2024 Session

Budget Amendments - HB30 (Floor Approved)

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Update Language for VEC Line of Credit (language only)

Item 3-2.03 #1h

Item 3-2.03 #1h

Working Capital Funds and Lines of Credit
Lines of Credit


Page 573, line 30, after "unemployment." insert:

"For the purposes of this paragraph, signifcant increases in unemployment shall mean the unemployment rate is five percent or higher and is one-hundred and twenty percent of the average unemployment rate for the same 13-week period in the two previous years."


(This amendment adds a definition for a significant increase in unemployment to determine the standard by which the Virginia Employment Commission can access a $30 million line of credit. This is consistent with the U.S. Department of Labor's standard for accessing extended unemployment benefits.)