New Mexico Administrative Code
Title 2 - PUBLIC FINANCE
Chapter 92 - LEDA RECOVERY GRANT
Part 1 - GENERAL PROVISIONS
Section 2.92.1.7 - DEFINITIONS
Current through Register Vol. 35, No. 18, September 24, 2024
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:
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.