Page:United States Statutes at Large Volume 89.djvu/303

 PUBLIC LAW 94-45—JUNE 30, 1975

89 STAT. 243

TITLE III—LOANS TO THE UNEMPLOYMENT FUND OF THE VIRGIN ISLANDS SEC. 301. (a) The Secretary of Labor (hereinafter in this section referred to as the "Secretary") may make loans to the Virgin Islands in such amounts as he determines to be necessary for the payment in any month of compensation under the unemployment compensation law of the Virgin Islands. A loan may be made under this subsection for the payment of compensation in any month only if— (1) the Governor of the Virgin Islands submits an application therefor no earlier than the first day of the preceding month; and (2) such application contains an estimate of the amount of the loan which will be required by the Virgin Islands for the payment of compensation in such month. (b) For purposes of this section— (1) an application for loan under subsection (a) shall be made on such forms and shall contain such information and data (fiscal and otherwise) concerning the operation and administration of the unemployment compensation law of the Virgin Islands as the Secretary deems necessary or relevant to the performance of his duties under this section; (2) the amount required by the Virgin Islands for the payment of compensation in any month shall be determined with due allowance for contingencies and taking into account all other amounts that will be available in the unemployment fund of the Virgin Islands for the payment of compensation in such month; and (3) the term "compensation" means cash benefits payable to individuals with respect to their unemployment, exclusive of expenses of administration. (c) Any loan made under subsection (a) shall be repayable (without interest) not later than January 1, 1978. If after January 1, 1978, any portion of any such loan remains unpaid, the Virgin Islands shall pay interest thereon, until the loan is paid in full, at a rate equal to the rate of interest in effect under section 6621 of the Internal Revenue Code of 1954. If at some future date the Federal Unemployment Tax Act shall be made applicable to the Virgin Islands, then, any amount of principal or interest due on any such loan remaining unpaid on such date shall be treated, for purposes of section 3302(c)(3) of the Internal Revenue Code of 1954, as an advance made to the Virgin Islands under title X II of the Social Security Act. (d) No loan may be made under subsection Ca) for any month beginning after June 30, 1976. The aggregate of the loans which may be made under subsection (a) shall not exceed $5,000,000. (e) There are authorized to be appropriated from the general fund of the Treasury such sums as may be necessary to carry out this section. SEC. 302. Section 3302(c)(4)(A) of the Internal Revenue Code of 1954 is amended by striking out "July 1, 1975" and inserting in lieu thereof "July 15, 1975".

26 USC 3304 note.

"Compensation.'

26 USC 6621. 26 USC 3311. 26 USC 3302. 42 USC 1321. Loan limitations.

Appropriation authorization.

TITLE IV—MISCELLANEOUS TAX CREDIT FOR PURCHASE OF NEW PRINCIPAL RESIDENCE

SEC. 401. (a) Section 44(e) of the Internal Revenue Code of 1954 (relating to property to which the credit for purchase of new principal residence applies) is amended by striking out paragraph (4) and inserting in lieu thereof the following:

Ante, p. 32.

26 USC 44.

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