Texas Workers Compensation Commissioner Ryan Brannan is lowering the maintenance tax rate paid on premiums collected by workers comp insurance carriers for the third straight year.
The tax rate for premiums collected in 2015 will be 1.478 percent, down from 1.533 percent for 2014. The maintenance tax supports the operations of the Division of Workers Compensation and the Office of Injured Employee Counsel.
“Keeping insurance costs low helps encourage businesses to purchase coverage for their employees,” said Workers Compensation Commissioner Ryan Brannan. “Our state continues to have a strong economy and a stable workers compensation system that make it possible for us to lower insurance rates for Texas employers.”
The maintenance tax rate applies to insurance companies writing workers comp policies in Texas, and is capped at 2 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.
The order setting maintenance tax rates is available online at www.tdi.texas.gov/company/taxes.html.
Author Kori Shafer-Stack, Editor, Amaxx Risk Solutions, Inc. is an expert in post-injury response procedures and part of the Amaxx team helping companies reduce their workers compensation costs by 20% to 50%. www.reduceyourworkerscomp.com. Contact: firstname.lastname@example.org.
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