Page:United States Statutes at Large Volume 74.djvu/1022

 982

PUBLIC LAW 86-778-SEPT. 13, 1960

[74 S T A T.

ing the amount taken into account under subparagraph (A) of the preceding sentence by the aggregate amount of employee payments (if any) into the unemployment fund of such State with respect to such calendar year which are to be used solely in the payment of unemployment compensation. "(5) 5-YEAR BENEFIT COST RATE.—For purposes of Subparagraph (C) of subsection (c)(3), the 5-year benefit cost rate applicable to any State for any taxable year is that percentage obtained by dividing— " (A) one-fifth of the total of the compensation paid under the State unemployment compensation law during the 5-year period ending at the close of the second calendar year preceding such taxable year, by " (B) the total of the remuneration subject to contributions under the State unemployment compensation law with respect to the first calendar year preceding such taxable year. "(6) ROUNDING.—If any percentage referred to in either subparagraph (B) or (C) of subsection (c)(3) is not a multiple of.1 percent, it shall be rounded to the nearest multiple of.1 percent. " (7)

DETERMINATION AND CERTIFICATION OF PERCENTAGES.—The

percentage referred to in subsection (c)(3)(B) or (C) for any taxable year for any State having a balance referred to therein shall be determined by the Secretary of Labor, and shall be certified by him to the Secretary of the Treasury before June 1 of such year, on the basis of a report furnished by such State to the Secretary of Labor before May 1 of such year. Any such State report shall be made as of the close of March 31 of the taxable year, and shall be made on such forms, and shall contain such information, as the Secretary of Labor deems necessary to the performance of his duties under this section. " (8) CROSS REFERENCE.—

"For reduction of total credits allowable under subsection (c), see section 104 of the Temporary Unemployment Compensation Act of 1958." Effective Date (c) The amendments made by subsection (a) shall apply only with respect to the calendar year 1961 and calendar years thereafter. CONFORMING AMENDMENTS 42 USC 501.

SEC. 524. (a) Section 301 of the Social Security Act is amended to read as follows: "APPROPRIATIONS

Ante, p. 971.

42 USC 1400c.

"SEC. 301. The amounts made available pursuant to section 901(c) (1)(A) for the purpose of assisting the States in the administration of their unemployment compensation laws shall be used as hereinafter provided." (b) Section 104 of the Temporary Unemployment Compensation Act of 1958, as amended, is amended— (1) by striking out subsection (b); and (2) by amending subsection (a) by striking out the heading and " (a) ", and by striking out "by December 1" and inserting in lieu thereof "before November 10".

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