Page:United States Statutes at Large Volume 79.djvu/436

 396 75 Stat. 141. 26 USC 3111.

PUBLIC LAW 89-97-JULY 30, 1965

[79 STAT.

(c) Section 3111 of the Internal Revenue Code of 1954 (relating to rate of tax on employers under the Federal Insurance Contributions Act) is amended to read as follows: "SEC. 3 l l l. RATE OF TAX.

68A Stat. 417. 26 USC 3121.

" (a) OLD-AGE, SURVIVORS, AND DISABILITY INSURANCE.—In addition to other taxes, there is hereby imposed on every employer an excise tax, with respect to having individuals in his employ, equal to the following percentages of the wages (as denned in section 3121(a)) paid by him with respect to employment (as defined in section 3121(b))— "(1) with respect to wages paid during the calendar year 1966, the rate shall be 3.85 percent; "(2) with respect to wages paid during the calendar years 1967 and 1968, the rate shall be 3.9 percent; "(3) with respect to wages paid during the calendar years 1969, 1970, 1971, and 1972, the rate shall be 4.4 percent; and "(4) with respect to wages paid after December 31, 1972, the rate shall be 4.85 percent. " (b) HOSPITAL INSURANCE.—In addition to the tax imposed by the preceding subsection, there is hereby imposed on every employer an excise tax, with respect to having individuals in his employ, equal to the following percentages of the wages (as defined in section 3121(a)) aid by him with respect to employment (as defined in section 3121(b), ut without regard to the provisions of paragraph (9) thereof insofar as dt relates to employees)— "(1) with respect to wages paid during the calendar year 1966, the rate shall be 0.35 percent; "(2) with respect to wages paid during the calendar years 1967, 1968, 1969, 1970, 1971, and 1972, the rate shall be 0.50 percent; "(3) with respect to wages paid during the calendar years 1973, 1974, and 1975, the rate shall be 0.55 percent; " (4) with respect to wages paid during the calendar years 1976, 1977, 1978, and 1979, the rate shall be 0.60 percent; "(5) with respect to wages paid during the calendar years 1980, 1981, 1982, 1983, 1984, 1985, and 1986, the rate shall be 0.70 percent; "(6) with respect to wages paid after December 31, 1986, the rate shall be 0.80 percent." (d) The amendments made by subsection (a) shall apply only with respect to taxable years beginning after December 31, 1965. The amendments made by subsections (b) and (c) shall apply only with respect to remuneration paid after December 31, 1965.

E

REIMBURSEMENT OF T R U S T - F U N D S FOR COST OF NONCONTRIBUTOR:Y M I L I TARY SERVICE CREDITS

42 USC 4\7.*

^^^- ^22- Section 217(g) of the Social Security Act is amended to read as follows: " (g)(1) I n September 1965, and in every fifth September thereafter up to and including September 2010, the Secretary shall determine the amount which, if paid in equal installments at the beginning of each fiscal year in the period beginning— " (A) with July 1, 1965, in the case of the first such determination, and " (B) with the July 1 following the determination in the case of all other such determinations,

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