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PUBLIC LAW 93-69-JULY 10, 1973

[87

STAT.

Public Law 93-69 July 10, 1973 [H. R. 7200]

Railroads. Retirement a n n u i t i e s and tax rates. I n t e r s t a t e and i n t r a s t a t e rate adjustments. 60 Stat. 727; 75 Stat. 585. 45 USC 228b.

Employee retirement tax r a t e s, reduction. 73 Stat. 2 8; 80 Stat. 1078. 26 USC 3 2 0 1.

86 Stat. 1362, 1363.

68A Stat. 417; 86 Stat. 419, 1365. 80 Stat. 1088.

Employee representatives, tax. 73 Stat. 29; 80 Stat. 1078, 1088.

Employers, excise tax.

AN ACT To amend the Railroad Retirement Act of 1937 and the Railroad Retirement Tax Act to revise certain eligibility conditions for annuities; to change the railroad retirement tax rates; and to amend the Interstate Commerce Act in order to improve the procedures pertaining to certain rate adjustments for carriers subject to part I of the Act, and for other purposes.

Be it enacted by the Senate and House of Representatives United States of America in Congress assembled,

of the

TITLE I — R A I L R O A D RETIREMENT ACT AMENDMENTS SEC. 101. Section 2(a) of the Railroad Retirement Act of 1937 is amended— (1) by striking out "Women" in paragraph 2 and inserting in lieu thereof "Individuals"; (2) by striking out "Men who will have attained the age of sixty and will have completed thirty years of service, or individuals" in paragraph 3 and inserting in lieu thereof "Individuals"; and (3) by striking out "such men or" in paragraph 3 thereof. SEC. 102. (a) Section 3201 of the Internal Revenue Code of 1954 (relating to the rate of tax on employees under the Railroad Retirement Tax Act) is amended by striking out all that appears therein and inserting in lieu thereof the following: "In addition to other taxes, there is hereby imposed on the income of every employee a tax equal to the rate of the tax imposed with respect to wages by section 3101(a) of the Internal Revenue Code of 1954 plus the rate imposed by section 3101(b) of such Code of so much of the compensation paid to such employee for services rendered by him after September 30, 1973, as is not in excess of an amount equal to one-twelfth of the current maximum annual taxable 'wages' as defined in section 3121 of the Internal Revenue Code of 1954 for any month after September 30, 1973." (b) Section 3202(a) of such Code is amended— (1) by striking out "1965" wherever it appears in the second sentence thereof and inserting in lieu thereof "1973"; (2) by striking out "(i) $450, or ( i i) " wherever it appears in the second sentence thereof; and (3) by striking out", whichever is greater," wherever it appears in the second sentence thereof. (c) Section 3211(a) of such Code (relating to the rate of tax on employee representatives under the Railroad Retirement Tax Act) is amended by striking out all that appears therein and inserting in lieu thereof the following: " (a) In addition to other taxes, there is hereby imposed on the income of each employee representative a tax equal to 9.5 percent plus the sum of the rates of tax imposed with respect to wages by sections 3101(a), 3101(b), 3111(a), 3111(b) of the Internal Revenue Code of 1954 of so much of the compensation paid to such employee representative for services rendered by him after September 30, 1973, as is not in excess of an amount equal to one-twelfth of the current maximum annual taxable 'wages' as defined in section 3121 of the Internal Revenue Code of 1954 for any month after September 30, 1973." (d) Section 3221(a) of such Code (relating to the rate of tax on employers under the Railroad Retirement Tax Act) is amended by striking out " I n addition to other taxes" and all that follows to "except that" and inserting in lieu thereof the following:

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