2023 Colorado Revised Statutes › Title 8 - LABOR AND INDUSTRY (§§ 8-1-101 — 8-88-207) › LABOR III - EMPLOYMENT SECURITY (§§ 8-70-101 — 8-82-105) › Article 77 - UNEMPLOYMENT COMPENSATION AND REVENUE FUNDS (§§ 8-77-101 — 8-77-110) › Section 8-77-103 - Advances from federal unemployment trust fund - Title XII repayment fund

(1)
The division may apply for advances to the state of Colorado from its account in the federal unemployment trust fund and accept responsibility for repayment of advances in accordance with the conditions specified in Title XII of the "Social Security Act", as amended, in order to secure to this state the advantages available under the federal act.
(2)
(a)
Advances from the federal unemployment trust fund which are interest-bearing shall have such interest cost together with all associated administrative costs assessed against each employer subject to experience rating. This interest assessment shall not apply to the covered employers of state and local government nor to those nonprofit organizations that are reimbursable. This interest assessment shall not apply to the political subdivisions electing the special rate.
(a.1)
The interest cost assessment provided for in paragraph (a) of this subsection (2) shall not apply to any employer whose benefit-charge account balance is zero or to any employer with a positive excess of plus seven percent or more.
(b)
Using the most recently available data to the division, the total covered wages of all employers subject to the interest assessment, as found for the calendar quarter nearest to the quarter in which a trust fund deficit occurred, shall be summed. This sum shall be divided into the amount of interest due on the advance. The percent resulting from this calculation shall contain four significant figures. The percent shall be applied by the employer to the total covered wages reported on the next contribution report received or that contribution report indicated in the notification of the percent sent to the employer by the division. The amount resulting shall be submitted in the same manner as normal contributions, but as a separate payment, to the division. Each interest-bearing advance may be treated separately.
(c)
The amounts received as a result of paragraph (b) of this subsection (2) shall be segregated and collected in the federal advance interest repayment fund.
(3)
(a)
The Title XII repayment fund, referred to in this subsection (3) as the "fund", is hereby created in the state treasury. The fund consists of money transferred by the state treasurer pursuant to section
24-75-227
(3.7) and any other money that the general assembly may appropriate or transfer to the fund.
(b)
The state treasurer shall credit all interest and income derived from the deposit and investment of money in the fund to the fund.
(c)
Money in the fund is continuously appropriated to the division to repay federal advances received pursuant to this section, any costs associated with bonds or notes issued pursuant to section
8-71-103
or
8-77-103.5
, and any interest owing on federal advances, bonds, or notes, as permitted by the federal "American Rescue Plan Act of 2021", Pub.L. 117-2, as the act may be subsequently amended, and by any other applicable federal law.
(d)
The repayment of federal advances, and interest on such advances, is an allowable use of the money received by the state under the federal "American Rescue Plan Act of 2021", Pub.L. 117-2, as specified in
31 CFR 35.6 (b)(3)(ii)(A)(10)(i)
and
31 CFR 35.6(b)(3)(ii)(A)(10)(ii)
.
(e)
The division shall comply with the compliance, reporting, record-keeping, and program evaluation requirements established by the office of state planning and budgeting and the state controller in accordance with section
24-75-226 (5)
.
Amended by 2023 Ch. 141,§ 3, eff. 5/1/2023.
Amended by 2022 Ch. 224, § 8, eff. 5/25/2022.
L. 36, 3rd Ex. Sess.: p. 31, § 9. L. 37: p. 1262, § 7. CSA: C. 167A, § 9. L. 41: p. 780, § 9. L. 51: p. 811, § 8. CRS 53: § 82-7-3. C.R.S. 1963: § 82-7-3. L. 73: p. 966, § 3. L. 82: Entire section amended, p. 239, § 9, effective July 1. L. 84: (2)(a) and (2)(a.1) amended, pp. 324, 330, § 4, effective July 1. L. 85: (2)(a) amended, p. 376, § 6, effective July 1; (2)(a) amended, p. 1359, § 5, effective July 1. L. 2012: (1) amended, (HB 12-1120), ch. 27, p. 106, § 17, effective June 1.
The effective date for amendments to this section by House Bill 12-1120 (chapter 27, Session Laws of Colorado 2012) was changed from August 8, 2012, to June 1, 2012, by House Bill 12S-1002 (First Extraordinary Session, chapter 2, p. 2432, Session Laws of Colorado 2012.)
(1) For the federal advance interest repayment fund, see § 8-77-108 . (2) For Title XII of the "Social Security Act", see 42 U.S.C. §§1321 to 1324 .