Virginia Employee Benefits Tax Bond

VirginiaThe state of Virginia has set forth a new law intended for Indian tribes named HB 96/SB 359. The law requires Indian tribes to follow the same benefit and tax payment laws as non-profit and governmental organizations. Indian tribes that choose to finance employee benefits through payments into a fund in lieu of taxes are required to make a deposit of cash/securities or post a surety bond. The new law became active upon enactment.