640 Total credit . Certification of State laws. Approval ; condi- tions . Payment of compen- sation through public employment offices . Payment to credit of Unemployment Trust Fund . Expenditureofrequi- sitioned funds . Refusal of employ- able to accept work un- der certain conditions . Amendment of State laws . Notification to Gov- ernor of State. Annual certification by Board of approved State laws . Rest ricti on on approval. Notification to Gov- ernor ; when . Unemployment Trust Fund. Esta blis hme nt . Receipt of deposited funds . 74TH CON GRESS . SESS . I. CH. 531. AUGUST 14, 1935. State law . The total credit allowed to a taxpayer under this section for all contributions paid into unemployment funds with respect to employment during such taxable year shall not exceed 90 per centum of the tax against which it is credited, and credit shall be allowed only for contributions made under the laws of States certified for the taxable year as provided in section 903 . CERTIFICATION OF STATE LAWS SEC. 903 . (a) The Social Security Board shall approve any State law submitted to it, within thirty days of such submission, which it finds provid es that- (1) All compensation is to be paid through public employment offices in the State or such other agencies as the Board may approve ; (2) No compensation shall be payable with respect to any day of unemployment occurring within two years after the first day of th e first period with respec t to which contributions are required ; (3) Al l money receiv ed in t he unemp loyment fund s hall immediately upon such receipt be paid over to the Secretary of the Treasury to the credit of the Unemployment Trust Fund established by section 904 ; (4) All money withdrawn from the Unemployment Trust Fund by the State agency shall be used solely in the payment of compensation, exclusive of expenses of administration ; (5) Compensation s hall not be denied in such State to any otherwise eligible individual for refusing to accept new work under any of the following conditions : (A) If the position offered is vacant due directly to a strike, lockout, or other labor dispute
(B) if the wages, hours, or other conditions of the work offered are substantially less favorable to the individual than those prevailing for similar work in the locality ; (C) if as a condition of being employed the individual would be required to join a compa ny union Or to resign from or refrain from joining any bona fide labor organization ; (6) All the rights, privileges, or immunities conferred by such law or by acts done pursuant thereto shall exist subject to the power of the legislature to amend or repeal such law at any time . The Board shall, up on approving such law , notify the Governor of the State of its approval . (b) On Dece mber 31 in each taxable year t he Boar d shall certify to the Secretary of the Treasury each State whose law it has pre- viously approved, except that it shall not certify any State which, after reasonable notice and opportunity for hearing to the State agency, the Board finds has changed its law so that it no longer contains the provisions specified in subsection (a) or has with re- spect to suc h taxabl e year failed t o compl y substa ntially with an y such provision . (c) If, at any time during the taxable year, the Board has reason to believe that a State whose law it has previously approved, may not be certified under subsection (b), it shall promptly so notify the Gover nor of such Sta te . UNEMPLOYMENT TRUST FUN D SEC. 904. (a) There is hereby established in the Treasury of the United States a trust fund to be kn own as the " Unemployment Trust Fund ", hereinafter in this title called the " Fund ". The Secretary of the Treasury is authorized and directed to receive and hold in the Fund all moneys deposited therein by a State agency
