Connecticut Seal

General Assembly

File No. 155

    February Session, 2012

Substitute Senate Bill No. 258

Senate, March 28, 2012

The Committee on Labor and Public Employees reported through SEN. PRAGUE of the 19th Dist., Chairperson of the Committee on the part of the Senate, that the substitute bill ought to pass.

This act shall take effect as follows and shall amend the following sections:

Section 1

October 1, 2012

31-225a(f)

LAB

Joint Favorable Subst.

 

Agency Affected

Fund-Effect

FY 13 $

FY 14 $

Future Years

Labor Dept.

UCF - None

None

None

See Below

Yea

9

Nay

2

(03/15/2012)

TOP

i Pursuant to the American Recovery and Reinvestment Act of 2009, the moratorium on interest free borrowing by the states from the federal government to maintain the solvency of the unemployment compensation trust fund ended December 31, 2010. The state began incurring interest on outstanding loans on January 1, 2011; interest costs for 2012 are expected to be $25-$30 million and are payable by September 30, 2012. The bill has no impact on these anticipated interest payments.