To amend the Internal Revenue Code of 1986 to protect small businesses from unemployment insurance premium increases by reason of unrepaid State advances.

12/19/2024, 9:06 AM

Summary of Bill HR 8559

Bill 118 hr 8559, also known as the "Protecting Small Business from Unemployment Insurance Premium Increases Act," aims to amend the Internal Revenue Code of 1986 in order to shield small businesses from facing higher unemployment insurance premiums due to unpaid advances made by states.

The bill addresses a concern where states have borrowed money from the federal government to cover the costs of unemployment insurance benefits during times of economic downturn. When states are unable to repay these advances, it can lead to an increase in unemployment insurance premiums for businesses in that state.

To prevent small businesses from bearing the burden of these premium increases, the bill proposes changes to the Internal Revenue Code that would provide relief to employers. This would help protect small businesses from facing financial strain as a result of state debts. Overall, the goal of Bill 118 hr 8559 is to support small businesses by ensuring they are not unfairly impacted by unemployment insurance premium increases caused by unrepaid state advances.

Current Status of Bill HR 8559

Bill HR 8559 is currently in the status of Bill Introduced since May 23, 2024. Bill HR 8559 was introduced during Congress 118 and was introduced to the House on May 23, 2024. Bill HR 8559's most recent activity was Referred to the Subcommittee on Work and Welfare. as of December 17, 2024

Bipartisan Support of Bill HR 8559

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill HR 8559

Primary Policy Focus

Taxation

Alternate Title(s) of Bill HR 8559

To amend the Internal Revenue Code of 1986 to protect small businesses from unemployment insurance premium increases by reason of unrepaid State advances.To amend the Internal Revenue Code of 1986 to protect small businesses from unemployment insurance premium increases by reason of unrepaid State advances.

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