Page:United States Statutes at Large Volume 94 Part 2.djvu/1382

 94 STAT. 2660

26 USC 3304 note.

PUBLIC LAW 96-499—DEC. 5, 1980 "(5) No payment shall be made under this Act to any State in respect of any sharable regular compensation paid to any individual for any week if, under the rules of paragraphs (3) and (4), extended compensation would not have been payable to such individual for such week.". (b) The amendment made by this section shall apply with respect to weeks of unemployment beginning after March 31, 1981. CERTIFICATION OF STATE UNEMPLOYMENT LAWS

26 USC 3304 note. 26 USC 3304.

SEC. 1025. On October 31 of any taxable year after 1980, the Secretary of Labor shall not certify any State, as provided in section 3304(c) of the Internal Revenue Code of 1954, which, after reasonable notice and opportunity for a hearing to the State agency, the Secretary of Labor finds has failed to amend its law so that it contains each of the provisions required by reason of the enactment of the preceding provisions of this subtitle to be included therein, or has with respect to the 12-month period ending on such October 31, failed to comply substantially with any such provision. ADDITIONAL SAVINGS

Post, p. 3655 Ante, p. 1310. Revenue Adjustments Act of 1980. 26 USC 1 note.

SEC. 1026. For provisions of law which reduce spending for fiscal year 1981 under the unemployment compensation program in satisfaction of reconciliation requirements imposed by sections 3(a)(8) and 3(a)(15) of H. Con. Res. 307 (96th Congress), see sections 415 and 416 of the Multiemployer Pension Plan Amendments Act of 1980 (Public Law 96-364).

TITLE XI—REVENUE MEASURES SEC. 1100. SHORT TITLE.

This title may be cited as the "Revenue Adjustments Act of 1980". Mortgage Subsidy Bond Tax Act of 1980. 26 USC 1 note.

Subtitle A—Housing Bonds SEC. 1101. SHORT TITLE.

This subtitle may be cited as the "Mortgage Subsidy Bond Tax Act of 1980". SEC. 1102. MORTGAGE SUBSIDY BONDS.

(a) IN GENERAL.—Part III of subchapter B of chapter 1 of the Internal Revenue Code of 1954 (relating to items specifically excluded from gross income) is amended by inserting after section 103 the following new section: 26 USC 103A.

"SEC. 103A. MORTGAGE SUBSIDY BONDS.

26 USC 103.

"(a) GENERAL RULE.—Except as otherwise provided in this section, any mortgage subsidy bond shall be treated as an obligation not described in subsection (a)(1) or (2) of section 103. "Qo) MORTGAGE SUBSIDY BOND DEFINED.—

"(1) IN GENERAL.—For purposes of this title, the term 'mortgage subsidy bond' means any obligation which is issued as part of an issue a significant portion of the proceeds of which are to be used directly or indirectly for mortgages on owner-occupied residences.

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