HB 2668 Unemployment compensation; taxation of successor entities.
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Summary:
Unemployment compensation; taxation of successor entities. Authorizes successors in ownership to existing businesses to elect either retaining the unemployment tax experience rating of the preceding owner on obtaining a "new employer" rate. Under current law, the predecessor's experience record automatically follows the acquired business. However, prior to 1983 (when the current law was enacted), a successor (with the consent of the preceding owner) was permitted to make the election proposed by this bill. The provisions of this bill are applicable to acquiring entities that--prior to acquisition--are not employers subject to unemployment compensation taxation. New owners must notify the Commission of their election to choose the new employer rate by the later of 60 days following (i) the effective date of the bill or (ii) the date of the business acquisition.

Full text:
01/20/97  House: Presented & ordered printed 970572482  pdf
01/31/97  House: Printed as engrossed 970572482-E  pdf
02/20/97  House: Bill text as passed House and Senate (HB2668ER)  pdf
03/19/97  Governor: Acts of Assembly Chapter text (CHAP0409)  pdf

Amendments:
House amendments

Status:
01/20/97  House: Presented & ordered printed 970572482
01/20/97  House: Referred to Committee on Commerce and Labor
01/29/97  House: Reported from L. & C. with amendment (22-Y 0-N)
01/30/97  House: Read first time
01/31/97  House: Read second time
01/31/97  House: Committee amendment agreed to
01/31/97  House: Engrossed by House as amended
01/31/97  House: Printed as engrossed 970572482-E
02/01/97  House: Read third time and passed House (Block Vote) (98-Y 0-N)
02/01/97  House: VOTE: BLOCK VOTE PASSAGE (98-Y 0-N)
02/01/97  House: Reconsideration of passage agreed to by House
02/01/97  House: Passed House (Block Vote) (100-Y 0-N)
02/01/97  House: VOTE: BLOCK VOTE PASSAGE (100-Y 0-N)
02/01/97  House: Communicated to Senate
02/03/97  Senate: Constitutional reading dispensed (36-Y 4-N)
02/03/97  Senate: Referred to Committee on Commerce and Labor
02/10/97  Senate: Reported from Commerce and Labor (14-Y 0-N 1-A)
02/11/97  Senate: Const. reading disp., passed by for the day (40-Y 0-N)
02/11/97  Senate: VOTE: CONST. READING DISPENSED (40-Y 0-N)
02/12/97  Senate: Read third time
02/12/97  Senate: Passed Senate (40-Y 0-N)
02/12/97  Senate: VOTE: PASSAGE (40-Y 0-N)
02/20/97  House: Bill text as passed House and Senate (HB2668ER)
02/26/97  House: Enrolled
02/26/97  House: Signed by Speaker
02/27/97  Senate: Signed by President
03/15/97  Governor: Approved by Governor-Chapter 409 (effective 7/1/97)
03/19/97  Governor: Acts of Assembly Chapter text (CHAP0409)