The maintenance tax rate is being reduced to 1.533 percent of gross premiums collected by Texas workers’ compensation insurance carriers from Jan. 1, 2014, through Dec. 31, 2014, Texas Workers’ Compensation Commissioner Ryan Brannan has determined.
The tax rate has been lowered in four out of the last five years, according to state regulators
The maintenance tax supports the operations of the Division of Workers’ Compensation and the Office of Injured Employee Counsel.
Brannan attributed the rate drop to the robust economy in Texas and its stable workers’ compensation system.
The maintenance tax rate applies to insurance companies writing workers’ compensation policies in Texas, and is capped at two percent of gross premiums collected by those companies. Certified self-insured and group self-insured employers also pay maintenance taxes based on the previous year’s claim liabilities and expenses.
Source: Texas Department of Insurance – Division of Workers’ Compensation
Topics Texas Workers' Compensation
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