As Amended
SEC. 71-5-353. Rate of contributions.
(1) Each employer shall pay contributions equal to four percent (4%) of wages paid by him during each calendar year with respect to employment occurring through December 31, 1984, except as may be otherwise provided in section 71-5-361, and except that each newly subject employer whose liability for contributions under the chapter becomes effective on and after January 1, 1980, and prior to January 1, 1985, shall pay contributions at the rate of one percent (1%) or the current minimum rate for eligible employers, whichever is greater, until his experience-rating record has been chargeable throughout not less than the twelve (12) consecutive calendar months ending on the computation date; thereafter his contribution rate shall be determined in accordance with the provisions of section 71-5-355.
(2) From and after January 1, 1985, each employer shall pay contributions equal to five and four-tenths percent (5.4%) of wages paid by him during 1985 and each calendar year thereafter, except as may be otherwise provided in section 71-5-361 and except that each newly subject employer whose liability for contributions under the chapter becomes effective on and after January 1, 1985, shall pay contributions at the rate of two and seven-tenths percent (2.7%) until his experience-rating record has been chargeable throughout not less than the twelve (12) consecutive calendar months ending on the computation date; thereafter his contribution rate shall be determined in accordance with the provisions of section 71-5-355.
SOURCES: Codes, 1942, Sec. 7391; Laws, 1940, ch. 295, Sec. 5; 1948, ch. 412, Sec. 4b; 1950, ch. 454, Sec. 1b; 1952, ch. 383, Sec. 2b; 1956, ch. 404, Sec. 2b; 1958, ch. 533, Sec. 5b; 1962, ch. 564, Sec. 2b; 1964, ch. 442, Sec. 2b; 1971, ch. 519, Sec. 7; 1979, ch. 465, Sec. 1; 1984, ch. 301, Sec. 1, eff from and after passage (approved Feb. 22, 1984).