Pabon’s Unemployment Insurance Bill Advances
May 14, 2012
(Denver) – A bill to save Colorado employers $5 million a year won its first test today as the legislative special session got underway.
HB12S-1002, sponsored by Reps. Dan Pabon (D-Denver) and Larry Liston (R-Colorado Springs), won the unanimous approval of the House Economic & Business Development Committee this afternoon.
It was the first bill to advance in the House in the legislative special session, which was called by Gov. John Hickenlooper to pick up the pieces of the 30 bills that Speaker Frank McNulty blew up last week when he halted the legislative process to thwart a civil unions bill.
When Colorado’s economy soured, the state government began borrowing federal funds to pay for a huge jump in unemployment insurance claims. The bill allows the state to issue bonds to repay the loans more quickly and at a lower interest rate. The estimated saving to employers is $75 per employee – a total of $5 million a year, statewide.
“This is a huge jobs bill,” Rep. Pabon said. “Employers can use this extra money to reinvest in their businesses, including hiring more workers.”