§ 60.2-103. Contingencies affecting operation of title.
A. In the event that Chapter 23 of the Internal Revenue Code (26 U.S.C. §3301 et seq.) is repealed, amended or otherwise changed by the Congress ofthe United States, or is finally adjudged invalid or unconstitutional by theSupreme Court of the United States, with the result that no portion of thetaxes required by this title can be credited against any tax imposed byChapter 23 of the Internal Revenue Code (26 U.S.C. § 3301 et seq.), theGovernor shall, within sixty days from the date of such repeal, amendment orchange, or from the date that such act is so finally adjudged invalid orunconstitutional, by proclamation so state. Upon the issuance of suchproclamation, the provisions of this title shall expire by limitation andthereafter have no force and effect, except that the Commission shallthereupon requisition all moneys standing to the credit of the Commonwealthin the Unemployment Trust Fund established by Section 904 of the SocialSecurity Act (42 U.S.C. § 1104). All such moneys so refunded, repaid orreturned to the Commonwealth, together with such other money paid to theCommonwealth as taxes under the terms of this title and then held by theCommonwealth, less the cost of making the refund and repayment, shallforthwith be refunded or repaid by the State Treasurer, upon warrants of theComptroller, issued upon vouchers signed by the Commissioner, or by suchother person as the Commissioner may designate for that purpose, to theindividual employers, ratably in proportion to the amounts paid by each suchemployer, who have paid taxes under the terms of this title.
B. In the event that the Secretary of Labor of the United States shallwithdraw his approval of this title, with the result that no portion of thetaxes required by this title with respect to employment during any year canbe credited against any tax imposed by Chapter 23 of the Internal RevenueCode (26 U.S.C. § 3301 et seq.) with respect to employment for such year, theprovisions of this title requiring the payment of taxes shall become andremain suspended until such credit can be had.
(Code 1950, § 60-25; 1956, c. 440; 1968, c. 738, § 60.1-29; 1986, c. 480.)
§ 60.2-103. Contingencies affecting operation of title.
A. In the event that Chapter 23 of the Internal Revenue Code (26 U.S.C. §3301 et seq.) is repealed, amended or otherwise changed by the Congress ofthe United States, or is finally adjudged invalid or unconstitutional by theSupreme Court of the United States, with the result that no portion of thetaxes required by this title can be credited against any tax imposed byChapter 23 of the Internal Revenue Code (26 U.S.C. § 3301 et seq.), theGovernor shall, within sixty days from the date of such repeal, amendment orchange, or from the date that such act is so finally adjudged invalid orunconstitutional, by proclamation so state. Upon the issuance of suchproclamation, the provisions of this title shall expire by limitation andthereafter have no force and effect, except that the Commission shallthereupon requisition all moneys standing to the credit of the Commonwealthin the Unemployment Trust Fund established by Section 904 of the SocialSecurity Act (42 U.S.C. § 1104). All such moneys so refunded, repaid orreturned to the Commonwealth, together with such other money paid to theCommonwealth as taxes under the terms of this title and then held by theCommonwealth, less the cost of making the refund and repayment, shallforthwith be refunded or repaid by the State Treasurer, upon warrants of theComptroller, issued upon vouchers signed by the Commissioner, or by suchother person as the Commissioner may designate for that purpose, to theindividual employers, ratably in proportion to the amounts paid by each suchemployer, who have paid taxes under the terms of this title.
B. In the event that the Secretary of Labor of the United States shallwithdraw his approval of this title, with the result that no portion of thetaxes required by this title with respect to employment during any year canbe credited against any tax imposed by Chapter 23 of the Internal RevenueCode (26 U.S.C. § 3301 et seq.) with respect to employment for such year, theprovisions of this title requiring the payment of taxes shall become andremain suspended until such credit can be had.
(Code 1950, § 60-25; 1956, c. 440; 1968, c. 738, § 60.1-29; 1986, c. 480.)
§ 60.2-103. Contingencies affecting operation of title.
A. In the event that Chapter 23 of the Internal Revenue Code (26 U.S.C. §3301 et seq.) is repealed, amended or otherwise changed by the Congress ofthe United States, or is finally adjudged invalid or unconstitutional by theSupreme Court of the United States, with the result that no portion of thetaxes required by this title can be credited against any tax imposed byChapter 23 of the Internal Revenue Code (26 U.S.C. § 3301 et seq.), theGovernor shall, within sixty days from the date of such repeal, amendment orchange, or from the date that such act is so finally adjudged invalid orunconstitutional, by proclamation so state. Upon the issuance of suchproclamation, the provisions of this title shall expire by limitation andthereafter have no force and effect, except that the Commission shallthereupon requisition all moneys standing to the credit of the Commonwealthin the Unemployment Trust Fund established by Section 904 of the SocialSecurity Act (42 U.S.C. § 1104). All such moneys so refunded, repaid orreturned to the Commonwealth, together with such other money paid to theCommonwealth as taxes under the terms of this title and then held by theCommonwealth, less the cost of making the refund and repayment, shallforthwith be refunded or repaid by the State Treasurer, upon warrants of theComptroller, issued upon vouchers signed by the Commissioner, or by suchother person as the Commissioner may designate for that purpose, to theindividual employers, ratably in proportion to the amounts paid by each suchemployer, who have paid taxes under the terms of this title.
B. In the event that the Secretary of Labor of the United States shallwithdraw his approval of this title, with the result that no portion of thetaxes required by this title with respect to employment during any year canbe credited against any tax imposed by Chapter 23 of the Internal RevenueCode (26 U.S.C. § 3301 et seq.) with respect to employment for such year, theprovisions of this title requiring the payment of taxes shall become andremain suspended until such credit can be had.
(Code 1950, § 60-25; 1956, c. 440; 1968, c. 738, § 60.1-29; 1986, c. 480.)
