A bill to amend the Federal Unemployment Tax Act to provide a 5-year moratorium on application of the penalty imposed (through a reduction in the credit allowed employers against the Federal unemployment tax) by existing law on States which have failed to make timely repayment of advances made to the State's unemployment account.

[AI summary unavailable — showing source text] Provides a five-year moratorium on application of the penalty imposed (through a reduction in the credit allowed employers against the Federal unemployment tax) by the Internal Revenue Code on States which have failed to make timely repayment of advances made to the State's unemployment account.…