Virginia § 60.2-526 General provisions

Virginia Statutes

§ 60.2-526 — General provisions

Virginia § 60.2-526

Title 60.2UNEMPLOYMENT COMPENSATION

Ch. 5TAXATION

Art. 4COMPUTATION OF TAX RATE

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Bluebook

Va. Code Ann. § 60.2-526 (2026).

Text

A.For each calendar year commencing after December 31, 1981, the tax rate of each employer, whose experience rating account has been chargeable with benefits during the most recent twelve completed calendar month period ending on June 30 of the calendar year immediately preceding the calendar year for which a tax rate is being determined, shall be computed as provided in this chapter.

B.Notwithstanding the provisions of subsection A of this section, the tax rate of each employer newly subject to this title, including any nonprofit organization which has elected to become liable for payments in lieu of taxes under the provisions of subsection B of § 60.2-501 and thereafter terminates such election, shall be 2.5 percent, except that at such time as it is eligible for computation as herein

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A. For each calendar year commencing after December 31, 1981, the tax rate of each employer, whose experience rating account has been chargeable with benefits during the most recent twelve completed calendar month period ending on June 30 of the calendar year immediately preceding the calendar year for which a tax rate is being determined, shall be computed as provided in this chapter.

B. Notwithstanding the provisions of subsection A of this section, the tax rate of each employer newly subject to this title, including any nonprofit organization which has elected to become liable for payments in lieu of taxes under the provisions of subsection B of § 60.2-501 and thereafter terminates such election, shall be 2.5 percent, except that at such time as it is eligible for computation as hereinafter provided, the tax rate shall become the computed rate. The Commission shall notify each such employer of his tax rate for such calendar year not later than December 31 immediately preceding such year, but the failure of any such employer to receive such notice shall not relieve him from liability for such tax.

Legislative History

Code 1950, § 60-67; 1952, c. 184; 1954, c. 203; 1956, c. 440; 1960, c. 136; 1968, c. 738, § 60.1-79; 1971, Ex. Sess., c. 235; 1974, c. 466; 1980, c. 406; 1981, c. 606; 1982, c. 370; 1983, c. 16; 1986, c. 480; 1995, c. 323; 1997, c. 298; 1999, c. 313.