All taxes and other moneys required by this title to be paid to the Unemployment Compensation Fund and collected by the Commission, and any interest or earnings upon any moneys or property belonging to the fund shall, promptly upon collection, be paid into the state treasury and credited to the clearing account. Any interest collected on taxes shall be paid into the Special Unemployment Compensation Administration Fund continued by § 60.2-314. Refunds, except for interest collected payable pursuant to § 60.2-524, may be paid from the clearing account. After clearance thereof, all other moneys in the clearing account, including undeliverable payments, shall immediately be paid over to the Secretary of the Treasury of the United States, to the credit of the Unemployment Trust Fund established by the Social Security Act, to be held for the Commonwealth upon the terms and conditions provided in the Social Security Act.

History

Code 1950, § 60-91; 1968, c. 738, § 60.1-107; 1986, c. 480; 1993, c. 249; 1995, c. 515.