A bill to amend the Federal Unemployment Tax Act to repeal the penalty provision relating to employers in States with outstanding loan balances, and to suspend loan repayment and interest requirements for States having a high unemployment rate.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to provide that the credit against employment tax liability available to an employer shall not be reduced due to any unpaid balance of advances made to the unemployment account of a State under title XII (Advances to State Unemployment Funds) of the Social Security Act. Amends title XII (Advances to State Unemployment Funds) of the Social Security Act to provide that interest shall not accrue on any advance made to a State during a specified period during which the rate of insured unemployment is equal to or greater than five percent. Provides that no repayment of any advance or of any interest on an advance shall be required during the same period. Amends the Federal-State Extended Unemployment Compensation Act of 1970 to include claims for regular, extended, and sharable regular compensation in the calculation of the "insured unemployment rate." (Current law includes only claims for regular compensation.)…