Saturday, July 30, 2011

Beshear To Discuss Unemployment Interest

  • {Kentucky}...Business leaders will meet with Governor Steve Beshear Tuesday to discuss how the state can pay a $28.5 million interest payment on a federal government loan used to shore up the state's unemployment benefits. Senate President David Williams is urging Governor Steve Beshear to call a special session so that Kentucky employers won't lose federal tax credits. State officials say business owners could lose more than $600 million in tax credits if the state doesn't make an interest payment on a federal loan that is paying for unemployment benefits. Beshear says his administration has been working "to explore every possible option" to avoid the problem and that he remains open to any suggestions from the General Assembly. If the state defaults on the payments on September 30th, Kentucky businesses and the state could lose more than $571 million in federal tax credits and federal appropriations.