HI SB2795

Creates a new exemption category (paragraph 21) for family-owned private corporations organized for profit where only one family member owns 100% of the shares.

Allows such single-owner family corporations to elect exclusion from unemployment insurance coverage under the same conditions as multi-owner family corporations, including presenting proof of paid federal unemployment insurance taxes.

Makes the exclusion irrevocable for five years and effective on the first day of the calendar quarter when the application and required documents are filed with the department.

Renumbers existing exemption paragraphs (21-24) to (22-25) to accommodate the new single-owner family corporation provision.

Makes technical corrections to statutory references, including updating Internal Revenue Code citations to specify "of 1986, as amended" and changing "and vegetable" to "or plant" life in aquatic harvesting definitions.