S 1871 110th Congress Senate Labor and Employment Economics and Public Finance Federal-state relations Government Operations and Politics Government trust funds Intergovernmental fiscal relations Payroll deductions State laws Taxation Unemployment insurance Withholding tax

Unemployment Insurance Modernization Act

Introduced: July 25, 2007 See on congress.gov

Everywhere this bill has been 3 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Jul 25, 2007

Read twice and referred to the Committee on Finance.

Jul 25, 2007

Sponsor introductory remarks on measure. (CR S9920-9921)

Jul 25, 2007

Introduced in Senate

Plain-English summary Congressional Research Service

Unemployment Insurance Modernization Act - Amends the Social Security Act to require the Secretary of Labor to make unemployment compensation modernization incentive payments in FY2008-FY2012 by certain transfers from the federal unemployment account to the accounts of the states in the Unemployment Trust Fund.

Prescribes a formula for determining the maximum allowable incentive payments.

Specifies requirements state law must meet for the state to qualify for such a payment.

Limits the use of transferred amounts to the payment of cash unemployment benefits to individuals.

Requires the Secretary of the Treasury to reserve specified funds out of the federal unemployment account for such incentive payments.

Amends the Internal Revenue Code to extend through FY2013 the Federal Unemployment Tax Act (FUTA) excise tax imposed on every employer.

What's happening now July 25, 2007

Read twice and referred to the Committee on Finance.

Committees of jurisdiction 1