Page:United States Statutes at Large Volume 74.djvu/1012

 972 Post, p. 980.

42 USC 1400.

PUBLIC LAW 86-778-SEPT. 13, 1960

[74

STAT.

«(g^ ^^^ Federal Unemployment Tax Act, and " (C) any Federal unemployment compensation law with respect to which responsibility for administration is vested in the Secretary of Labor. In determining the expenses taken into account under subparagraphs (B) and (C), there shall be excluded any amount attributable to the Temporary Unemployment Compensation Act of 1958, as amended. If it subsequently appears that the estimates under this paragraph in any particular period were too high or too low, appropriate adjustments shall be made by the Secretary of the Treasury in future payments. "Additional Tax Attributable to Reduced Credits

Post, p. 978.

42 USC 1400c.

" (d)(1) The Secretary of the Treasury is directed to transfer from the employment security administration account— " (A) To the Federal unemployment account, an amount equal to the amount by which— "(i) 100 per centum of the additional tax received under the Federal Unemployment Tax Act with respect to any State by reason of the reduced credits provisions of section 3302(c) (2) or (3) of such Act and covered into the Treasury for the repayment of advances made to the State under section 1201, exceeds "(ii) the amount transferred to the account of such State pursuant to subparagraph (B) of this paragraph. Any amount transferred pursuant to this subparagraph shall be credited against, and shall operate to reduce, that balance of advances, made under section 1201 to the State, with respect to which employers paid such additional tax. " (B) To the account (in the Unemployment Trust Fund) of the State with respect to which employers paid such additional tax, an amount equal to the amount by which such additional tax received and covered into the Treasury exceeds that balance of advances, made under section 1201 to the State, with respect to which employers paid such additional tax. If, for any taxable year, there is with respect to any State both a balance described in section 3302(c)(2) of the Federal Unemployment Tax Act and a balance described in section 3302(c)(3) of such Act, this paragraph shall be applied separately with respect to section 3302 (c)(2) (and the balance described therein) and separately with respect to section 3302(c)(3) (and the balance described therein). "(2) The Secretary of the Treasury is directed to transfer from the employment security administration account— " (A) To the general fund of the Treasury, an amount equal to the amount by which— "(i) 100 per centum of the additional tax received under the Federal Unemployment Tax Act with respect to any State by reason of the reduced credit provision of section 104 of the Temporary Unemployment Compensation Act of 1958, as amended, and covered into the Treasury, exceeds "(ii) the amount transferred to the account of such State pursuant to subparagraph (B) of this paragraph. " (B) To the account (in the Unemployment Trust Fund) of the State with respect to which employers paid such additional tax, an amount equal to the amount by which— " (i) such additional tax received and covered into the Treasury, exceeds

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