82R551 ALB-D
By: Strama H.B. No. 222
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 204.061, Labor Code, is amended to read
as follows:
Sec. 204.061. CEILING AND FLOOR OF COMPENSATION FUND. (a)
In this section, "covered wages" means taxable wages, divided by
$9,000, multiplied by average weekly wages multiplied by 52 weeks.
(b) In computing the tax rates under this subchapter:
(1) the ceiling of the compensation fund is one-half
of 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 2. This Act takes effect September 1, 2011.