Governor Mike Pence recently announced a plan to repay Indiana’s federal unemployment-insurance loan ahead of schedule, avoiding a federal tax penalty and saving employers in our state $327 million. The plan was made possible by House Enrolled Act 1001— the state budget bill.
State Senator Randy Head said, “Indiana was one of 33 states that borrowed money from the federal government to keep up with unemployment claims during the Great Recession. By repaying the loan early, Hoosier employers will save $126 per employee, putting a total of $327 million back into Indiana’s economy.”
Senator Head said, “Indiana is poised to repay this loan ahead of schedule due to our strong reserves and ongoing commitment to responsible budgeting. As your state senator, I will continue advocating for fiscal policies that manage state resources responsibly, reduce burdens on job creators and save taxpayer dollars.”