Section 50-7-402 - Rate of premiums(a) Each employer shall pay premiums equal to five and one-half percent (5.5%) of wages paid by the employer during each calendar year with respect to employment, except as provided in § 50-7-403.(b) Notwithstanding subsection (a), effective on and after July 1, 1982, any governmental employer referred to in § 50-7-207(b)(3)(A) and (B), who chooses to be a taxpaying, premium paying, employer, as opposed to one who elects to make payments in lieu of premiums, will pay premiums equal to one and one-half percent (1.5%) of wages paid by the employer during each calendar year with respect to employment, except as provided in § 50-7-403.Acts 1947, ch. 29, § 7; C. Supp. 1950, § 6901.7 (Williams, § 6901.31); Acts 1977, ch. 330, § 20; 1982, ch. 820, § 7; T.C.A. (orig. ed.), § 50-1327; Acts 1983, ch. 439, § 3; 1984, ch. 701, § 3; 1984, ch. 786, § 1; 1985, ch. 318, §§ 42, 43; 1986, ch. 597, § 3; 1989, ch. 388, §§ 5, 6.