House Bill 495

Governor Steve Beshear has signed a plan to save employers from federal unemployment insurance tax hikes into law.

At his first ceremonial bill signing of the year, Beshear praised lawmakers and the business and labor communities for reaching a compromise.

House Bill 495 would allow Kentucky to borrow money from a state organization to repay interest on a more than nine hundred million dollar unemployment loan.

And while the bill will still raise taxes for employers in two years, it’s at a lesser rate. Beshear says that’s a fair answer to the problem.

RXUYDC, Public Domain, Wikimedia Commons

A deal to help Kentucky repay a federal loan is officially on the table.