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1995 SESSION
LD1327633Be it enacted by the General Assembly of Virginia:
1. That § 65.2-1201 of the Code of Virginia is amended and reenacted as follows:
§ 65.2-1201. Financing; tax.
A. For the purpose of providing funds for compensation benefits awarded
against any uninsured or self-insured employer under any provision of this
chapter:
1. A a tax not to exceed one-fourth of one percent
shall be assessed, collected and paid into the state treasury by the same
persons and in the same manner as set forth in Chapter 10 of this title;
and
2. Beginning January 1, 1995, in lieu of the tax described in
subdivision 1 of this subsection a tax not to exceed one-eighth of one
percent shall be assessed, collected and paid into the state treasury by the
same persons and in the same manner as set forth in Chapter 10 of this
title.
B. This tax shall be in addition to the tax for the Workers' Compensation Commission Administrative Fund and the tax for the Second Injury Fund and shall be held by the Comptroller of the Commonwealth solely for the payment of awards against such fund.
C. At the end of any calendar year in which the Uninsured
Employers' Employer's Fund has to its credit a sum in
excess of the next year's budgeted expenditures, the tax shall be suspended
for the ensuing calendar year.