On April 8, 2011, Governor Susana Martinez vetoed portions of HB 59. The portion vetoed would have changed the contribution schedule from a floating schedule for 2012 to Schedule 3.
Schedule 3 Seen as Counter-Productive
According to Governor Martinez, “I do not support increasing job-killing taxes on small businesses while we are struggling to recover from a recession. Making it more expensive for small businesses to hire people would be counter-productive to our efforts to put more New Mexicans back to work.”
Protection of the Solvency of the Unemployment Fund Is a Priority
Governor Martinez also indicated support for returning to Schedule 1 for 2012. “I have already begun working with members of the legislature on a plan that will protect the solvency of the fund and keep the contribution rate locked at Schedule 1, in order to help small businesses create more jobs. I intend to include this issue on the agenda for the upcoming special session on redistricting. I seek a bi-partisan solution that will protect the solvency of the Unemployment Fund without crippling job growth.”
Contact Vision Payroll for Further Information
Contact Vision Payroll for further information on changes to New Mexico unemployment taxes.