Safety Net Enhancement Act - Amends the Federal-State Extended Unemployment Compensation Act of 1970 to revise the federal-state extended unemployment compensation program established under the Social Security Act (SSA) to revise the formula for "on" and "off" indicators on the state level used to determine extended unemployment compensation benefit periods.
Amends the SSA to require: (1) an increase in earnings credited to a state account in the Unemployment Trust Fund when a state meets funding goals; and (2) a decrease in such earnings credited to a state account when the state fails to meet funding goals.
Excludes any interest premium or penalty from such requirement to the extent that it would result in an increase or decrease of more than $2.5 million in the amount creditable to any state account for any calendar quarter.
Amends the SSA to restrict interest-free advances to state accounts in the Fund to states which meet funding goals.
Amends the Internal Revenue Code to require: (1) state collection of federal unemployment tax; and (2) state distribution to unemployed individuals of state-specific information packets explaining unemployment insurance eligibility conditions.
Repeals the tax on unemployment compensation.
Requires the Secretary of Labor to establish a Safety Net Review Commission.