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2022 Session

Budget Amendments - SB30 (Committee Approved)

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Unemployment Trust Fund (language only)

Item 370 #7s

Item 370 #7s

Labor
Virginia Employment Commission

Language

Page 401, after line 13, insert:

"J. Notwithstanding any other provision of law, the Virginia Employment Commission shall compute tax rates for Calendar Year 2023 by excluding pandemic related claim activity. Any such rate for any employer for Calendar Year 2023, may be less than, but shall not exceed the established rate for that employer for Calendar Year 2020. For purposes of this calculation, pandemic related claim activity is defined as all regular Unemployment Insurance claims activity from April 1, 2020, through June 30, 2021. The pool charge for Calendar Year 2023 shall be computed using this same methodology and set at an amount not to exceed the rate in effect for Calendar Year 2020. Notwithstanding § 60.2-533, Code of Virginia, the fund building rate shall be set for Calendar Year 2023 at a rate not to exceed the rate in effect for Calendar Year 2020. "



Explanation

(This amendment ensures that the Unemployment Trust Fund's fund building rate shall be set for Calendar Year 2023 at a rate not to exceed the rate in effect for Calendar Year 2020.)