§ 60.2-535. Employing unit acquiring business, etc., of another employingunit.
A. Except as provided in subsection B, whenever any employing unit in anymanner succeeds to or acquires the organization, trade, separateestablishment or business, or substantially all the assets thereof, ofanother which at the time of such acquisition was an employer subject to thistitle, the succeeding or acquiring unit shall be assigned the experiencerecord of the predecessor. Such record shall be deemed the experience recordof the successor solely for rate computation purposes as of July 1 of theyear in which the acquisition occurred. Such successor, unless already anemployer subject to this title, shall, during the remainder of the currentcalendar year, be subject to the rate of taxation of the predecessor. If suchsuccessor is at the time of the acquisition an employer subject to thistitle, such successor's rate of tax to which it is then subject shall remainthe same until the next determination of rates under this chapter for allemployers. When a successor acquires an employing unit by partialacquisition, the predecessor employer shall provide within thirty days ofnotification by the Commission, information relating to the division oftaxable payroll for partial acquisitions. Such information shall be providedon a form supplied by the Commission.
B. Upon written notification to the Commission that it does not desire theexperience record of its predecessor, a succeeding or acquiring unit shallnot be assigned such record. This notification shall be made to theCommission within sixty days of the later of (i) such acquisition orsuccession or (ii) the effective date of this section on a form approved bythe Commission. Upon receipt thereof, the Commission shall assign thenotifying unit the rate of a new employer. If the notification is notreceived within such sixty-day period, however, the Commission shall assignthe succeeding or acquiring unit the experience record of its predecessor.The provisions of this subsection shall not be applicable to any successorthat, at the time of the acquisition, was an employer subject to this title.
(1979, c. 634, § 60.1-88.01; 1983, c. 13; 1986, c. 480; 1995, c. 515; 1997,c. 409.)
§ 60.2-535. Employing unit acquiring business, etc., of another employingunit.
A. Except as provided in subsection B, whenever any employing unit in anymanner succeeds to or acquires the organization, trade, separateestablishment or business, or substantially all the assets thereof, ofanother which at the time of such acquisition was an employer subject to thistitle, the succeeding or acquiring unit shall be assigned the experiencerecord of the predecessor. Such record shall be deemed the experience recordof the successor solely for rate computation purposes as of July 1 of theyear in which the acquisition occurred. Such successor, unless already anemployer subject to this title, shall, during the remainder of the currentcalendar year, be subject to the rate of taxation of the predecessor. If suchsuccessor is at the time of the acquisition an employer subject to thistitle, such successor's rate of tax to which it is then subject shall remainthe same until the next determination of rates under this chapter for allemployers. When a successor acquires an employing unit by partialacquisition, the predecessor employer shall provide within thirty days ofnotification by the Commission, information relating to the division oftaxable payroll for partial acquisitions. Such information shall be providedon a form supplied by the Commission.
B. Upon written notification to the Commission that it does not desire theexperience record of its predecessor, a succeeding or acquiring unit shallnot be assigned such record. This notification shall be made to theCommission within sixty days of the later of (i) such acquisition orsuccession or (ii) the effective date of this section on a form approved bythe Commission. Upon receipt thereof, the Commission shall assign thenotifying unit the rate of a new employer. If the notification is notreceived within such sixty-day period, however, the Commission shall assignthe succeeding or acquiring unit the experience record of its predecessor.The provisions of this subsection shall not be applicable to any successorthat, at the time of the acquisition, was an employer subject to this title.
(1979, c. 634, § 60.1-88.01; 1983, c. 13; 1986, c. 480; 1995, c. 515; 1997,c. 409.)
§ 60.2-535. Employing unit acquiring business, etc., of another employingunit.
A. Except as provided in subsection B, whenever any employing unit in anymanner succeeds to or acquires the organization, trade, separateestablishment or business, or substantially all the assets thereof, ofanother which at the time of such acquisition was an employer subject to thistitle, the succeeding or acquiring unit shall be assigned the experiencerecord of the predecessor. Such record shall be deemed the experience recordof the successor solely for rate computation purposes as of July 1 of theyear in which the acquisition occurred. Such successor, unless already anemployer subject to this title, shall, during the remainder of the currentcalendar year, be subject to the rate of taxation of the predecessor. If suchsuccessor is at the time of the acquisition an employer subject to thistitle, such successor's rate of tax to which it is then subject shall remainthe same until the next determination of rates under this chapter for allemployers. When a successor acquires an employing unit by partialacquisition, the predecessor employer shall provide within thirty days ofnotification by the Commission, information relating to the division oftaxable payroll for partial acquisitions. Such information shall be providedon a form supplied by the Commission.
B. Upon written notification to the Commission that it does not desire theexperience record of its predecessor, a succeeding or acquiring unit shallnot be assigned such record. This notification shall be made to theCommission within sixty days of the later of (i) such acquisition orsuccession or (ii) the effective date of this section on a form approved bythe Commission. Upon receipt thereof, the Commission shall assign thenotifying unit the rate of a new employer. If the notification is notreceived within such sixty-day period, however, the Commission shall assignthe succeeding or acquiring unit the experience record of its predecessor.The provisions of this subsection shall not be applicable to any successorthat, at the time of the acquisition, was an employer subject to this title.
(1979, c. 634, § 60.1-88.01; 1983, c. 13; 1986, c. 480; 1995, c. 515; 1997,c. 409.)
