Contributions unpaid for any quarter which become due and payable after the last day of the calendar quarter in which this act became^* effective (August 28, 1994) shall bear interest at the rate established by the Internal Revenue Code pursuant to Title 26, Section 6621(b), in effect on the date on which such contribution became due, provided, however, that such interest shall abate for any period of any extension of time granted by the division pursuant to the provisions of section 288.090. Such interest shall accrue for each month, or part of a month, after such date until payment is received by the division, except that:

1. (1) An employing unit not previously subject to this law, which becomes an employer and does not refuse to make the reports required under this law shall not be liable for such interest until thirty days after it has been notified that the division has made a determination that it is an employer subject to this law; or
2. (2) An employing unit previously subject to this law, which acquires substantially all of the business of an employer under section 288.110 and whose contribution rate increases after the accounts were combined and does not refuse to make the reports required under this law shall not be liable for such interest until thirty days after it has been notified that the division has made a determination that it is a successor employer under this chapter.

(L. 1951 p. 564, A.L. 1982 H.B. 1521, A.L. 1994 S.B. 559, A.L. 1998 S.B. 922)

Effective 1-01-99

*Word "becomes" appears in original rolls.