S.1871 - Unemployment Insurance Modernization Act

A bill to provide for special transfers of funds to States to promote certain improvements in State unemployment compensation laws. view all titles (2)

All Bill Titles

  • Short: Unemployment Insurance Modernization Act as introduced.
  • Official: A bill to provide for special transfers of funds to States to promote certain improvements in State unemployment compensation laws. as introduced.

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Introduced
 
Senate
Passes
 
House
Passes
 
President
Signs
 

 
07/25/07
 
 
 
 
 
 
 

Official Summary

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 Une

Official Summary

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.

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