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