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...Moderate the increase over a few years to:
Help the economy recover faster and create jobs,
Help businesses plan expenses over a larger period of time, and
Minimize the impact on jobs, wage or benefits reductions.
Allow businesses to restore the Trust Fund to adequate reserve levels fairly
quickly once the economy and employment recover.
With this bill, we recognize that the state may borrow money from the federal
government in the short term which will help the economy right now and reduce
the burden on businesses. Employers will pay off any loans as the interest is
accrued.
While the House Labor Committee Chair has an alternative bill (known as R8),
it only address the problem for one year and does not do enough to mitigate
the loss of jobs and businesses caused by the tax shock. Plus it will eventually
cost businesses an estimated $26 million more than doing nothing.
Therefore, Chambers of Commerce, along with many other industry groups are
banding together in a united front support this bill, C3. Accomplishing this
mission is a must and there is great legislative support and legislators recognize
the negative impact this situation will have on businesses statewide. And, not
only do we need to pass this bill, but we must pass it quick to provide relief.
Therefore, we encourage all businesses, labor organizations, and the community
to ring in with support of bill C3.
Look here regularly for information on hearings and how to testify. Eblasts
will also be sent to Chamber members.
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