Testimony tomorrow will remind legislators of the fragility of the Trust Fund and its sole purpose
DENVER, Feb. 8, 2023—The state’s leading small-business association will testify tomorrow, February 9, against House Bill 1078 when it comes before the House Business Affairs & Labor Committee at 1:30 p.m.
“Every working Coloradan has a stake in the health of the state’s Unemployment Insurance Trust Fund. It is from that pot of money that unemployment benefits are drawn from when needed,” said Tony Gagliardi, Colorado state director for the National Federation of Independent Business (NFIB).
“Colorado was one of 22 states that had to borrow from the federal government to keep its UI trust fund solvent, and we just recently paid Uncle Sam back, but with the help of another loan from a private bank. We cannot afford to expand the program, and it was never intended to include anyone other than the recipient who lost his or her job through no fault of their own. It’s also important to remember that employers – not employees – pay into the fund and increasing a cost to them when the small-business economy is extremely fragile is poor policy.
“To be certain of our opposition to this bill, we sent our members a special poll asking them what they thought, and it came back with a 97% in opposition.”
NOTE TO CAPITOL CORRESPONDENTS—Gagliardi will also testify in support of House Bill 1063, an income tax rate reduction, before the House State, Civic, Miliary &Veterans Affairs Committee, which convenes after adjournment of the floor session.
Keep up with the latest Colorado small-business news at www.nfib.com/colorado or by following NFIB on Twitter @NFIB_CO or on Facebook @NFIB.CO
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