68
STAT.]
PUBLIC LAW 567-AUG. 5, 1954
673
" (B) in the case of any succeeding taxable year beginning with a consecutive January 1 on which such a balance of unreturned advances existed, by an additional 5 per centum, for each such succeeding taxable year, of the tax imposed by section 1600 with respect to the wages paid by such taxpayer during such taxable year which are attributable to such State. Wages. For the purposes of this paragraph, wages shall be attributable to a particular State if they are subject to the unemployment compensation law of the State, or (if not subject to the unemployment compensation law of any State) if they are determined (under rules or regulations prescribed by the Secretary) to be attributable to such State." 60 Stat. 991. SEC. 5. (a)(1) Section 303(a)(5) of the Social Security Act is 42 USC 503(a) (5). hereby amended by striking out the semicolon and insertinjr in lieu thereof a colon and the following: 'Provided further, That the amounts specified by section 903(c)(2) may, subject to the conditions Ante, p. 670. prescribed in such section, be used for expenses incurred by the State for administration of its unemployment compensation law and public employment offices;". 26 (2) Section 1603(a)(4) of the Internal Revenue Code is hereby (a)(4). u s e 1 6 0 3 amended by striking out the semicolon and inserting in lieu thereof a colon and the following: '•'• Provided further, That the amounts specified by section 903(c)(2) of the Social Security Act may, subject to Ante, p. 670. the conditions prescribed in such section, be used for expenses incurred by the State for administration of its unemployment compensation law and public employment offices;". 26 USC 1607(f). (3) Section 1607(f) of the Internal Revenue Code is hereby amended by striking out the period at the end thereof and inserting in lieu thereof a colon and the following: '•Provided further, That the Ante, p. 670. amounts specified by section 903(c)(2) of the Social Security Act may, subject to the conditions prescribed in such section, be used for expenses incurred by the State for administration of its unemployment compensation law and public employment offices.". 58 Stat. 789. (b) Section 904(a) of the Social Security Act is hereby amended 42 USC 1104(a). by striking out "or deposited pursuant to appropriations to the Federal unemployment account" and inserting in lieu thereof ", or otherwise deposited in or credited to the Fund or any account therein". 49 Stat. 641. (c) Section 904(b) of the Social Security Act is hereby amended 42 USC 1104(b). by adding at the end thereof the following new sentence: "Advances to the Federal unemployment account pursuant to section 1202(c) Ante, p. 672. shall not be invested." (d) Section 904(e) of the Social Security Act is hereby amended 42 USC 1104(e). by adding at the end thereof the following new sentence: "For the purposes of this subsection, the average daily balance shall be computed— "(1) in the case of any State account, by reducing (but not below zero) the amount in the account by the aggregate of the Ante, p. 671. outstanding advances under section 1201 from the Federal unemployment account, and "(2) in the case of the Federal unemployment account, (A) by adding to the amount in the account the aggregate of the reductions under paragraph (l), and (B) by subtracting from the sum so obtained the aggregate of the outstanding advances from Ante, p. 672. the Treasury to the account pursuant to section 1202(c)." Repeal. (e) Section 904(g) of the Social Security Act is hereby repealed. 42 USC 1104(g). (f)(1) Clause (2) of the second sentence of section 904(h) of the 61 Social Security Act is hereby amended to read as follows: "(2) the Stat. Stat. 794; 64 560. 42 USC 1104(h). excess of taxes collected under the Federal Unemployment Tax Act
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