§ 852. Imposition and rate of tax. A tax is hereby imposed on the
payroll expense paid by electing employers to covered employees. For two
thousand nineteen, the tax shall be equal to one and one-half percent of
the payroll expense paid by electing employers to covered employees
during the calendar quarter. For two thousand twenty, the tax shall be
equal to three percent of the payroll expense paid by electing employers
to covered employees during the calendar quarter. For two thousand
twenty-one and thereafter, the tax shall be equal to five percent of the
payroll expense paid by electing employers to covered employees during
the calendar quarter. An electing employer shall only be subject to the
tax imposed under this article on the payroll expense paid to any
covered employee during the calendar year in excess of forty thousand
dollars.