H4745

Extends the lookback period for calculating the unemployment insurance tax rate benefit ratio in South Carolina.

This bill amends the South Carolina Code to modify the calculation of the unemployment insurance tax rate benefit ratio. It extends the lookback period for the benefit ratio calculation to four years starting in 2027 and five years starting in 2028. The benefit ratio is calculated by dividing the sum of all benefits charged to an employer by the employer's taxable payroll for the specified lookback period. This change affects employers contributing to the unemployment insurance system in South Carolina.