HB 283 - New Mexico Department of Workforce Solutions

Will all taxes/contributions paid for 2015 and 2016 be added to the account balance?

All contributions paid through the computation date of 6/30/2015 will be included in that balance as well as all charges.

When will the 3rd and 4th Quarter 2016 rates be released?

The legislative change adding the "Experience History Factor" into the tax rate calculation formula will apply to the 3rd and 4th Quarter rate for 2016. Rates for these two quarters will be recalculated in November 2016, and your account will be properly credited if there is any amount over paid for the 3rd Quarter. You can request a refund or apply it as a credit to future quarters. The changes set forth in HB 283 do not have an impact on 2016 Quarter 1 or Quarter 2 payments.

Will the taxable wage base be affected?

The 2016 taxable wage base does not change and is not affected by the legislation. The 2017 taxable wage base will be published in November 2016.

Will the 2.0% maximum increase apply to these revised rates or only the history factor?

The 2.0% max increase does not apply at this time.

Will HB 283 affect "Reimbursable Accounts?"

No, the "Experience History Factor" set forth in HB 283 does not apply to reimbursable accounts.

Will new employer rates be affected?

No, new employer rates will not be affected. New employer rates are the contribution rates assigned to a contributing employer in business for less than 24-months and are based on the average rate of that employer’s business industry (the NAICS code industry sector).

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