Unemployment Insurance Extension Under ConsiderationThe Governor has called the legislature into its third special session today to consider a 20-week extension of the state's unemployment benefits. Because Arizona's unemployment rate has fallen below a level that is established in state law, the formula would need adjustment if the state is to provide another 20 weeks of this benefit. A supermajority of support from each legislative chamber is needed to enact an emergency clause in order to secure the funds immediately. Although action is needed by Saturday, June 10 in order to avoid disruption, the U.S. Department of Labor has stated that it could immediately provide retroactive payments when the state takes action. Both chambers convened today but adjourned until Monday without taking action.
State Budget Deficit Continues To Shrink
The Joint Legislative Budget Committee, a legislative agency that provides budgetary support to the state legislature, released information earlier this week indicating that state tax revenues continue to grow. In May, year-to-date tax collections were $251.9 million above budgeted forecasts. If this trend continues, the fiscal year could result in an $80 million shortfall instead of the $332 million gap that was previously calculated. June could provide more answers since it is a key month in which corporate and individual income taxes are collected.
Source: P.L.A.N.
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