"Taxable wages" means the wages paid to an individual with respect to employment during a calendar year for services covered by the Employment Security Act of 1980 or other state unemployment compensation acts which shall equal the applicable percentage of the state's average annual wage for the second preceding calendar year as determined by the Commission, rounded to the nearest multiple of One Hundred Dollars ($100.00). The applicable percentage is determined by the conditional factor in place during the calendar year for which the taxable wage is being calculated. The conditional factor is determined pursuant to the provisions of Section 3-113 of this title. The applicable percentages are as follows:

1. 1. Forty percent (40%) during any calendar year in which the balance in the Unemployment Compensation Fund is in excess of the amount required to initiate conditional contribution rates, pursuant to the provisions of Section 3-113 of this title;
2. 2. Forty-two and one-half percent (42.5%) during calendar years in which condition "a" exists;
3. 3. Forty-five percent (45%) during calendar years in which condition "b" exists;
4. 4. Forty-seven and one-half percent (47.5%) during calendar years in which condition "c" exists; and
5. 5. Fifty percent (50%) during calendar years in which condition "d" exists.

Laws 1983, HB 1223, c. 270, § 2, emerg. eff. June 23, 1983; Amended by Laws 1994, HB 1948, c. 195, § 3, emerg. eff. May 16, 1994; Amended by Laws 1998, HB 2792, c. 161, § 2, emerg. eff. July 1, 1998 (superseded document available); Amended by Laws 2016, HB 2253, c. 287, § 2, eff. November 1, 2016 (superseded document available).