Created: 04/03/2013 11:43 AM
By: BARRY MASSEY Associated Press
SANTA FE, N.M. (AP) - Gov. Susana Martinez plans to sign legislation to overhaul how New Mexico charges businesses for the state's unemployment insurance program.
The governor's office said that Martinez will sign the legislation into law Wednesday in Albuquerque.
The unemployment fund's finances have declined in recent years after the Legislature cut tax rates paid by businesses and then jobless benefit claims rose when the economy soured.
The legislation establishes a new system starting in 2015 to automatically set the tax rates paid by about 45,000 businesses to finance the state-run system, which provides benefits to unemployed workers.
Greater Albuquerque Chamber of Commerce CEO Terri Cole said the legislation will ensure the solvency of unemployment program, avoid arbitrary tax increases and eliminate political interference in determining how much businesses must pay.
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