Published April 20, 2021 •
Updated on April 20, 2021 at 4:58 pm
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Governor Ned Lamont announced a bipartisan agreement to restore the Unemployment Insurance Trust Fund and reduce taxes on a majority of Connecticut businesses on Tuesday.
According to Lamont, the Unemployment Insurance Trust Fund has been underwater and bankrupt for 48 out of the last 50 years and that forced the state to borrow money from the federal government during economic downturns. Download our mobile app for iOS or Android to get alerts for local breaking news and weather.
State officials said during the Great Recession, the state borrowed $1.25 billion from Washington, which was a debt that was repaid with $85 million in interest over the next years. During this current recession, Connecticut has borrowed $712 million and counting, which is another debt it will repay with interest as the economy starts to recover, they added.
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Connecticut egislative leaders have announced details of a proposal meant to address the chronic insolvency of the state s Unemployment Insurance Trust Fund. (Shutterstock)
CONNECTICUT Legislative leaders have announced details of a proposal meant to address the chronic insolvency of the state s Unemployment Insurance Trust Fund.
If passed, the legislation would also reduce taxes on at least 73 percent of businesses by broadening the taxable wage base, reducing tax rates, and reforming benefits.
State Rep. Sean Scanlon said he anticipates House Bill 6633 moving out of the Finance Revenue and Bonding Committee, which he chairs, before the end of the week.
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Roth did not know either of the claimants and had never employed them.Â
âWhen this started, Iâm like, âWow, this will be easy to correct,ââ he said. âBoy, was I wrong.â
Roth spent upwards of 40 hours over the next couple of months sending emails and faxes and making phone calls in attempts to get the claims approvals reversed.
âI just followed the directions in the letters, calling the 800 number or the 303 number, and couldnât get through to anybody,â Roth said. âIâd be on hold for a long time, and then the call would get dropped.â
After many unsuccessful attempts to contact the department by phone, âI was finally able to get a fax through,â he said. âThen I got letters saying that because I didnât dispute it, itâs been approved.â
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Hogan announces $3.9 billion in Rescue Act funding
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By Darryl Kinsey, Jr.
ANNAPOLIS (March 31, 2021) Unemployment Insurance and Broadband Access in Maryland could be strengthened thanks to assistance from the American Rescue Plan, according to Gov. Larry Hogan, R.
Hogan made the announcement during a press conference on Wednesday to detail where $3.9 billion in federal stimulus would be apportioned as a supplement to the current budget bill.
Of the $3.9 billion in federal funding, $1.1 billion has been set aside to provide additional funds for the Unemployment Insurance Trust Fund.
The increased support would stabilize unemployment insurance rates and keep the fund solvent for the next two years, according to Hogan.