§ 60.2-537. Reduced tax rate permissible under federal amendment

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Code of Virginia
Title 60.2. Unemployment Compensation
Chapter 5. Taxation

12/13/2024

§ 60.2-537. Reduced tax rate permissible under federal amendment.

Notwithstanding the provisions of §§ 60.2-500 through 60.2-536, if § 3303 of the Internal Revenue Code is amended so as to allow an additional credit under § 3302 (b) of the Internal Revenue Code to employers not otherwise eligible for a reduced rate by reason of the lapse of insufficient time since first becoming subject to this title, the Commission, by a regulation promulgated under § 60.2-111, shall fix and determine the tax rate of all such employers at such reduced rate as shall then be permissible under such federal amendment.

Code 1950, § 60-76.1; 1956, c. 440; 1968, c. 738, § 60.1-90; 1986, c. 480.