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7hu CONGRESS . SESS. I. CH. 531. AUGUST 14, 1935. (b) If the amount of the contributions actually so paid by the taxpayer is less than the amount which he should have paid under the State law , the add ition al c redit und er su bsec tion (a) shall be reduc ed proportionately . Total credits allowed . (c) The total credits allowed to a taxpayer under this title shall not e xceed 90 per ce ntum of the tax against which such cre dits ar e taken. Conditions of addi- tional credit allowance . CONDITIONS OF ADD ITI ONA L CRE DIT ALLOWANCE When credit allow- SEC. 910. (a) A taxpayer shall be allowed the additional credit ante to be granted .
under section 909, with respect to his contribution rate under a State law being lower, for any taxable year, than that of another employer subject to such law, only if the Board finds that under such law- (1) Such lower rate, with respect to contributions to a pooled fund, is permitted on the basis of not less than three years of compensation experience ; (2) Such lower rate, with respect to contributions to a guaran- teed employment account, is permitted only when his guaranty of employment was fulfilled in the preceding calendar year, and s uch guaranteed employm ent account amounts t o not less than 71/2 per centum of the total wages payable by him, in accordance with such guaranty, with respect to employment in such State in the preceding calendar year ; (3) Such lower rate, with respect to contributions to a separate reserve account, is permitted only when (A) compensation has been payable from such account throughout the preceding calendar year, and (B) such account amounts to not less than five times the largest amount of compensation paid from such account within a ny one of the three pr eceding calendar year s, and (C) such account amounts to not less than 7 1/2 per centum of the total wages payable by him (plus the total wages payable by any other employers who may be contributing to such account) with respect to emp loyment in such State i n the p receding calend ar year . Reductions .
(b) Such additional credit shall be reduced, if any contributions under such law are made by such taxpayer at a lower rate under conditions not fulfilling the requirements of subsection (a), by the amount bearing the same ratio to such additional credit as the amou nt of c ontribut ions ma de at s uch lowe r rate bears to the to tal of his contributions paid for such year under such law . Def initi ons .
(c) As used in this section- "Rese rve acco unt . " (1) The term " reserve account " means a separate account in an unemployment fund, with respect to an employer or group of employ ers, fro m which compens ation i s payabl e only with res pect to the unemployment of individuals who were in the employ of such employer, or of one of the employers comprising the group . "Pool ed fund . " (2) The term " pooled fund " means an unemployment fund or any part thereof in which all contributions are mingled and undi- vided, and from which compensation is payable to all eligible indi- viduals, except that to individuals last employed by employers with respect to whom reserve accounts are maintained by the State agency, it is payable only when such accounts are exhausted . "Gu ara ntee d em-
(3) The term " guaranteed employment account " means a sepa- pl oyment a ccount . " rate a ccount, in an u nemploym ent fun d, of co ntribut ions pai d by an employer (or group of employers) who (A) guarantees in advance thirty hours of wages for each of forty calendar weeks (or more, with one weekly hour deducted for each added week guaranteed) in twelve months, to all the individuals in his employ in one or more distinct establishments, except that any such i ndividua l's gua ranty ma y comme nce aft er
