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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 204.061, 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. (a) |
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In this section, "covered wages" means taxable wages, divided by |
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$9,000, multiplied by average weekly wages multiplied by 52 weeks. |
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(b) In computing the tax rates under this subchapter: |
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(1) the ceiling of the compensation fund is one-half |
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of one [two] percent of the total covered [taxable] wages for the |
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four calendar 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 2. This Act takes effect September 1, 2011. |