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Avelar-Backed Bill to Eliminate Pandemic Unemployment Debt Signed into Law

Fri Dec 09 2022 18:00:00 GMT+0000 (Coordinated Universal Time)

Avelar-Backed Bill to Eliminate Pandemic Unemployment Debt Signed into Law
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BOLINGBROOK, Ill. — A bipartisan proposal sponsored by state Rep. Dagmara “Dee” Avelar, D-Bolingbrook, to help pay off Illinois’ unemployment insurance loan debt and invest money into the state’s rainy-day fund was signed by Gov. J.B. Pritzker Thursday.

“This bill proves that when we work together across the aisle and put aside our political differences, we can get legislation passed that protects the working families in our community and across the state,” said Avelar. “The proposal strengthens our state’s future finances and saves Illinois businesses millions of dollars.”

Avelar supported Senate Bill 1698, the first step in a negotiated plan to pay off the state’s unemployment insurance loan debt. The proposal helps ensure the long-term financial health of the Unemployment Trust Fund by increasing the Target Unemployment Trust Fund balance and the Taxable Wage Base. It also outlines a $450 million loan to the Unemployment Insurance Trust Fund. The money paid back from the loan will be directed toward Illinois’ rainy day fund. Finally, the legislation removes statutory speed bumps that would automatically raise taxes on employers and cut benefits for claimants.

“Bills like these are financially responsible and serve the everyday people of Illinois, ” said Avelar. “I look forward to working together with my colleagues on both sides of the aisle to make Illinois more financially stable for years to come.”

Senate Bill 1698 passed with bipartisan support. For more information on Avelar’s legislative agenda, please visit www.ilga.gov.

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