(a) In general. The regulations in this part 606 are issued to
implement the tax credit provisions of the Federal Unemployment Tax Act,
and the loan provisions of title XII of the Social Security Act. The
regulations on tax credits cover all of the subjects of 3302 of the
Federal Unemployment Tax Act (FUTA), except subsections (c)(3) and (e).
The regulations on loans cover all of the subjects in title XII of the
Social Security Act.
(b) Scope. This part 606 covers general matters relating to this
part in this subpart A, and in the following subparts includes specific
subjects described in general terms as follows:
(1) Subpart B describes the tax credit reductions under the Federal
Unemployment Tax Act, which relate to outstanding balances of advances
made under title XII of the Social Security Act.
(2) Subpart C describes the various forms of relief from tax credit
reductions, and the criteria and standards for grant of such relief in
the form of--
(i) A cap on tax credit reduction,
(ii) Avoidance of tax credit reduction, and
(iii) Waiver of and substitution for additional tax credit
reduction.
(3) Subpart D describes the interest rates on advances made under
title XII of the Social Security Act, dues dates for payment of
interest, and other related matters.
(4) Subpart E describes the various forms of relief from payment of
interest, and the criteria and standards for grant of such relief in the
form of--
(i) May/September delay of interest payments,
(ii) High unemployment deferral of interest payments,
(iii) High unemployment delay of interest payments, and
(iv) Maintenance of solvency effort required to retain a deferral
previously granted.
