Virginia Code 60.2-537: Reduced tax rate permissible under federal amendment
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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.
Terms Used In Virginia Code 60.2-537
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- tax rate: means the tax or percentage of wages payable by an employer with respect to employment. See Virginia Code 60.2-534
Code 1950, § 60-76.1; 1956, c. 440; 1968, c. 738, § 60.1-90; 1986, c. 480.