2021 JUNE 5 ISSUE: EMPLOYERS’ TAX RATE FOR NEW MEXICO RECALCULATED

A tax rate review and recalculation was conducted for all New Mexico employers by the New Mexico Department of Workforce Solutions (NMDWS) under the provisions of the Small Business Recovery Act of 2020. Revised notices were sent out informing employers if their rate increased, decreased, or was unchanged from the notices sent in November 2020.

NMDWS recalculated the tax rate for over 50,000 contributory employers to omit benefit charges, employer wages, and contributions for the period of March 1, 2020 through June 30, 2020. As a result of the recalculation, roughly 9,000 employers had their tax rate for 2021 decrease when compared to the rate initially issued in November 2020. Roughly 2,000 employers received a tax rate increase and the remaining employers’ rates remained unchanged.