42 U.S.C. § 1102
Whenever the Secretary of the Treasury determines pursuant to section 1101(f) of this title that there is an excess in the employment security administration account as of the close of any fiscal year and the entire amount of such excess is not retained in the employment security administration account or transferred to the extended unemployment compensation account as provided in section 1101(f)(3) of this title, there shall be transferred (as of the beginning of the succeeding fiscal year) to the Federal unemployment account the balance of such excess or so much thereof as is required to increase the amount in the Federal unemployment account to whichever of the following is the greater:
The amount, if any, by which the amount in the Federal unemployment account as of the close of any fiscal year exceeds the greater of the amounts specified in paragraphs (1) and (2) of subsection (a) shall be transferred to the employment security administration account as of the close of such fiscal year.
Whenever the Secretary of Labor has reason to believe that in the next fiscal year the employment security administration account will reach the limit provided for such account in section 1101(f)(3)(A) of this title, and the Federal unemployment account will reach the limit provided for such account in subsection (a), and the extended unemployment compensation account will reach the limit provided for such account in section 1105(b)(2) of this title, he shall, after consultation with the Secretary of the Treasury, so report to the Congress with a recommendation for appropriate action by the Congress.
42 U.S.C. § 1102
EDITORIAL NOTES
PRIOR PROVISIONSA prior section 1102, act Aug. 14, 1935, ch. 531, title IX, §902, 49 Stat. 639, related to credit against tax. For further details, see Prior Law note set out preceding section 1101 of this title.
AMENDMENTS1997-Subsec. (a)(2). Pub. L. 105-33 substituted "0.5 percent" for "0.25 percent". 1992-Subsec. (a)(2). Pub. L. 102-318 substituted "0.25 percent" for "five-eighths of 1 percent". 1987-Subsec. (a)(2). Pub. L. 100-203 substituted "five-eighths" for "one-eighth". 1970-Subsec. (a). Pub. L. 91-373, §304(a), inserted, in provisions preceding par. (1), reference to the retention of the entire amount of the excess in the employment security administration account or the transfer to the extended unemployment compensation account as provided in section 1101(f)(3) of this title and, in par. (2), substituted "one-eighth of 1 percent" for "four-tenths of 1 per centum".Subsec. (c). Pub. L. 91-373, §304(b), added subsec. (c).1960- Pub. L. 86-778 substituted provisions for transfers between Federal unemployment account and employment security administration account for former provisions crediting the Federal unemployment account with funds and defining "adjusted balance".
STATUTORY NOTES AND RELATED SUBSIDIARIES
EFFECTIVE DATE OF 1997 AMENDMENT Pub. L. 105-33, title V, §5402(b), Aug. 5, 1997, 111 Stat. 603, provided that: "This section [amending this section] and the amendment made by this section-"(1) shall take effect on October 1, 2001, and"(2) shall apply to fiscal years beginning on or after that date."
EFFECTIVE DATE OF 1992 AMENDMENT Pub. L. 102-318, title V, §531(e), July 3, 1992, 106 Stat. 317, provided that:"(1) IN GENERAL.-Except as provided in paragraph (2), the amendments made by this section [enacting section 1110 of this title and amending this section and sections 1101, 1104, and 1105 of this title] shall take effect on the date of the enactment of this Act [July 3, 1992]. "(2) CHANGES IN CEILING AMOUNTS.-The amendments made by subsection[s] (a)(2) and (b) [amending this section and section 1105 of this title] shall apply to fiscal years beginning after September 30, 1993."
- Secretary
- The term "Secretary" means the Secretary of Housing and Urban Development.1See References in Text note below.