65.2-1201 - (Effective until July 1, 2012) Financing; tax.
§ 65.2-1201. (Effective until July 1, 2012) Financing; tax.
A. For the purpose of providing funds for compensation benefits awardedagainst any uninsured or self-insured employer under any provision of thischapter, a tax not to exceed one-half of one percent shall be assessed,collected and paid into the state treasury by the same persons and in thesame manner as set forth in Chapter 10 (§ 65.2-1000 et seq.) of this title.
B. This tax shall be in addition to the tax for the Workers' CompensationCommission Administrative Fund and the tax for the Second Injury Fund andshall be held by the Comptroller of the Commonwealth solely for the paymentof awards against such fund.
C. At the end of any calendar year in which the Uninsured Employer's Fund hasto its credit a sum in excess of the next year's budgeted expenditures, thetax shall be suspended for the ensuing calendar year.
(1977, c. 345, § 65.1-147; 1983, c. 421; 1986, c. 177; 1990, c. 606; 1991, c.355; 1997, c. 99; 1998, c. 38; 2009, c. 219.)
§ 65.2-1201. (Effective July 1, 2012) Financing; tax.
A. For the purpose of providing funds for compensation benefits awardedagainst any uninsured or self-insured employer under any provision of thischapter, a tax not to exceed one-fourth of one percent shall be assessed,collected and paid into the state treasury by the same persons and in thesame manner as set forth in Chapter 10 (§ 65.2-1000 et seq.) of this title.
B. This tax shall be in addition to the tax for the Workers' CompensationCommission Administrative Fund and the tax for the Second Injury Fund andshall be held by the Comptroller of the Commonwealth solely for the paymentof awards against such fund.
C. At the end of any calendar year in which the Uninsured Employer's Fund hasto its credit a sum in excess of the next year's budgeted expenditures, thetax shall be suspended for the ensuing calendar year.
(1977, c. 345, § 65.1-147; 1983, c. 421; 1986, c. 177; 1990, c. 606; 1991, c.355; 1997, c. 99; 1998, c. 388.)