74 Stat. 718

in the employment security administration account any amount over the amount provided in section 901(f) (3) (A), such excess amount, Ante, p. 715. except as provided in subsection (b), shall be transferred (as of the beginning of the succeeding fiscal year) to the accounts of the States in the Unemployment Trust Fund."

TITLE IV-MISCELLANEOUS PROVISIONS

SEC. 401. EXEMPTION OF CERTAIN INDUSTRIAL DEVELOPMENT BONDS
FROM REGISTRATION, ETC., REQUIREMENTS.

(a) Section 3 (a) of the Securities Act of 1933 (15 U.S.C. 77c) (relat- 48 Stat. 906. ing to exempted securities) is amended by adding at the end of paragraph (2) the following: "or any security which is an industrial development bond (as defined in section 103 (c) (2) of the Internal

Revenue Code of 1954) the interest on which is excludable from gross 82 Stat. 266. income under section 103 (a) (1) of such Code if, by reason of the 26 USC 103. application of paragraph (4) or (6) of section 103 (c) of such Code. (determined as if paragraphs (4) (A), (5), and (7) were not included in such section 103(c)), paragraph (1) of such section 103 (c) does not apply to such security;".

78 Stat. 565.

(b) Section 3 (a) of the Securities Exchange Act of 1934 (15 U.S.C. 78c) (relating to exempted securities) is amended by inserting after 48 Stat. 882; "any municipal corporate instrumentality of one or more States;" in paragraph (12) the following: "or any security which is an industrial development bond (as defined in section 103 (c)(2) of the Internal Revenue Code of 1954) the interest on which is excludable from gross income under section 103 (a) (1) of such Code if, by reason of the application of paragraph (4) or (6) of section 103(c) of such Code (determined as if paragraphs (4)(A), (5), and (7) were not included in such section 103(c)), paragraph (1) of such section 103 (c) does not apply to such security;".

(c) The amendments made by this section shall apply with respect Effective date. to securities sold after January 1, 1970.

Approved August 10, 1970.

LEGISLATIVE HISTORY:

HOUSE REPORTS: No. 91-612 (Comm. on Ways and Means) and
No. 91-1037 (Comm. of Conference).

SENATE REPORT No. 91-752 (Comm. on Finance).

CONGRESSIONAL RECORD:

Vol. 115 (1969): Nov. 13, considered and passed House.
Vol. 116 (1970): Apr. 7, considered and passed Senate, amended.

July 23, House agreed to conference report.
Aug. 4, Senate agreed to conference report.

83 Stat. 737. 42 USC 415.

(Extract from)
Public Law 92-5
92nd Congress, H. R. 4690
March 17, 1971

An Act

TITLE II-AMENDMENTS TO THE SOCIAL SECURITY ACT
INCREASE IN OLD-AGE, SURVIVORS, AND DISABILITY INSURANCE BENEFITS

SEC. 201. (a) Section 215 (a) of the Social Security Act is amended by striking out the table and inserting in lieu thereof the following:

"TABLE FOR DETERMINING PRIMARY INSURANCE AMOUNT AND
MAXIMUM FAMILY BENEFITS

"TABLE FOR DETERMINING PRIMARY INSURANCE AMOUNT AND
MAXIMUM FAMILY BENEFITS-Continued

85 STAT. 8

"TABLE FOR DETERMINING PRIMARY INSURANCE AMOUNT AND
MAXIMUM FAMILY BENEFITS-Continued

83 Stat. 739. 42 USC 403.

42 USC 402, 423%.

42 USC 422, 402.

(b) Section 203 (a) of such Act is amended by striking out paragraph (2) and inserting in lieu thereof the following:

66

'(2) when two or more persons were entitled (without the application of section 202(j) (1) and section 223 (b)) to monthly benefits under section 202 or 223 for January 1971 on the basis of the wages and self-employment income of such insured individual and at least one such person was so entitled for December 1970 on the basis of such wages and self-employment income, such total of benefits for January 1971 or any subsequent month shall not be reduced to less than the larger of

"(A) the amount determined under this subsection without regard to this paragraph, or

"(B) an amount equal to the sum of the amounts derived by multiplying the benefit amount determined under this title (including this subsection, but without the application of section 222(5), section 202 (q), and subsections (b), (c), and (d) of this section), as in effect prior to the amendment of this subsection in March 1971, for each such person for such month, by 110 percent and raising each such increased amount, if it is not a multiple of $0.10, to the next higher multiple of $0.10;

85 STAT. 9

but in any such case (i) paragraph (1) of this subsection shall not be applied to such total of benefits after the application of subparagraph (B), and (ii) if section 202 (k) (2) (A) was applicable 42 USC 402. in the case of any such benefits for January 1971, and ceases to apply after such month, the provisions of subparagraph (B) shall be applied, for and after the month in which section 202 (k) (2) (A) ceases to apply, as though paragraph (1) had not been applicable to such total of benefits for January 1971, or".

83 Stat. 740.

(c) Section 215(b)(4) of such Act is amended by striking out "December 1969" each time it appears and inserting in lieu thereof 42 USC 415. "December 1970".

(d) Section 215 (c) of such Act is amended to read as follows:

"Primary Insurance Amount Under 1969 Act

"(c) (1) For the purposes of column II of the table appearing in subsection (a) of this section, an individual's primary insurance amount Ante, p. 6. shall be computed on the basis of the law in effect prior to the amendment of this subsection in March 1971.

"(2) The provisions of this subsection shall be applicable only in the case of an individual who became entitled to benefits under section 202(a) or section 223 before the date on which this subsection was amended in March 1971, or who died before such date."

(e) The amendments made by this section shall apply with respect to monthly benefits under title II of the Social Security Act for months after December 1970 and with respect to lump-sum death payments under such title in the case of deaths occurring in and after the month in which this Act is enacted.

(f) If an individual was entitled to a disability insurance benefit under section 223 of the Social Security Act for December 1970 on the basis of an application filed in or after the month in which this Act is enacted, and became entitled to old-age insurance benefits under section 202 (a) of such Act for January 1971, then, for purposes of section 215 (a) (4) of the Social Security Act (if applicable), the amount in column IV of the table appearing in such section 215 (c) for such individual shall be the amount in such column on the line on which in column II appears his primary insurance amount (as determined under section 215 (c) of such Act) instead of the amount in column IV equal to the primary insurance amount on which his disability insurance benefit is based.

(g) Notwithstanding the provisions of sections 2(a) (10), 402(a) (7), 1002 (a) (8), 1402 (a) (8), and 1602(a) (13) and (14) of the Social Security Act, each State, in determining need for aid or assistance under a State plan approved under title I, X, XIV, or XVI, or part A of title IV, of such Act, may disregard (and the plan may be deemed to require the State to disregard), in addition to any other amounts which the State is required or permitted to disregard in determining such need, any amount paid to an individual under title II of such Act (or under the Railroad Retirement Act of 1937 by reason of the first proviso in section 3 (e) thereof), in any month after the month in which this Act is enacted, to the extent that (1) such payment is attributable to the increase in monthly benefits under the old-age, survivors, and disability insurance system for January, February, March, or April 1971 resulting from the enactment of this title, and (2) the amount of such increase is paid separately from the rest of the monthly benefit of such individual for January, February, March, or April 1971.

42 USC 423.

53 Stat. 1362.

42 USC 401.

42 USC 302, 602, 1202, 1352, 1382.

65 Stat. 685.

45 USC 228c.