2006 Code of Virginia § 60.2-526 - General provisions

60.2-526. General provisions.

A. For each calendar year commencing after December 31, 1981, the tax rate ofeach employer, whose experience rating account has been chargeable withbenefits during the most recent twelve completed calendar month period endingon June 30 of the calendar year immediately preceding the calendar year forwhich a tax rate is being determined, shall be computed as provided in thischapter.

B. Notwithstanding the provisions of subsection A of this section, the taxrate of each employer newly subject to this title, including any nonprofitorganization which has elected to become liable for payments in lieu of taxesunder the provisions of subsection B of 60.2-501 and thereafter terminatessuch election, shall be 2.5 percent, except that at such time as it iseligible for computation as hereinafter provided, the tax rate shall becomethe computed rate. The Commission shall notify each such employer of his taxrate for such calendar year not later than December 31 immediately precedingsuch year, but the failure of any such employer to receive such notice shallnot relieve him from liability for such tax.

(Code 1950, 60-67; 1952, c. 184; 1954, c. 203; 1956, c. 440; 1960, c. 136;1968, c. 738, 60.1-79; 1971, Ex. Sess., c. 235; 1974, c. 466; 1980, c. 406;1981, c. 606; 1982, c. 370; 1983, c. 16; 1986, c. 480; 1995, c. 323; 1997, c.298; 1999, c. 313.)