Page:United States Statutes at Large Volume 77.djvu/83

 77 STAT. ]

PUBLIC LAW 88-31-MAY 29, 1963

51

Public Law 88-31 AN ACT To amend title IX of the Social Security Act with respect to the amount authorized to be made available to the States out of the employment security administration account for certain administrative exi^enses, to reduce the rate of the Federal unemployment tax for the calendar year 1963, and for other purposes.

May 29, 1963 [H. R. 4655]

Be it enacted by the Senate and House of Representatives of the United States of America in Congress asse7noIed, That section 901(c) Employment seof the Social Security Act (42 U.S.C., sec. 1101 (c)) is amended— ^^J^^l ^'Ste^r^*' (1) by striking out "June 30, 1961," at the beginning of para- "Aurwzation. graph (1) and inserting in lieu thereof "June 30, 1964,''; 74 Stat. 971. (2) by striking out " ( not in excess of $350,000,000 for any fiscal year)"' in paragraph (1)(A) and inserting in lieu ther-eof "(not in excess of the limit provided by paragraph (3)) "; and (3) by adding at the end thereof the following new paragraph: "(3) For purposes of paragraph (1)(A), the limitation on the amount authorized to be made available for any fiscal year is— " (A) in the case of the fiscal year ending June 30, 1964, an amount equal to 95 percent of the amount estimated by the Secretary of the Treasury as the net receipts during such fiscal year under the Federal Unemployment Tax Act, and esA Stat. 454. " (B) in the case of any fiscal year thereafter, an amount 26 USC 3308. equal to 95 percent of the amount estimated and set forth in the Budget of the United States Government for such fiscal year as the net receipts during such year under the Federal Unemployment Tax Act. Each estimate of net receipts under this paragraph shall be based Report to conon a tax rate of 0.4 percent. The Secretary of the Treasury shall s«-ess. report his estimate under subparagraph (A) to the Congress within 30 days after the date of the enactment of this paragraph. Such report shall be printed as a House document." SEC. 2. (a) Section 3301 of the Internal Revenue Code of 1954 unemployment (relating to rate of Federal unemployment tax) is amended by striking tf^Y^* '•**^" out the last sentence and inserting in lieu thereof the following new 26 USC 3301. sentences: " I n the case of wages paid during the calendar year 1962, the rate of such tax shall be 3.5 percent in lieu of 3.1 percent. I n the case of wages paid during the calendar year 1963, the rate of such tax shall be 3.35 percent in lieu of 3.1 percent." (b) Section 3302(d)(1) of such Code (relating to definitions and 75 Stat. le. special rules) is amended to read as follows: "(1) RATE OF TAX DEEMED TO BE a PERCENT.—In applying subsection (c), the tax imposed by section 3301 shall be computed at the rate of 3 percent in lieu of the rate provided by such section " (c) Section 905(b) of the Social Security Act (42 U.S.C. sec. 1105(b)) is amended by striking out "50 percent of the amount" 75 Stat. 15. and inserting in lieu thereof "50 percent (with respect to the calendar year 1963), or %3 (with respect to the calendar year 1964), of the amount". SEC. 3. Section 903(c)(2) of the Social Security Act (42 U.S.C. sec. 1103('c)(2)) is amended 74 Stat. 976. (1) by striking out "four preceding fiscal years," in subparagraph (D) of the first sentence and inserting in lieu thereof "nine preceding fiscal years,", (2) by striking out "such five fiscal years" in subparagraph (D) of the first sentence and inserting in lieu thereof "sudi ten fiscal years", and

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