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2014 SESSION
Be it enacted by the General Assembly of Virginia:
1. That § 60.2-530 of the Code of Virginia is amended and reenacted as follows:
§ 60.2-530. Benefit ratio.
A. 1. The "benefit ratio" of each employer for a
given calendar year shall be the percentage, rounded to the nearest one-tenth
of a percent, equal to the employer's benefit charges for the twelve 12
consecutive calendar month period ending on June 30 immediately preceding that
calendar year, divided by the total of his payroll for the same period except
that:
a. For an employer whose account has been chargeable with
benefit charges for forty-eight 48 or more consecutive completed
calendar months, the "benefit ratio" shall be the percentage, rounded
to the nearest one-tenth of a percent, equal to the employer's benefit charges
for the most recent forty-eight 48 consecutive completed calendar
month period ending on June 30 immediately preceding that calendar year,
divided by the total of his payrolls for the same period;
b. For an employer whose account has been chargeable with
benefit charges for thirty-six 36 but less than forty-eight
48 consecutive completed calendar months the "benefit ratio"
shall be the percentage equal to the employer's benefit charges for the most
recent thirty-six 36 consecutive completed calendar month period
ending on June 30 immediately preceding that calendar year divided by his
payroll for the same period; and
c. For an employer whose account has been chargeable with
benefit charges for twenty-four 24 but less than thirty-six
36 consecutive completed calendar months the "benefit ratio"
shall be the percentage, rounded to the nearest one-tenth of a percent, equal
to the employer's benefit charges for the most recent twenty-four 24
consecutive completed calendar month period ending on June 30 immediately
preceding that calendar year divided by his payroll for the same period.
2. The term "payroll" as used herein in
this section means the greater of (i) the taxable payroll on which
taxes have been paid on or before September 30 immediately following such June
30 or (ii) $1.
B. Where benefit charges are not available for any or all of the periods used to determine an employer's benefit ratio, benefit wages divided by three shall be used in lieu of benefit charges for those periods benefit charges are not available, in combination with benefit charges, where available to determine an employer's benefit ratio.