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| | 99TH GENERAL ASSEMBLY
State of Illinois
2015 and 2016
HB3874 Introduced , by Rep. Michael Unes SYNOPSIS AS INTRODUCED:
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| 820 ILCS 405/1401 | from Ch. 48, par. 551 |
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Amends the Unemployment Insurance Act to provide that interest does not accrue when an appeal is pending.
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| | A BILL FOR |
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| | HB3874 | | LRB099 07410 JLS 27529 b |
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| 1 | | AN ACT concerning employment.
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| 2 | | Be it enacted by the People of the State of Illinois,
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| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Unemployment Insurance Act is amended by |
| 5 | | changing Section 1401 as follows:
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| 6 | | (820 ILCS 405/1401) (from Ch. 48, par. 551)
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| 7 | | Sec. 1401. Interest. Any employer who shall fail to pay |
| 8 | | any contributions
(including any amounts due pursuant to |
| 9 | | Section 1506.3) when required of him by the provisions of this |
| 10 | | Act and the rules
and regulations of the Director, whether or |
| 11 | | not the amount thereof has been
determined and assessed by the |
| 12 | | Director, shall pay to the Department, in
addition to such |
| 13 | | contribution, interest thereon at the rate of one percent
(1%) |
| 14 | | per month and one-thirtieth (1/30) of one percent (1%) for each |
| 15 | | day or
fraction thereof computed from the day upon which said |
| 16 | | contribution became
due. After 1981, such interest shall accrue |
| 17 | | at the rate of 2% per month,
computed at the rate of 12/365 of |
| 18 | | 2% for each day or fraction thereof, upon
any unpaid |
| 19 | | contributions which become due, provided that, after 1987, for
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| 20 | | the purposes of calculating interest due under this Section |
| 21 | | only, payments
received more than 30 days after such |
| 22 | | contributions become due shall be
deemed received on the last |
| 23 | | day of the month preceding the month in which
they were |