Bill > HB1320

This bill, effective for unemployment compensation claims starting July 1, 2026, will increase the weekly benefit amount for eligible individuals by $48 compared to the current amount, as detailed in a specific table within the bill. The "benefit amount" refers to the weekly payment an individual receives when they are unemployed and eligible for benefits, calculated based on their past wages during a "base period," which is typically the first four of the last five completed calendar quarters before they file a claim. This legislation amends existing law concerning unemployment benefits, specifically § 60.2-602 of the Code of Virginia, and is identical to another bill, SB 759. The bill also includes a fiscal note indicating that these enhanced benefits are projected to reduce the solvency of the Unemployment Trust Fund and that the impact on employer unemployment tax liability is indeterminate.