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A BILL TO BE ENTITLED
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AN ACT
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relating to the ceiling of the unemployment compensation fund. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 204.001, Labor Code, is amended to read |
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as follows: |
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Sec. 204.001. DEFINITIONS. In this chapter: |
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(1) "Manual" means the North American Industrial |
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Classification System Manual published by the United States Office |
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of Management and Budget. |
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(2) "Covered Wages" means taxable wages divided by |
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$9,000.00 multiplied by average weekly wages multiplied by 52 weeks |
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in a year. |
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SECTION 2. Section 204.061, Labor Code, is amended to read |
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as follows: |
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Sec. 204.061. CEILING AND FLOOR OF COMPENSATION FUND. In |
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computing the tax rates under this subchapter: |
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(1) the ceiling of the compensation fund is one [two] |
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percent of the total covered [taxable] wages for the four calendar |
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quarters ending the preceding June 30; and |
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(2) the floor of the compensation fund is equal to the |
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greater of: |
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(A) $400 million; or |
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(B) one percent of the total taxable wages for |
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the four calendar quarters ending the preceding June 30. |
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SECTION 3. This Act takes effect September 1, 2009. |