1998 Regular Session
By: Representatives Flaggs, Cameron
House Bill 1321
(As Passed the House)
AN ACT TO AMEND SECTION 71-5-457, MISSISSIPPI CODE OF 1972, TO CONFORM WITH FEDERAL LAW TO ALLOW FOR DISTRIBUTION OF EXCESS FEDERAL UNEMPLOYMENT TAX ACT (FUTA), "REED ACT" FUNDS; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. Section 71-5-457, Mississippi Code of 1972, is amended as follows:
71-5-457. (1) Except as otherwise provided in subsection (5), money credited to the account of this state in the Unemployment Trust Fund by the Secretary of the Treasury of the United States of America pursuant to the Social Security Act, 42 USCS Section 1103, may be requisitioned and used for the payment of expenses incurred for the administration of this law pursuant to a specific appropriation by the Legislature, provided that the expenses are incurred and the money is requisitioned after the enactment of an appropriation law which:
(a) Specifies the purposes for which such money is appropriated and the amounts appropriated therefor;
(b) Limits the period within which such money may be obligated to a period ending not more than two (2) years after the date of the enactment of the appropriation law; and
(c) Limits the amount which may be obligated during a twelve-month period beginning on July 1 and ending on the next June 30 to an amount which does not exceed the amount by which:
(i) The aggregate of the amounts credited to the account of this state pursuant to the Social Security Act, 42 USCS Section 1103, during the same twelve-month period and the thirty-four (34) preceding twelve-month periods exceeds
(ii) The aggregate of the amounts obligated pursuant to this section and charged against the amounts credited to the account of this state during such thirty-five (35) twelve-month periods.
For the purposes of this section, amounts obligated during any such twelve-month period shall be charged against equivalent amounts which were first credited and which are not already so charged; except that no amount obligated for administration during any such twelve-month period may be charged against any amount credited during such a twelve-month period earlier than the thirty-fourth preceding such period.
(2) Money credited to the account of this state pursuant to the Social Security Act, 42 USCS Section 1103, may not be withdrawn or used except for the payment of benefits and for the payment of expenses for the administration of this law and of public employment offices pursuant to this section.
(3) Money appropriated as provided herein for the payment of expenses of administration shall be requisitioned as needed for the payment of obligations incurred under such appropriation and, upon requisition, shall be deposited in the Employment Security Administration Fund, from which such payments shall be made. Money so deposited shall, until expended, remain a part of the Unemployment Compensation Fund and, if it will not be expended, shall be returned promptly to the account of this state in the Unemployment Trust Fund.
(4) The thirty-five-year limitation provided in this section is no longer in force, effective October 1, 1991.
(5) Notwithstanding subsection (1), moneys credited with respect to Federal Fiscal years 1999, 2000, and 2001, shall be used solely for the administration of the unemployment compensation program.
SECTION 2. This act shall take effect and be in force from and after July 1, 1998.