CHAPTER 215

AN ACT to amend and reenact § 60-63 of the Code of 1950, relating
to the rate of tax payable by employers upon wages.
[S 281 |

Approved March 15, 1950

Be it enacted by the General Assembly of Virginia:

1. That § 60-63 of the Code of 1950 be amended and reenacted,
is follows:

§ 60-63. Amount of taxes; increase of rate——Each employer
shall pay taxes equal to the following percentages of wages payable
by him with respect to employment:

(1) One and eight-tenths per centum with respect to employ-
ment during the calendar year nineteen hundred thirty-seven.

(2) Except as otherwise provided in * Article 2 of this Chapter,
two and seven-tenths per centum with respect to employment during
the calendar year nineteen hundred thirty-eight and during each
succeeding calendar year, after December thirty-first, nineteen hun-
dred thirty-nine, wages payable beyond the last pay period in
December shall be considered as wages earned and payable in the
first pay period of the succeeding year, and included in reports
required for the first reporting period of such year.

(3) If the federal unemployment tax act is at any time amended
to permit a higher maximum rate of credit against the Federal tax
now levied under section sixteen hundred of the Internal Revenue
(‘ode, or that may hereafter be levied under any subsequent amend-
nent, or amendments thereto, than is now permitted under section
sixteen hundred one (ec) of the Internal Revenue Code, to an
emplover with respect to any State unemployment compensation
law whose standard contribution rate on payroll under such law is
more than two and seven-tenths per centuin, in that event the
standard contribution rate as to all employers under this title shall,
by Commission rule promulgated under § 60-30, be increased from
two and seven-tenths per centum on wages to that percentage on
wages which corresponds to the higher maximum rate of credit thus
permitted against the Federal unemployment tax; and such increase
shall become effective on the same date as such higher maximum
rate of credit becomes permissible under such Federal amendment.
(4) If the Federal unemployment tax act is at any time amended
so as to increase the rate of excise tax each employer shall pay
with respect to having individuals in his employ, the Commission
may by rules promulgated under § 60-30, increase the rate of con-
tributions under this title to the rate which corresponds to the
highest maximum rate of credit permitted against such higher
Federal unemployment excise tax; and such increase shall become
effective on the same date as such higher rate of Federal unemploy-
ment excise tax becomes effective.
2. Amn emergency is hereby declared to exist and this act shall be
in force from its passage.