PUBLIC LAW 94-274—APR. 21, 1976
90 STAT. 383
Public Law 94-274 94th Congress An Act To provide for the orderly transition to the new October 1 to September 30 fiscal year.
Apr. 21, 1976 [S. 2444]
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That this Act may Fiscal Year be cited as the "Fiscal Year Transition Act". Transition Act. 31 USC 701 note. TITLE I SEC. 101. (a) For the purposes of sections 222(d)(1), 421, 506(d), 42 USC 422 note. 516, 705, 901 (e)(2) and (f), 902, 905(b)(2), 1108, 1115, and 2002 (a)(2) of the Social Security Act, the term "fiscal year" includes the period of July 1, 1976, through September 30, 1976, and the exercise of authority pursuant to tliese provisions for that period shall be subject to the conditions stated in the following paragraphs: (1) notwithstanding the provisions of section 222(d)(1) (42 U.S.C. 422(d)(1)), the amount authorized to be transferred from the trust funds pursuant to that section in the period beginning July 1, 1976, and ending September 30, 1976, may not exceed 1.5 per centum of the total of the benefits certified for payment in the first quarter of the fiscal year beginning July 1, 1975, and the amount authorized to be transferred from the Trust Funds in the fiscal year beginning October 1, 1976, may not exceed 1.5 per centum of the total of the benefits certified for payment in the preceding twelve months: (2) the fixed dollar allotment to each State under section 421 (42 U.S.C. 621) shall be $17,500; (3) the reduction required by section 506(d) (42 U.S.C. 706 (d)) shall be the amount by which the sum expended from non,[ Federal sources for that period is less than one-fourth the sum expended from such sources for the fiscal year ending June 30, 1968; • ' •'^' (4) the amount allotted to each State under section 516 (42 U.S.C. 716) shall be the excess of one-fourth the amount of the allotment for the State under sections 503 and 504 of the Social Security Act (42 U.S.C. 703 and 704), for the fiscal year ending June 30, 1973, plus the amount of any grants to the State under sections 508, 509, and 510 of that Act (42 U.S.C. 708, 709, and 710), over the amount of the allotment of the State under sections 503 and 504 of that Act for the period; (5) the limitation imposed by section 705(b) (42 U.S.C. 906 (b)) on the amount that may be available for carrying out sec* tion 705(f) shall be $500,000 for that period; (6) the percentage referenced in the second sentence of section 901(e)(2) (42 U.S.C. 1101(e)(2)) shall be reduced to 10 per centum for the purpose of advances to be made in that period; (7) notwithstanding the provisions of section 901(f)(3)(A) (42 U.S.C. 1101(f)(3)(A)), for the fiscal year beginning October 1, 1976, the excess in the employment administration account shall be retained until the amount m such account is equal to 160
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