SURREAL VALECITY
  • Surreal ValeCity online media
  • January 25 2021 edition
    • Vaccine Providers Prepare for February Shipments
    • Covid 19 Weekly Case Update January 17 - 23
    • Gov Lamont Update Coronavirus Response January 27
    • Gov DeSantis Appoints James Heavener
    • Gov DeSantis Appoints Beth Smith
    • Gov DeSantis Appoints John Horne
    • Gov DeSantis Appoints Andrea Keiser
    • Gov DeSantis Appoints 4 Boxing Commission
    • Baker Polito 2022 Budget Proposal
    • Gov Baker Nominates Maureen Mulligan
    • Governor's Office Bipartisan Covid Recovery Plan
    • Gov Whitmer Appointments Workers Compensation Board
    • Gov Sisolak State Accelerate Infrastructure Projects
    • Gov Sisolak Early Departure Inclement Weather
    • Covid 19 Press Bulletin January 27
    • NCDHHS Grant 988 Suicide Prevention Lifeline
    • NCDHHS Continues Covid 19 Support Services
    • Gov Cox Executive Order Suspending New Oil
  • Thanks to the sponsors
  • Favorite Places
  • Independent Creators
  • Staff and Contact Information
  • Advertising / Feedback / Submissions
  • Archives 2021
  • Archives 2020
  • Archives 2016 - 2019
  • A Valley and Beyond
Are you looking for a shipping solution? Maybe you need to change freight carriers? Find out what the hard working and reliable people at Team Worldwide can do over land, sea and air
Tweet

Baker-Polito Administration Re-Files Unemployment Legislation to Provide Employer Relief, Ensure Trust Fund Solvency

Picture
BOSTON – The Baker-Polito Administration today re-filed unemployment insurance legislation initially filed last month. The Governor’s legislation aims to sustain unemployment benefits and provide an estimated $1.3 billion in unemployment insurance relief to the Commonwealth’s employers over two years. In addition to a two-year unemployment insurance tax schedule freeze, the legislation also proposes financing measures designed to ensure the solvency of the Unemployment Insurance Trust Fund and that federal borrowing that has occurred is repaid in a responsible and affordable manner.
 
The main provisions of this legislation include:
 
  1. Short Term Employer Tax Relief through a two-year tax schedule freeze. Current Massachusetts unemployment legislative statute requires the employer tax schedule to increase from schedule E to schedule G. This would cause an average per employee tax increase from $539 to $866 – a nearly 60% increase over the previous year. Remaining on schedule E for 2021 and 2022 slows annual employer contribution growth from $539 average per employee costs in 2020 to $635 in 2021 and $665 in 2022. 
 
  1. Authorization for the issuance of special obligation bonds for the purposes of repaying federal advances. In order to fund the unprecedented increases in demand on the unemployment system in Massachusetts as a result of COVID-19, the Commonwealth has received federal cash advances. Through the issuance of bonds, the Commonwealth will be able to ensure positive trust fund solvency to enable the continued payment of benefits. The utilization of capital markets also allows Massachusetts to avoid paying punitive federal tax increases on employers regardless of their experience rating if federal advances are not repaid by November of 2022. Bonds issued will be supported by an unemployment obligation assessment and will not be general obligations of the Commonwealth.
 
  1. Establishes an employer surcharge on contributory employers. In 2020 all federal advances taken to pay benefits are interest free. However, interest on federal advances will begin to be charged beginning in January of 2021. The first interest payment is due in the Fall of 2021 and it cannot be paid from the state unemployment trust fund, per federal law. To fund interest payments on repayable advances, the legislation also establishes a separate fund to house surcharge proceeds. The passage of this provision authorizes the Department of Unemployment Assistance to make this assessment but does not require the surcharge if interest is waived through future federal legislation. ​
Picture
Into the Myst Metaphysical Shoppe
Powered by Create your own unique website with customizable templates.
  • Surreal ValeCity online media
  • January 25 2021 edition
    • Vaccine Providers Prepare for February Shipments
    • Covid 19 Weekly Case Update January 17 - 23
    • Gov Lamont Update Coronavirus Response January 27
    • Gov DeSantis Appoints James Heavener
    • Gov DeSantis Appoints Beth Smith
    • Gov DeSantis Appoints John Horne
    • Gov DeSantis Appoints Andrea Keiser
    • Gov DeSantis Appoints 4 Boxing Commission
    • Baker Polito 2022 Budget Proposal
    • Gov Baker Nominates Maureen Mulligan
    • Governor's Office Bipartisan Covid Recovery Plan
    • Gov Whitmer Appointments Workers Compensation Board
    • Gov Sisolak State Accelerate Infrastructure Projects
    • Gov Sisolak Early Departure Inclement Weather
    • Covid 19 Press Bulletin January 27
    • NCDHHS Grant 988 Suicide Prevention Lifeline
    • NCDHHS Continues Covid 19 Support Services
    • Gov Cox Executive Order Suspending New Oil
  • Thanks to the sponsors
  • Favorite Places
  • Independent Creators
  • Staff and Contact Information
  • Advertising / Feedback / Submissions
  • Archives 2021
  • Archives 2020
  • Archives 2016 - 2019
  • A Valley and Beyond