§ 28-43-9 - Balancing rate.
SECTION 28-43-9
§ 28-43-9 Balancing rate. – (a) As of September 30, 1988 and on each subsequent computation date, thedirector shall determine the balancing rate percentage to be effective for theimmediately following tax year in accordance with the Balancing Rate Schedulein this subsection. The director shall charge to the employer's account andcredit to the balancing account in any manner and at any times, quarterly orotherwise, that the director shall prescribe, an amount obtained by multiplyingthe employer's taxable wages for the calendar year immediately following thecomputation date, or any one or more quarters of that calendar year, by theproduct of the individual employer's contribution rate for that calendar yearand balancing rate percentage corresponding to the tax schedule in effect forthe calendar year in accordance with the balancing rate schedule in thissubsection:
Balancing Rate Schedule
SEE THE BOOK FOR THE PROPER TABLE.
(b) Notwithstanding any other provisions of this section, ifthe balance in the balancing account as of the computation date is greater thanor equal to zero (0), then no balance charge shall be made against employeraccounts for the immediately following tax year.
(c) Contributions required pursuant to any balancingpercentage rate shall not be in addition to other contributions required bychapters 42 – 44 of this title.