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SB21-218

Colorado Department Of Labor And Employment Employment And Training Technology Fund

Concerning revenue allocated to the employment and training technology fund in the division of unemployment insurance in the department of labor and employment.
Session:
2021 Regular Session
Subjects:
Labor & Employment
State Revenue & Budget
Bill Summary

Joint Budget Committee. Under current law, revenue from an assessment on employers' unemployment insurance premiums, not to exceed $10 million per year and not to exceed cumulative revenue of $100 million, is allocated to the employment and training technology fund (technology fund) in the division of unemployment insurance (division) in the department of labor and employment to fund employment and training automation initiatives established by the director of the division. Any amount of revenues from the assessment that exceeds the $10 million annual cap or the $100 million cumulative revenue cap is allocated to the unemployment compensation fund. Additionally, if the balance in the unemployment compensation fund falls below $100 million, the balance in the technology fund is allocated to the unemployment compensation fund.

The bill:

  • Eliminates the allocation of the technology fund balance to the unemployment compensation fund when the unemployment compensation fund balance falls below $100 million;
  • Eliminates the $10 million cap on annual allocations to the technology fund and adds a new, $7 million annual cap starting July 1, 2023;
  • Eliminates the Adds a cap of $31 million on cumulative revenue to the technology fund until June 30, 2023 ;
  • Transfers any amounts credited to and remaining in the technology fund between July 1, 2020, and the effective date of the bill to the unemployment compensation fund; and
  • Repeals the assessment for the technology fund on June 30, 2031.

(Note: Italicized words indicate new material added to the original summary; dashes through words indicate deletions from the original summary.)


(Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)

Status

Introduced
Passed
Became Law

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