Page:United States Statutes at Large Volume 68 Part 1.djvu/702

 670

PUBLIC LAW 567~AUG. 5, 1954

[68 S T A T.

of the beginning of the succeeding fiscal year) to the Federal unemployment account so much of such amount as equals whichever of the following is the lesser: "(1) The total amount so transferred; or "(2) The amount by which $200,000,000 exceeds the adjusted . •'-; -' [; balance in the Federal unemployment account at the close of the fiscal year for which the transfer is made. Adjusted b ai- jTor the purposes of the preceding sentence, the term 'adjusted balance' ance means the amount by which the balance in the Federal unemployment account exceeds the sum of the outstanding advances under section Post, p. 672. 1202 (c) to the Federal unemployment account. "AMOUNTS CREDITED TO STATES' ACCOUNTS

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"SEC. 903. (a) So much of any amount transferred to the Unemployment Trust F u n d at the close of any fiscal year under section 901(a) as is not credited to the Federal unemployment account under section 902 shall be credited (as of the beginning of the succeeding fiscal year) to the accounts of the States in the Unemployment Trust Fund. Each State's share of the funds to be credited under this subsection as of any July 1 shall be determined by the Secretary of Labor and certified by him to the Secretary of the Treasury on or before that date on the basis of reports furnished by the States to the Secretary o:^ Labor by June 1 and shall bear the same ratio to the total amount to be so credited as the amount of wages subject to contributions under such State unemployment compensation law during the preceding calendar year which have been reported to the State by May 1 bears to the total of wages subject to contributions under all State compensation laws during such calendar year which have been reported to the States by such May 1. " (b) If the Secretary of Labor finds that on July 1 of any fiscal

42 USC 503.

"(1) a State is not eligible for certification under section 303, or

26 USC 1603.

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"(2) the law of a State is not approvable under section 1603 of the Federal Unemployment Tax Act, then the amount available for crediting to such State's account shall, in lieu of being so credited, be credited to the Federal unemployment account as of the beginning of such July 1. If, during the fiscal year beginning on such July 1, the Secretary of Labor finds and certifies to the Secretary of the Treasury that such State is eligible for certification under section 303, that the law of such State is approvable under such section 1603, or both, the Secretary of the Treasury shall transfer such amount from the Federal unemployment account to the account of such State. If the Secretary of Labor does not so find and certify to the Secretary of the Treasury before the close of such fiscal year then the amount which was available for credit to such State's account as of July 1 of such fiscal year shall (as of the close of such fiscal year) become unrestricted as to use as part of the Federal unemployment account. "(c)(1) Amounts credited to the account of a State pursuant to subsection (a) shall, except as provided in paragraph (2), be used only in the payment of cash benefits to individuals with respect to their unemployment, exclusive of expenses of administration. "(2) A State may, pursuant to a specific appropriation made by the legislative body of the State, use money withdrawn from its account in the payment of expenses incurred by it for the administration of its unemployment compensation law and public employment offices if and only if—

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