Language Page 412, after line 24, insert: "357.10 Family and Medical Leave Insurance Trust Fund $0$0 Page 412, after line 24, insert:"A. Notwithstanding the provisions of § 4-3.02 of this act, the Secretary of Finance shall authorize an interest-free treasury loan up to $55,600,000 for the Virginia Employment Commission to fund start-up costs associated with the implementation of a statewide Paid Family and Medical Leave program pursuant to the passage of legislation in the 2023 General Assembly Session. The treasury loan shall be repaid for these costs from revenues received from premiums assessed to employers and employees. The Secretary of Finance may extend the repayment plan for any such interest-free treasury loan for a period of longer than twelve months."
Page 412, after line 24, insert:
"A. Notwithstanding the provisions of § 4-3.02 of this act, the Secretary of Finance shall authorize an interest-free treasury loan up to $55,600,000 for the Virginia Employment Commission to fund start-up costs associated with the implementation of a statewide Paid Family and Medical Leave program pursuant to the passage of legislation in the 2023 General Assembly Session. The treasury loan shall be repaid for these costs from revenues received from premiums assessed to employers and employees. The Secretary of Finance may extend the repayment plan for any such interest-free treasury loan for a period of longer than twelve months."
Explanation
(This amendment authorizes a Treasury loan in a new item at the Virginia Employment Commission creating a Paid Family and Medical Leave program. Based on previous fiscal impact statements, start-up and operational costs for the Virginia Employment Commission are estimated to be $55.6 million in the first two years from the program. Loans would be repaid from money deposited to the Family and Medical Leave Insurance Trust Fund.)