2006 Session

Budget Amendments - SB30 (Committee Approved)

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VEC-Administrative Support (language only)

Item 120 #2s

Item 120 #2s

Commerce And Trade
Virginia Employment Commission

Page 95, after line 21, insert:
"G.1.  The Commissioner shall work in concert with the Virginia Liaison Office and with the members of the State Congressional Delegation and federal executive branch agencies to increase the amount of Federal Unemployment Tax Act (FUTA) revenue distributed by the U.S. Department of Labor to the Virginia Employment Commission for administration of the Commonwealth's unemployment insurance program, from its fiscal year 2004 level of $63.2 million, which represents 32.8 percent of the $192.8 million in FUTA taxes paid by Virginia's employers, to an amount not less than 50 percent of the amount of FUTA taxes paid by Virginia's employers.
2. The Office shall submit a report to the Governor and the chairs of the Senate Committee on Commerce and Labor, the Senate Committee on Finance, the House Committee on Labor and Commerce, and the House Committee on Appropriations by December 1, 2006, that summarizes the activities by the Commission and the Virginia Liaison Office in furtherance of the above subsection."

(This amendment directs the Virginia Employment Commission and Virginia Liaison Office to work with Virginia's Congressional Delegation to seek additional administrative dollars for the unemployment insurance program from taxes paid by Virginia employers. In FY 2004, less than 1/3 of the FUTA taxes paid by Virginia employers returned to the Commonwealth. The target is to achieve at least 50 percent of the FUTA taxes returned to Virginia.)