The Texas Workforce Commission announced today (November 9, 2021), that Governor Abbott signed SB 8 making supplemental appropriations including appropriating approximately $7.2 billion to be used to retire Title XII Advances and replenish the UI Trust Fund to the statutory floor. The bill is effective immediately.
Texas was among the list of 10 states and the Virgin Islands that had outstanding Title XII loans in total over $44 billion as noted by the US Department of Labor as of November 8th. See Government – Title XII Advance Activities Schedule (treasurydirect.gov)
The pay-off will significantly reduce the total in outstanding loan balance driven primarily by the COVID recession. The deposit will improve the solvency of the Texas UI trust fund and reduce interest charges on the outstanding balance that would otherwise accrue and be payable by Texas.
Questions may be directed to the Texas Workforce Commission to Michael Britt.
Michael C. Britt
Director, Governmental Relations
Texas Workforce Commission
512-463-1134
michael.britt@twc.texas.gov
