Fee for funding administration; workers' compensation

administration fund created. A. For each calendar quarter, there is assessed against each employer who is required or elects to be covered by the Workers' Compensation Act [Chapter 52, Article 1 NMSA 1978] a fee equal to the following amounts, multiplied by the number of employees covered by the Workers' Compensation Act that the employer has on the last working day of each quarter: (1) prior to July 1, 2025, two dollars thirty cents ($2.30); (2) beginning July 1, 2025 and prior to July 1, 2028, two dollars fifty-five cents ($2.55); (3) beginning July 1, 2028 and prior to July 1, 2033, two dollars sixty-eight cents ($2.68); and (4) beginning July 1, 2033, two dollars eighty cents ($2.80). B. At the same time the fee pursuant to Subsection A of this section is assessed, there is assessed against each employee covered by the Workers' Compensation Act on the last working day of each quarter a fee in the following amounts, which shall be deducted from the wages of the employee by the employer and remitted along with the fee assessed on the employer: (1) prior to July 1, 2025, two dollars ($2.00); (2) beginning July 1, 2025 and prior to July 1, 2028, two dollars twenty-five cents ($2.25); (3) beginning July 1, 2028 and prior to July 1, 2033, two dollars thirty-eight cents ($2.38); and (4) beginning July 1, 2033, two dollars fifty cents ($2.50). C. The fees shall be remitted on or before the twenty-fifth day of the month following the end of the calendar quarter for which they are due. D. The taxation and revenue department may deduct from the gross fees collected an amount not to exceed five percent of the gross fees collected to reimburse the department for costs of administration. E. The taxation and revenue department shall pay over the net fees collected to the state treasurer to be deposited by the treasurer in a fund hereby created and to be known as the "workers' compensation administration fund". Expenditures shall be made from this fund on vouchers signed by the director for the necessary expenses of the workers' compensation administration; provided that an amount equal to thirty cents ($.30) per employee of the fee assessed against an employer shall be distributed from the workers' compensation administration fund to the uninsured employers' fund. F. The workers' compensation fee authorized in this section shall be administered and enforced by the taxation and revenue department under the provisions of the Tax Administration Act [Chapter 7, Article 1 NMSA 1978].