Page:United States Statutes at Large Volume 101 Part 2.djvu/1120

 101 STAT. 1330-326

PUBLIC LAW 100-203—DEC. 22, 1987

SEC. 9153. EXTENSION OF FUTA TAX.

26 USC 3301 note.

(a) IN GENERAL.—Paragraphs (1) and (2) of section 8301 of the Federal Unemployment Tax Act (26 U.S.C. 3301) are amended to read as follows: "(1) 6.2 percent in the case of calendar years 1988, 1989, and 1990; or "(2) 6.0 percent in the case of calendar year 1991 and each calendar year thereafter;". (b) EFFECTIVE DATE.—The amendment made by subsection (a) shall apply to wages paid on or after January 1, 1988. SEC. 9154. TRANSFER OF FUNDS INTO THE FEDERAL UNEMPLOYMENT ACCOUNT AND THE EXTENDED UNEMPLOYMENT COMPENSATION ACCOUNT. (a) IN GENERAL.—Section 901 of the Social Security Act (42 U.S.C. 1101) is amended by adding at the end the following new subsection: "Transfers For Calendar Years 1988, 1989, and 1990 "(g)(1) With respect to calendar years 1988, 1989, and 1990, the Secretary of the Treasury shall transfer from the employment security administration account— "(A) to the Federal unemployment account an amount equal to 50 percent of the amount of tax received under section 3301(1) of the Federal Unemployment Tax Act which is attributable to the difference in the tax rates between paragraphs (1) and (2) of such section; and "(B) to the extended unemployment compensation account an amount equal to 50 percent of such amount of tax received. "(2) Transfers under this subsection shall be as of the beginning of the month succeeding the month in which the moneys were credited to the employment security administration account pursuant to subsection (b)(2) with respect to wages paid during such calendar years.". (b) INCREASE IN THE LIMITATION ON THE AMOUNTS IN SUCH AC-

42 USC 1101 note.

COUNTS.—(1) Section 902(a)(2) of such Act (42 U.S.C. 1102(a)(2)) is amended by striking out "one-eighth" and inserting in lieu thereof "five-eighths". (2) Section 905(b)(2)(B) of such Act (42 U.S.C. 1105a))(2)(B)) is amended by striking out "one-eighth" and inserting in lieu thereof "three-eighths". (c) CONFORMING AMENDMENTS.—(1) Section 9050bXl) of such Act (42 U.S.C. 1105(b)(l)) is amended by striking out the last sentence thereof (2) Section 901(c)(3)(C) of such Act (42 U.S.C. 1101(c)(3)(C)) is amended by striking out "(i)" and all that follows through the period and inserting in lieu thereof "a tax rate of 0.6 percent.". (d) EFFECTIVE DATE.—The amendments made by this section shall become effective on the date of the enactment of this Act. SEC. 9155. INTEREST ON ADVANCES TO THE FEDERAL UNEMPLOYMENT ACCOUNT AND THE EXTENDED UNEMPLOYMENT COMPENSATION ACCOUNT. (a) EXTENDED UNEMPLOYMENT COMPENSATION ACCOUNT.—Section

905(d) of the Social Security Act (42 U.S.C. 1105(d)) is amended— (1) by striking out 'Without interest)" and ", without interest,'; and

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