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45 U.S.C. § 231v — Computation and certification of account

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45 U.S.C. § 231v — Computation and certification of account

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Stable record: federal_law:legal_authorities:usc2024-e968f1ec479ee36177f6950d
Source file: Laws/federal/codes/united-states-code-2024/title-45/section-231v-computation-and-certification-of-account--afe17130fb.md
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Page 98 TITLE 45—RAILROADS § 231v Retirement Board to annually prepare and report on a five-year projection of ability of Railroad Retirement Account to pay benefits during five-year period for pro- visions which required Board to prepare a report in any fiscal year in which it determined that more than 50 percent of borrowing authority under this subchapter would be used. Statutory Notes and Related Subsidiaries EFFECTIVE DATE Section effective Oct. 1, 1981, see section 1129(g) of Pub. L. 97–35, set out as an Effective Date of 1981 Amendment note under section 231 of this title. § 231v. Computation and certification of account benefit ratios (a) Initial computation and certification On or before November 1, 2003, the Railroad Retirement Board shall— (1) compute the account benefits ratios for each of the most recent 10 preceding fiscal years, and (2) certify the account benefits ratios for each such fiscal year to the Secretary of the Treasury. (b) Computations and certifications after 2003 On or before November 1 of each year after 2003, the Railroad Retirement Board shall— (1) compute the account benefits ratio for the fiscal year ending in such year, and (2) certify the account benefits ratio for such fiscal year to the Secretary of the Treasury. (c) Definition As used in this section, the term ‘‘account benefits ratio’’ has the meaning given that term in section 3241(c) of the Internal Revenue Code of 1986 [26 U.S.C. 3241(c)]. (Aug. 29, 1935, ch. 812, § 23, as added Pub. L. 107–90, title I, § 108(b), Dec. 21, 2001, 115 Stat. 890.) Editorial Notes PRIOR PROVISIONS A prior section 231v, act Aug. 29, 1935, ch. 812, § 23, as added Aug. 12, 1983, Pub. L. 98–76, title IV, § 418, 97 Stat. 438, provided that for purposes of Inspector General Act of 1978, the Railroad Retirement Board is an ‘‘establish- ment’’ and the Chairman of such Board the ‘‘head of the establishment’’, prior to repeal by Pub. L. 100–504, title I, §§ 102(e)(3), 113, Oct. 18, 1988, 102 Stat. 2517, 2530, effective 180 days after Oct. 18, 1988. CHAPTER 10—TAX ON CARRIERS AND EMPLOYEES §§ 241 to 253. Repealed. June 29, 1937, ch. 405, § 11, 50 Stat. 440 Section 241, act Aug. 29, 1935, ch. 813, § 1, 49 Stat. 974, defined terms for purposes of this subchapter. Section 242, act Aug. 29, 1935, ch. 813, § 2, 49 Stat. 975, related to income tax on employees. Section 243, act Aug. 29, 1935, ch. 813, § 3, 49 Stat. 975, related to deduction of tax from wages. Section 244, act Aug. 29, 1935, ch. 813, § 4, 49 Stat. 975, related to excise tax on carriers. Section 245, act Aug. 29, 1935, ch. 813, § 5, 49 Stat. 975, related to adjustment of tax. Section 246, act Aug. 29, 1935, ch. 813, § 6, 49 Stat. 975, related to refunds and deficiencies. Section 247, act Aug. 29, 1935, ch. 813, § 7, 49 Stat. 975, related to income tax on employees’ representatives. Section 248, act Aug. 29, 1935, ch. 813, § 8, 49 Stat. 976, related to collection and payment of taxes. Section 249, act Aug. 29, 1935, ch. 813, § 9, 49 Stat. 976, related to court jurisdiction. Section 250, act Aug. 29, 1935, ch. 813, § 10, 49 Stat. 976, related to penalties under this subchapter. Section 251, act Aug. 29, 1935, ch. 813, § 11, 49 Stat. 976, related to meaning of ‘‘employment’’. Section 252, acts Aug. 29, 1935, ch. 813, § 12, 49 Stat. 976; Feb. 27, 1937, ch. 19, 50 Stat. 23, related to termi- nation of taxes. Section 253, act Aug. 29, 1935, ch. 813, § 13, 49 Stat. 977, related to separability of provisions. §§ 261 to 273. Omitted Editorial Notes CODIFICATION Sections 261 to 273 were omitted pursuant to section 4 of act Feb. 10, 1939, ch. 2, 53 Stat. 1, which provided that all laws or parts of laws codified into the Internal Revenue Code of 1939, enacted by act Feb. 10, 1939, to the extent they related exclusively to internal revenue laws, were repealed. The Internal Revenue Code of 1939 was generally repealed by section 7851 of act Aug. 16, 1954, ch. 736, 68A Stat. 919 (section 7851 of Title 26, In- ternal Revenue Code), which act enacted the Internal Revenue Code of 1954 [now 1986]. See section 7807 of Title 26, relating to applicability of rules in effect upon the enactment of the Internal Revenue Code of 1986. Section 261, acts June 29, 1937, ch. 405, § 1, 50 Stat. 435; Aug. 13, 1940, ch. 664, §§ 1, 3, 54 Stat. 785, 786, defined terms for purposes of this subchapter. Section 262, act June 29, 1937, ch. 405, § 2, 50 Stat. 437, related to income tax on employees. Section 263, act June 29, 1937, ch. 405, § 3, 50 Stat. 437, related to excise tax on employers. Section 264, act June 29, 1937, ch. 405, § 4, 50 Stat. 438, related to refunds and deficiencies. Section 265, act June 29, 1937, ch. 405, § 5, 50 Stat. 438, related to income tax on employee representatives. Section 266, act June 29, 1937, ch. 405, § 6, 50 Stat. 439, related to deductibility from regular income tax. Section 267, act June 29, 1937, ch. 405, § 7, 50 Stat. 439, related to collection and payment of taxes. Section 268, act June 29, 1937, ch. 405, § 8, 50 Stat. 439, related to court jurisdiction. Section 269, act June 29, 1937, ch. 405, § 9, 50 Stat. 439, related to Social Security Act. Section 270, act June 29, 1937, ch. 405, § 10, 50 Stat. 440, related to separability of provisions. Section 271, act June 29, 1937, ch. 405, § 11, 50 Stat. 440, related to repeals. Section 272, act June 29, 1937, ch. 405, § 12, 50 Stat. 440, related to rules and regulations. Section 273, act June 29, 1937, ch. 405, § 13, 50 Stat. 440, related to short title of this subchapter. For provisions formerly set out in this subchapter which were covered by sections of the Internal Revenue Code of 1939, see the sections of the Internal Revenue Code of 1986, Title 26, Internal Revenue Code, indicated in the following table: Omitted sections I.R.C. 1939 I.R.C. 1986 261 (as amended Aug. 13, 1940, ch. 664, §§ 1, 3, 54 Stat. 785, 786). 1532 ....................... 3231, 7701. 262 .............................. 1500, 1501 ............... 3201, 3202, 6205(a)(1), 6413(a)(1). 263 .............................. 1520, 1521 ............... 3221, 6205(a)(1), 6413(a)(1). 264 .............................. 1502, 1522 ............... 6205(b), 6413(b). 265 .............................. 1510, 1511 ............... 3211, 3212. 266 .............................. 1503, 1508, 1512 ....... 3502. 267 .............................. 1422, 1530, 1531, 1536 3501, 3503, 6011(a), 6071, 6081(a), 6091(a), 6151(a), 6313, 6601(a), (f)(1). 268 .............................. 1534 ....................... 3232. 269 .............................. 1426(b)(9), (10), 1428 3121(b)(9), (10), 3124.

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Federal law — U.S. Code and appendices · legal_authorities

26 U.S.C. § 3241 — Determination of tier 2 tax rate based on average account benefits ratio

**(a) In general** For purposes of sections 3201(b), 3211(b), and 3221(b), the applicable percentage for any calendar year is the percentage determined in accordance with the table in subsection (b). **(b) Tax rate schedule** Average account benefits ratioApplicable percentage for sections 3211(b) and 3221(b)Applicable percentage for section 3201(b) At leastBut less than ..............2.522.14.9 2.53.018.14.9 3.03.515.14.9 3.54.014.14.9 4.06.113.14.9 6.16.512.64.4 6.57.012.13.9 7.07.511.63.4 7.58.011.12.9 8.08.510.11.9 8.59.09.10.9 9.0..............8.20 **(c) Definitions related to determination of rates of tax** (1) **Average account benefits ratio** — For purposes of this section, the term “average account benefits ratio” means, with respect to any calendar year, the average determined by the Secretary of the account benefits ratios for the 10 most recent fiscal years ending before such calendar year. If the amount determined under the preceding sentence is not a multiple of 0.1, such amount shall be increased to the next highest multiple of 0.1. (2) **Account benefits ratio** — For purposes of this section, the term “account benefits ratio” means, with respect to any fiscal year, the amount determined by the Railroad Retirement Board by dividing the fair market value of the assets in the Railroad Retirement Account and of the National Railroad Retirement Investment Trust (and for years before 2002, the Social Security Equivalent Benefits Account) as of the close of such fiscal year by the total benefits and administrative expenses paid from the Railroad Retirement Account and the National Railroad Retirement Investment Trust during such fiscal year. **(d) Notice** No later than December 1 of each calendar year, the Secretary shall publish a notice in the Federal

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Federal law — U.S. Code and appendices · legal_authorities

26 U.S.C. § 3241 — Determination of tier 2 tax rate based on

Page 2760 TITLE 26—INTERNAL REVENUE CODE § 3232 this section [amending this section] shall apply with respect to taxable years ending after December 31, 1953: Provided, however, That any taxes paid under the Rail- road Retirement Tax Act [this chapter] prior to the date on which this Act is enacted [Oct. 18, 1976] shall not be affected or adjusted by reason of the amend- ments made by such subsection (b) except to the extent that the applicable period of limitation for the assess- ment of tax and the filing of a claim for credit or re- fund has not expired prior to the date on which this Act is enacted. If the applicable period of limitation for the filing of a claim for credit or refund would expire with- in the six-month period following the date on which this Act is enacted, the applicable period for the filing of such a claim for credit or refund shall be extended to include such six-month period.’’ EFFECTIVE DATE OF 1975 AMENDMENTS Amendment by sections 204 and 205 of Pub. L. 94–93 applicable for taxable years ending on or after Aug. 9, 1975, and for taxable years ending before Aug. 9, 1975, as to which the period for assessment and collection of tax or the filing of a claim for credit or refund has not ex- pired on Aug. 9, 1975, and amendment by section 206 of Pub. L. 94–93 applicable for taxable years beginning on or after Aug. 9, 1975: Provided, however, That with re- spect to payment made prior to Aug. 9, 1975, the em- ployee may file a written request under section 206 of Pub. L. 94–93 within six months after Aug. 9, 1975, see section 207 of Pub. L. 94–93, set out as a note under sec- tion 3201 of this title. Amendment by Pub. L. 94–92 effective Jan. 1, 1975, and applicable only with respect to compensation paid for services rendered on o

Source: Supplied 2024 U.S. Code historical extraction · 26 U.S.C. § 3241

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Federal law — U.S. Code and appendices · legal_authorities

45 U.S.C. § 231v — Computation and certification of account benefit ratios

**(a) Initial computation and certification** On or before November 1, 2003, the Railroad Retirement Board shall— (1) compute the account benefits ratios for each of the most recent 10 preceding fiscal years, and (2) certify the account benefits ratios for each such fiscal year to the Secretary of the Treasury. **(b) Computations and certifications after 2003** On or before November 1 of each year after 2003, the Railroad Retirement Board shall— (1) compute the account benefits ratio for the fiscal year ending in such year, and (2) certify the account benefits ratio for such fiscal year to the Secretary of the Treasury. **(c) Definition** As used in this section, the term “account benefits ratio” has the meaning given that term in section 3241(c) of the Internal Revenue Code of 1986 [[26 U.S.C. 3241(c)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section3241/c&num=0&edition=prelim)].

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