A bill to amend the Internal Revenue Code of 1954 to provide that the provisions which increase the Federal unemployment tax in States which have outstanding loans will not apply if the State makes certain repayments.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to provide that the credit against Federal unemployment tax liability available to an employer shall not be reduced due to advances made to the unemployment account of a State under title XII (Advances to State Unemployment Funds) of the Social Security Act, if such State: (1) repays during the one-year period ending on November 9 of the taxable year the advances made to its unemployment account and such repayments are not less than the sum of the State's potential additional taxes for the taxable year, plus any advances made to such State during the one-year period; and (2) maintains sufficient amounts in its unemployment funds to pay all compensation during the six-month period beginning on November 1 of the taxable year without receiving any advances under title XII of the Social Security Act. Empowers the Secretary of Labor to require a State to furnish any information necessary to determine if such State has made proper repayments.…