B70
CONCURRENT RESOLUTION S - J U L Y 29, 1954 [68 S T A T.
(3) I n section 104(a)(S), to strike out "such amounts" and insert sw)h amounts (A) and to strike out "employee);" and insert in lieu thereof the following: employee^ or (B) are paid by the employer)f (4) I n the heading to section 213(f), to strike out "FOR CHIIJ) CARE"
and insert in lieu thereof the following: FOR CARE OF CERTAIN DEPENDENTS
(5) I n section 421(d)(1)(D), in lieu of inserting "on or after June 18, 1954" to insert the following: on or after June 22^ 1951^. (6) In section 503(b)(3), to strike out "section 501(c)(3) " and insert in lieu thereof the following: section 601(a) (7) I n the table of sections to part III on page 143 of the House engrossed bill, to strike out "foreign personal company" and insert in lieu thereof the following: foreign personal holding company (8) I n section 601, to strike out "section 545(b)(7) " and insert in lieu thereof the following: section 51^5 (h)(6) (9) I n section 681(a), to strike out "exempt under section 501(c) (3) from taxation" and insert in lieu thereof the following: exempt from tax under section 501(a) by reason of section 501(c)(3) (10) I n section 1492(1), to strike out "section 501(e), relating to pension trusts" and insert in lieu thereof the following: section Jfil (a) (11) I n section 3121(k)(2), to strike out "of this chapter" each place it appears and insert in lieu thereof the following: applicable with respect to the taxes imposed by this chapter (12) To strike out subsection (c) of section 3302 and insert in lieu thereof the following: (c) LIMIT ON TOTAL
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CREDITS.—
(1) The total credits allowed to a taxpayer under this section shall not exceed 90 percent of the tax against which such credits are allowable. (2) If an advance or advances have been made to the unemployment account of a State under title XII of the Social Security Act., and if any balance of such advance or advances has not been returned to the Federal unemployment account as provided in that title before December 1 of the taxable year., then the total credits (after other reductions under this section) otherwise allowable under this section for such taxable year in the case of a taxpayer subject to the unemployment compensation law of such State shall be reduced— (A) in the case of a taxable year beginning with the fourth consecutive January 1 on which such a balance of unretumed advanxies existed., by 5 percent of the tax imposed by section 3301 with respect to the wages paid by su^h taxpayer during such taxable year which are attributable to such State; and (B) in the case of any succeeding taxable year beginning with a consecutive January 1 on which such a balance of unretumed advances existed., by an additional 5 percent, for each such succeeding taxable year., of the tax imposed by section 3301 with respect to the wages paid by such taxpayer during such taxable year which are attributable to such State. For 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 or his delegate) to he attributable to such State.
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