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1995 SESSION
LD2060300Be it enacted by the General Assembly of Virginia:
1. That § 60.2-526 of the Code of Virginia is amended and reenacted as follows:
§ 60.2-526. General provisions.
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 for three years, except that
at such time as it is eligible for computation as hereinafter provided, the
tax rate shall become the computed rate if the computed rate exceeds 2.5
percent. 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.