Category: Economy, Budget and Taxes
SB 2 (2019)
House/Senate Bill: NH Senate
Description: Revises the job training programs offered by the Department of Business and Economic Affairs. This bill accomplishes that in part by increasing the unemployment compensation administrative contribution paid by employers from 0.2% to 0.4%. According to the Department of Employment Security, this bill would not initially increase the unemployment insurance tax paid by employers because the administrative contribution is deducted from the employer's tax rate and added back as an administrative contribution. However, the bill would also increase the amount of administrative contributions deposited in the Training Fund, from $2 million to $6 million. This bill would therefore decrease annual revenue to the unemployment trust fund by $4 million, which could result in a higher unemployment insurance tax rate to cover lost revenue.
Bill Sponsor: Kevin J. Cavanaugh
Bill Co Sponsor: Click the "Link to Full Bill" for information
Next Hearing Date: Wed, 04/17/2019
Next Voting Date: Thu, 06/13/2019