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118-hr-8559Committee
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To amend the Internal Revenue Code of 1986 to protect small businesses from unemployment insurance premium increases by reason of unrepaid State advances.

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Summary

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This bill amends the Internal Revenue Code to protect small businesses with fewer than 500 employees from increases in federal unemployment insurance (FUTA) tax credits due to unpaid state unemployment insurance advances. Under current law, when states borrow from the federal government to pay unemployment benefits, employers in those states may face reduced FUTA tax credits, effectively raising their unemployment insurance premiums. This bill exempts specified small businesses from that credit reduction.

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Bill details

Congress
118
Bill type
hr
Introduced
May 23, 2024
Sponsor
Not yet available
Last action
December 17, 2024— Referred to the Subcommittee on Work and Welfare.

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