The bill amends section 48-649.03 of the Revised Statutes Cumulative Supplement, 2024, to modify the provisions related to the combined tax rate for employers under the Employment Security Law. Key changes include the introduction of new language specifying that the state's reserve ratio will now be calculated based on "total wages for contributory employers" and that the average combined tax rate will be assigned to rate category twelve, with a specific rate of 0.48 for tax year 2025. Additionally, the bill allows for adjustments to the yield factor if the state's reserve ratio is 0.70 percent or greater, replacing the previous threshold of 1.00 percent.

The bill also repeals the original section 48-649.03 and declares an emergency, allowing the act to take effect immediately upon passage and approval. Other notable provisions include the assignment of employers to rate categories based on their experience reserve ratios and the stipulation that delinquent employers will be assigned to the lowest category unless they correct their delinquency before the end of the year. Overall, these changes aim to refine the calculation of tax rates and ensure a more equitable distribution of tax burdens among employers.

Statutes affected:
Introduced: 48-649.03
Final Reading: 48-649.03
Slip Law: 48-649.03