There was a call to remove the fencing at one point, but ultimately it stayed. A year ago, a fence to keep our state’s citizens out of the Round House would have been met with mutiny, but as we all know, times have changed.
As always, Builders Trust was actively involved in the legislative process this year, fence or no fence. We were heavily involved with House Bill 98. This tax bill covered a multitude of issues including rural job taxes, oil and gas taxes, insurance premiums tax and much more, all rolled into one long bill covering 90 pages. This bill was very important to us, as it preserved the premium tax rate for Builders Trust and all New Mexico group self-insurance funds.
Any increase in our tax rate could affect the cost of our Participant’s premiums. Therefore, Builders Trust CEO Randy Akin worked closely with the staff at the New Mexico Taxation and Revenue Department (TRD), explaining what we do, how we are funded and how we are taxed. Now that the session is over, we hope to work further with our fellow groups and TRD to craft rules regarding group self-insurance.