N.M. Admin. Code § 2.92.1.7

Current through Register Vol. 36, No. 1, January 14, 2025

Section 2.92.1.7 - DEFINITIONS

A."Full-time-equivalent employee or FTE" is defined as an employee who works an average of 40 hours or more per week from their qualifying date of hire throughout the quarterly qualification period. The hours of employees who work fewer than 40 hours are calculated as proportions of a single FTE and aggregated. An FTE must be paid wages that are reported to the department of workforce solutions quarterly and subject to unemployment taxes. To qualify, the FTE must be "net new", representing:

(1) a growth of FTE beyond the "baseline" FTE count, with "baseline" defined as the number of FTE reported on December 31, 2020 or any subsequent quarterly ES903A filed with the department of workforce solutions prior to application whichever is lower;

(2) a growth of FTE beyond the number for which the recovery entity received total or partial grant payments in prior quarters; and

(3) a growth of FTE beyond the number in the quarter immediately preceding the request for a subsequent quarterly payment and for which a quarterly unemployment insurance report was filed with the department of workforce solutions.

B."Qualifying date of hire" is a date on or after April 1, 2021 and falling within a quarterly department of workforce solutions reporting period prior to application for a quarterly payment subsequent to the initial payment.

C."Loss in revenue" is defined as a decline in revenue for one or more quarters in 2020 compared with the same quarter or quarters in 2019. If the recovery entity is required to submit gross receipts taxes for these revenues, the recovery entity must provide the tax documentation supplied to the taxation and revenue department demonstrating this decline. If the recovery entity is not subject to gross receipts taxes, the decline must be demonstrated through other documentation as provided through rule by the New Mexico finance authority.

N.M. Admin. Code § 2.92.1.7

Adopted by New Mexico Register, Volume XXXII, Issue 09, May 4, 2021, eff. 4/16/2021, Amended by New Mexico Register, Volume XXXII, Issue 22, November 30, 2021, eff. 11/30/2021