The House approved raising taxes on businesses to shore up the program that provides unemployment benefits to New Mexicans who lose their jobs, the Associated Press reports.
Here’s an excerpt:
The unemployment insurance trust fund will run out of money by next year because of increasing claims by jobless workers. The fund is financed by taxes on employers.
The House unanimously approved a bill Saturday to boost taxes on businesses by $20 million.
The legislation also transfers $100 million from a reserve account to help rebuild the unemployment fund, the AP reported.
The legislation now heads to the Senate.