Revenue Laws Study Committee

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Presentation transcript:

Revenue Laws Study Committee Kevin D. Carlson Assistant Chairman Finance and Administration January 5, 2011

Purpose of UI Trust Fund Provide temporary assistance to those who have lost their jobs through no fault of their own Help stabilize the economy in times of economic downturn.

Title XII of Social Security Act “…provides for state advances (loans) when a state determines their Unemployment Fund will not have adequate funding to allow for the payment of Unemployment Benefits.” Current loan balance: $2.5 B

NC UI Benefit Payments December 2009 – November 2010 $5.5 Billion total benefits $2.1 Billion in State Benefits

UI Trust Fund Report Months Taxes Total Benefits State Reserve Interest Balance JULY 2008 907,454,994 1,032,703,139 171,052,000 20,464,298 414,673,061 JULY 2009 855,942,820 2,321,036,300 153,980,000 10,558,388 885,882,030 JULY 2010 786,066,147 2,413,298,782 125,458,000 49,877 2,387,606,788 NOV 2010 311,127,000 299,849,979 2,376,329,767

Trust Fund Monetary Flow - Regular Trust Fund Interest Employer Contributions Trust Fund Benefits Paid

Trust Fund Monetary Flow - Recession Trust Fund Interest Employer Contributions Federal Loans Trust Fund State Reserve Fund Benefits Paid

UI Trends - Taxes and Benefits

UI Trends - Trust Fund Balance

Compounding Factors Short recovery period between recessions Increase in the average duration of weeks Severity of the recession

Congressional Action Extension of the Emergency Unemployment Compensation through December 2011 Extension of the interest free borrowing Federal Unemployment Tax penalty waiver Loan forgiveness

FUTA Tax Issue

Employment Security Commission of North Carolina Lynn R. Holmes Chairman Employment Security Commission of North Carolina

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