South Dakota § 61-5-42 Succession to experience-rating account on acquisition of business by another--Federal standards to be met.

South Dakota Statutes

§ 61-5-42 — Succession to experience-rating account on acquisition of business by another--Federal standards to be met.

South Dakota § 61-5-42

Title 61REEMPLOYMENT ASSISTANCE

Ch. 61-4EMPLOYERS' CONTRIBUTIONS AND ACCOUNTS

This text of South Dakota § 61-5-42 (Succession to experience-rating account on acquisition of business by another--Federal standards to be met.) is published on Counsel Stack Legal Research, covering South Dakota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

S.D. Codified Laws § 61-5-42 (2026).

Text

Any individual, group of individuals, or employing unit that acquires its organization, trade or business from an employer for whom an experience-rating account has been maintained by the Department of Labor and Regulation, shall immediately notify the department and upon the mutual consent of the parties concerned and approval of the department, may assume the position of the employer with respect to the experience-rating account. If the experience-rating account is not assumed by the successor employer or employing unit, the initial contribution rate for employers pursuant to § 61-5-24 shall be assigned to the successor employer or employing unit. The department shall promulgate rules pursuant to chapter 1-26 to carry out the provisions of this section consistent with federal standards o

Free access — add to your briefcase to read the full text and ask questions with AI

Any individual, group of individuals, or employing unit that acquires its organization, trade or business from an employer for whom an experience-rating account has been maintained by the Department of Labor and Regulation, shall immediately notify the department and upon the mutual consent of the parties concerned and approval of the department, may assume the position of the employer with respect to the experience-rating account. If the experience-rating account is not assumed by the successor employer or employing unit, the initial contribution rate for employers pursuant to § 61-5-24 shall be assigned to the successor employer or employing unit. The department shall promulgate rules pursuant to chapter 1-26 to carry out the provisions of this section consistent with federal standards of additional credit allowance as provided in section 3303 of the Internal Revenue Code.

Legislative History

SL 1937, ch 224, § 3; SDC 1939, § 17.0822 (6); SL 1939, ch 86, § 3; SL 1941, ch 85, § 4; SL 1947, ch 89, § 1; SDC Supp 1960, § 17.0822 (5); SL 1961, ch 106, § 4; SL 1971, ch 276, § 49; SL 1982, ch 369, § 9; SL 1988, ch 414; SL 1993, ch 375, § 30; SL 2005, ch 281, § 1; SL 2011, ch 1 (Ex. Ord.