Page 312

House Bill No. 5506

Public Act No. 22-118 312 of 739

pursuant to the formula under subdivision (1) of this subsection minus two-tenths of one per cent. (3) If the resulting quotient in this subsection is not an exact multiple of one-tenth of one per cent, the five-year benefit cost rate shall be the next higher such multiple. (e) (1) (A) As of each June thirtieth, the administrator shall determine the charged tax rate for each qualified employer. Such rate shall be obtained by calculating a benefit ratio for each qualified employer. The employer's benefit ratio shall be the quotient obtained by dividing the total amount chargeable to the employer's experience account during the experience period by the total of his or her taxable wages during such experience period that have been reported by the employer to the administrator on or before the following September thirtieth. The resulting quotient, expressed as a per cent, shall constitute the employer's charged rate, except that each employer's charged rate for calendar years 2024 and 2025 shall be divided by 1.471 and 1.269, respectively. (i) For calendar years commencing prior to January 1, 2024, if the resulting quotient is not an exact multiple of one-tenth of one per cent, the charged rate shall be the next higher such multiple, except that if the resulting quotient is less than five-tenths of one per cent, the charged rate shall be five-tenths of one per cent and if the resulting quotient is greater than five and four-tenths per cent, the charged rate shall be five and four-tenths per cent. (ii) For calendar years commencing on or after January 1, 2024, if the resulting quotient is less than one-tenth of one per cent, the charged rate shall be one-tenth of one per cent and if the resulting quotient is greater than ten per cent, the charged rate shall be ten per cent. (B) If the benefit ratios calculated pursuant to subparagraph (A) of