(1) Notwithstanding any section of this chapter to the contrary, on or after July 15,
1984, any new domestic corporation, or any foreign corporation authorized to do business in this state, or any foreign corporation active in conjunction with a domestic corporation in a joint venture, partnership or other legal entity engaged in the contract construction trades shall pay contributions equal to the maximum rate of contributions payable under the rate schedule in effect for any given calendar year as determined by KRS § 341.270; and, such maximum rate of contributions shall remain in effect until the employer has employed persons in this state for not less than twelve (12) consecutive calendar quarters ending as of June 30 immediately preceding the computation date. Thereafter, such employer’s contribution rate shall be determined in accordance with the provisions of KRS § 341.270(4).

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Terms Used In Kentucky Statutes 341.272

  • Calendar year: means a year beginning on January 1. See Kentucky Statutes 341.080
  • Commission: means the Unemployment Insurance Commission. See Kentucky Statutes 341.005
  • Contract: A legal written agreement that becomes binding when signed.
  • Contributions: means the money payments, exclusive of interest and penalties, to the unemployment insurance fund required by this chapter and by any previous unemployment compensation law of this state. See Kentucky Statutes 341.020
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Corporation: may extend and be applied to any corporation, company, partnership, joint stock company, or association. See Kentucky Statutes 446.010
  • Domestic: when applied to a corporation, partnership, business trust, or limited liability company, means all those incorporated or formed by authority of this state. See Kentucky Statutes 446.010
  • Foreign: when applied to a corporation, partnership, limited partnership, business trust, statutory trust, or limited liability company, includes all those incorporated or formed by authority of any other state. See Kentucky Statutes 446.010
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • Partnership: includes both general and limited partnerships. See Kentucky Statutes 446.010
  • State: includes , in addition to the states of the United States of America, the
    District of Columbia, Puerto Rico, the Dominion of Canada, and Virgin Islands. See Kentucky Statutes 341.020
  • Statute: A law passed by a legislature.

(2) On or after January 1, 1989, any new domestic or foreign proprietorship or partnership engaged in the contract construction trades shall be subject to the provisions of subsection (1) of this section.
Effective: July 1, 2023
History: Amended 2023 Ky. Acts ch. 80, sec. 7, effective July 1, 2023. — Amended
2022 Ky. Acts ch. 21, sec. 4, effective January 1, 2023. — Amended 2010 (1st Extra. Sess.) Ky. Acts ch. 5, sec. 5, effective August 28, 2010. — Amended 1988 Ky. Acts ch. 106, sec. 5, effective July 15, 1988. — Created 1984 Ky. Acts ch. 221, sec. 1, effective July 13, 1984.
Legislative Research Commission Note (1/1/2023). 2022 Ky. Acts ch. 21, sec. 26, provides that the Act, which amended this statute, may be cited as the Unemployment Insurance Sustainability Act of 2022.