§ 6722. Financial assistance
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/usc/title-42/section-6722A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)Payments to State and local governments The Secretary of the Treasury (hereafter in this subchapter referred to as the “Secretary”) shall, in accordance with the provisions of this subchapter, make payments to States and to local governments to coordinate budget-related actions by such governments with Federal Government efforts to stimulate economic recovery.
(b)Authorization of appropriations Subject to the provisions of subsections
(c)and (d), there are authorized to be appropriated for each of the five succeeding calendar quarters (beginning with the calendar quarter which begins on July 1, 1977) for the purpose of payments under this subchapter—
(1)$125,000,000, plus
(2)$30,000,000 multiplied by the number of whole one-tenth percentage points by which the rate of seasonally adjusted national unemployment for the most recent calendar quarter which ended three months before the beginning of such quarter exceeded 6 per centum.
(c)Aggregate authorization In no case shall the aggregate amount authorized to be appropriated under the provisions of subsection
(b)for the five successive calendar quarters beginning with the calendar quarter which begins July 1, 1977, exceed $2,250,000,000.
(d)Termination No amount is authorized to be appropriated under the provisions of subsection
(b)for any calendar quarter if—
(1)the average rate of national unemployment during the most recent calendar quarter which ended three months before the beginning of such calendar quarter did not exceed 6 percent, or
(2)the rate of national unemployment for the last month of the most recent calendar quarter which ended three months before the beginning of such calendar quarter did not exceed 6 percent.
(Pub. L. 94–369, title II, § 202, July 22, 1976, 90 Stat. 1002; Pub. L. 94–447, title II, § 201(1), Oct. 1, 1976, 90 Stat. 1498; Pub. L. 95–30, title VI, § 602, May 23, 1977, 91 Stat. 164.)
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- Public Law 94–447Making appropriations for public works employment for the period ending September 30, 1977, and for other purposes
- Public Law 95–30To reduce individual and business income taxes and to provide tax simplification and reform
- Public Law 94–369To authorize a local public works capital development and investment program, to establish an antirecessionary program, and for other purposes
9 references not yet in our index
- Pub. L. 94–369, title II, § 202
- 90 Stat. 1002
- Pub. L. 94–447, title II, § 201(1)
- 90 Stat. 1498
- Pub. L. 95–30, title VI, § 602
- 91 Stat. 164
- Pub. L. 95–30, § 602(a)
- Pub. L. 95–30, § 602(b)
- Pub. L. 94–447
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§ 6722
Financial assistance
Stat.×4
U.S.C.×2
Pub. L.Pub. L. 94–369, title II, § 202
Stat.90 Stat. 1002
Pub. L.Pub. L. 94–447, title II, § 201(1)
Stat.90 Stat. 1498
Pub. L.Pub. L. 95–30, title VI, § 602
Cites 9 · showing 5Cited by 6 across 2 sources