CODE OF VIRGINIA

REDUCED TAX RATE PERMISSIBLE UNDER FEDERAL AMENDMENT (§ 60.2-537)

Notwithstanding the provisions of §§ 60.2-500 through 60.2-536, if § 3303 of
the Internal Revenue Code is amended so as to allow an additional credit under
§ 3302 (b) of the Internal Revenue Code to employers not otherwise eligible for
a reduced rate by reason of the lapse of insufficient time since first becoming
subject to this title, the Commission, by a regulation promulgated under §
60.2-111, shall fix and determine the tax rate of all such employers at such
reduced rate as shall then be permissible under such federal amendment.

HISTORY: Code 1950, § 60-76.1; 1956, c. 440; 1968, c. 738, § 60.1-90; 1986, c.
480.