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

108 words·~1 min read·/va/title-60-2/chapter-5/60-2-537

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

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.