TITLE: Relating to the ceiling of the unemployment compensation fund.

SUMMARY: Relating to the ceiling of the unemployment compensation fund.

FULL TEXT:
AN ACT relating to the ceiling of the unemployment compensation fund. BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: SECTION 1. Section 204.061, Labor Code, is amended to read as follows: Sec. 204.061. CEILING AND FLOOR OF COMPENSATION FUND. (a) In this section, "covered wages" means taxable wages, divided by $9,000, multiplied by average weekly wages multiplied by 52 weeks. (b) In computing the tax rates under this subchapter: (1) the ceiling of the compensation fund is one-half of one [two] percent of the total covered [taxable] wages for the four calendar quarters ending the preceding June 30; and (2) the floor of the compensation fund is equal to the greater of: (A) $400 million; or (B) one percent of the total taxable wages for the four calendar quarters ending the preceding June 30. SECTION 2. This Act takes effect September 1, 2011.