UNEMPLOY INS-CONTRIBUTION RATE

Amends the Unemployment Insurance Act. Provides that, if an individual or entity transfers all or a portion of its trade or business and the transferor and transferee have any material common ownership, management, or control of the trade or business, the experience rating records of the transferor and transferee shall be combined for the purpose of determining their contribution rate. Provides that, except under specified conditions, if the transferor or transferee had a contribution rate applicable to it for the calendar year in which the transfer occurred, it shall continue with that contribution rate for the remainder of the calendar year and, if the transferee had no contribution rate applicable to it for the calendar year in which the transfer occurred, the contribution rate of the transferee shall be the same as the contribution rate of the transferor for the remainder of the calendar year, subject to a rate ceiling. Provides that, if the contribution rate of the transferor immediately prior to the transfer is higher than the contribution rate of the transferee for the calendar year in which the transfer occurs, the contribution rate of the transferee shall be the same for the calendar year as the contribution rate of the transferor, subject to a rate ceiling. Provides that, if an individual or entity that is not an employer under the Act acquires the trade or business of an employing unit, the experience rating record of the acquired business shall not be transferred to the individual or entity if the Director of Employment Security finds that the individual or entity acquired the business solely or primarily to obtain a lower contribution rate. Sets forth penalties for violations. Provides that the new provisions shall be interpreted and applied to meet the minimum requirements of any guidance or regulations issued by the U.S. Department of Labor. Makes other changes.