TRANSFER OF FUNDS INTO THE FEDERAL UNEMPLOYMENT ACCOUNT AND THE EXTENDED UNEMPLOYMENT COMPENSATION ACCOUNT.

SEC. 9154. TRANSFER OF FUNDS INTO THE FEDERAL UNEMPLOYMENT ACCOUNT AND THE EXTENDED UNEMPLOYMENT COMPENSATION ACCOUNT. (a) In General.— Section 901 of the Social Security Act (42 U.S.C. 1101) is amended by adding at the end the following new subsection: “Transfers For Calendar Years 1988, 1989, and 1990 “(g) (1) With respect to calendar years 1988, 1989, and 1990, the Secretary of the Treasury shall transfer from the employment security administration account— “(A) to the Federal unemployment account an amount equal to 50 percent of the amount of tax received under section 3301(1) of the Federal Unemployment Tax Act which is attributable to the difference in the tax rates between paragraphs (1) and (2) of such section; and “(B) to the extended unemployment compensation account an amount equal to 50 percent of such amount of tax received. “(2) Transfers under this subsection shall be as of the beginning of the month succeeding the month in which the moneys were credited to the employment security administration account pursuant to subsection (b)(2) with respect to wages paid during such calendar years.”. (b) Increase in the Limitation on the Amounts in Such Accounts.— (1) Section 902(a)(2) of such Act (42 U.S.C. 1102(a)(2)) is amended by striking out “one-eighth” and inserting in lieu thereof “five-eighths”. (2) Section 905(b)(2)(B) of such Act (42 U.S.C. 1105a))(2)(B)) is amended by striking out “one-eighth” and inserting in lieu thereof “three-eighths”. (c) Conforming Amendments.— (1) Section 905(b)(1) of such Act (42 U.S.C. 1105(b)(1)) is amended by striking out the last sentence thereof. (2) Section 901(c)(3)(C) of such Act (42 U.S.C. 1101(c)(3)(C)) is amended by striking out “(i)” and all that follows through the period and inserting in lieu thereof “a tax rate of 0.6 percent.”. (d) Effective Date.— The amendments made by this section shall become effective on the date of the enactment of this Act.