Page 88

Official source

74 PENNSYLVANIA UNEMPLOYMENT COMPENSATION LAW PENNSYLVANIA UNEMPLOYMENT COMPENSATION LAW PENNSYLVANIA UNEMPLOYMENT COMPENSATION LAW Compiler’s Note: Section 18(1) of Act 60 of 2012, which amended section 301.4, provided that the amendment of section 301.4 shall apply to contributions on wages paid on or after January 1, 2013. Section 301.5. Surcharge.--Notwithstanding any other provision of this act, all employers subject to this act (other than employers who are subject to section 1003 or who have elected, pursuant to section 1102 or 1202.2, to make payments in lieu of contributions) shall be assessed a surcharge on contributions due from employers at a rate of zero per centum (0.0%) for calendar year 1989 and at a rate as set forth in section 301.7 for each calendar year thereafter. Such additional contributions due under this section shall be collectible in the manner provided in sections 308.1, 308.2, 308.3 and 309 of this act. (301.5 amended Oct. 19, 1988, P.L.818, No.109) Section 301.6. Additional Contribution for Interest and Debt Service.--

loading…

Page 88

Official source

74 PENNSYLVANIA UNEMPLOYMENT COMPENSATION LAW PENNSYLVANIA UNEMPLOYMENT COMPENSATION LAW PENNSYLVANIA UNEMPLOYMENT COMPENSATION LAW Compiler’s Note: Section 18(1) of Act 60 of 2012, which amended section 301.4, provided that the amendment of section 301.4 shall apply to contributions on wages paid on or after January 1, 2013. Section 301.5. Surcharge.--Notwithstanding any other provision of this act, all employers subject to this act (other than employers who are subject to section 1003 or who have elected, pursuant to section 1102 or 1202.2, to make payments in lieu of contributions) shall be assessed a surcharge on contributions due from employers at a rate of zero per centum (0.0%) for calendar year 1989 and at a rate as set forth in section 301.7 for each calendar year thereafter. Such additional contributions due under this section shall be collectible in the manner provided in sections 308.1, 308.2, 308.3 and 309 of this act. (301.5 amended Oct. 19, 1988, P.L.818, No.109) Section 301.6. Additional Contribution for Interest and Debt Service.--

(a)Notwithstanding any other provision of this act, all…#

(a) Notwithstanding any other provision of this act, all employers required to

pay contributions under section 301 or 301.1 other than those employers

covered by paragraphs (3) and (4) of subsection (a) of section 301 shall have

their rate of contribution increased by the rate of the Interest Factor in effect

for the applicable calendar year.

(b)All taxes collected under this section shall be…#

(b) All taxes collected under this section shall be considered to be separate and apart

from any contributions required to be deposited in the Unemployment

Compensation Fund. All taxes collected under this section shall be deposited

in the Debt Service Fund established by section 601.2 of this act. Such taxes

will not be credited to the employer's reserve account.

(c)(1) The Interest Factor shall be a variable rate not to…#

(c) (1) The Interest Factor shall be a variable rate not to exceed the maximum

rate allowed under paragraph (2) to be determined annually by the

department in consultation with the Office of the Budget. The rate of the

Interest Factor for a calendar year shall be the rate necessary to do the

following in that year:

(i)pay the bond obligations and bond administrative…#

(i) pay the bond obligations and bond administrative expenses under

Article XIV of this act that are due in that year;

(ii)replenish amounts which have been drawn from bond…#

(ii) replenish amounts which have been drawn from bond reserves

under Article XIV of this act;

(iii) maintain an adequate debt service coverage ratio;