1. Section 204.001, Labor Code, is amended to read | |
| 9 | 9 | as follows: | |
| 10 | 10 | Sec. 204.001. DEFINITIONS. In this chapter: | |
| 11 | 11 | (1) "Manual" means the North American Industrial | |
| 12 | 12 | Classification System Manual published by the United States Office | |
| 13 | 13 | of Management and Budget. | |
| 14 | 14 | (2) "Covered Wages" means taxable wages divided by | |
| 15 | 15 | $9,000.00 multiplied by average weekly wages multiplied by 52 weeks | |
| 16 | 16 | in a year. | |
| 17 | 17 | SECTION 2. Section 204.061, Labor Code, is amended to read | |
| 18 | 18 | as follows: | |
| 19 | 19 | Sec. 204.061. CEILING AND FLOOR OF COMPENSATION FUND. In | |
| 20 | 20 | computing the tax rates under this subchapter: | |
| 21 | 21 | (1) the ceiling of the compensation fund is one [two] | |
| 22 | 22 | percent of the total covered [taxable] wages for the four calendar | |
| 23 | 23 | quarters ending the preceding June 30; and | |
| 24 | 24 | (2) the floor of the compensation fund is equal to the | |
| 25 | 25 | greater of: | |
| 26 | 26 | (A) $400 million; or | |
| 27 | 27 | (B) one percent of the total taxable wages for | |
| 28 | 28 | the four calendar quarters ending the preceding June 30. | |
| 29 | 29 | SECTION 3. This Act takes effect September 1, 2009. |