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1997 SESSION

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HB 2668 Unemployment compensation; taxation of successor entities.

Introduced by: Robert Tata | all patrons    ...    notes | add to my profiles

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.


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