Minnesota Senate Media Services
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Resolving Unemployment Insurance Trust Fund Deficit
Posted
February 7, 2022
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399
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February 7, 2022
399
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31:03Now PlayingA bipartisan group of lawmakers outlined a proposal Monday, February 7, designed to resolve the deficit facing the Unemployment Insurance Trust Fund. The fund is experiencing a $1.13 billion shortfall, which has been covered by the federal government and must be repaid by the State of Minnesota.
Senator Eric Pratt, R-Prior Lake and chair of the Senate Jobs and Economic Growth Committee, said that small businesses have felt the major brunt of the pandemic and quick action is needed to avoid a double digit increase in unemployment insurance taxes. His bill, SF 2677, would direct $2.73 billion dollars to repay the federal government and rebuild the fund's reserve.
The bill will come before key Senate committees this week, and the Senate is expected to act on the measure soon.
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