60.2-301 - Clearing account; payment to credit of federal Unemployment Trust Fund. - Virginia Statutes

§ 60.2-301. Clearing account; payment to credit of federal Unemployment TrustFund.

All taxes and other moneys required by this title to be paid to theUnemployment Compensation Fund and collected by the Commission, and anyinterest or earnings upon any moneys or property belonging to the fund shall,promptly upon collection, be paid into the state treasury and credited to theclearing account. Any interest collected on taxes shall be paid into theSpecial 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, allother moneys in the clearing account, including undeliverable payments, shallimmediately be paid over to the Secretary of the Treasury of the UnitedStates, to the credit of the Unemployment Trust Fund established by theSocial Security Act, to be held for the Commonwealth upon the terms andconditions provided in the Social Security Act.

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