98-15643. Determination of Quarterly Rate of Excise Tax for Railroad Retirement Supplemental Annuity Program

[Federal Register Volume 63, Number 113 (Friday, June 12, 1998)]
[Notices]
[Page 32259]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-15643]


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RAILROAD RETIREMENT BOARD


Determination of Quarterly Rate of Excise Tax for Railroad 
Retirement Supplemental Annuity Program

    In accordance with directions in Section 3221(c) of the Railroad 
Retirement Tax Act (26 U.S.C., Section 3221(c)), the Railroad 
Retirement Board has determined that the excise tax imposed by such 
Section 3221(c) on every employer, with respect to having individuals 
in his employ, for each work-hour for which compensation is paid by 
such employer for services rendered to him during the quarter beginning 
July 1, 1998, shall be at the rate of 35 cents.
    In accordance with directions in Section 15(a) of the Railroad 
Retirement Act of 1974, the Railroad Retirement Board has determined 
that for the quarter beginning July 1, 1998, 29.7 percent of the taxes 
collected under Sections 3211(b) and 3221(c) of the Railroad Retirement 
Tax Act shall be credited to the Railroad Retirement Account and 70.3 
percent of the taxes collected under such Sections 3211(b) and 3221(c) 
plus 100 percent of the taxes collected under Section 3221(d) of the 
Railroad Retirement Tax Act shall be credited to the Railroad 
Retirement Supplemental Account.

    Dated: June 2, 1998.

    By authority of the Board.
Beatrice Ezerski,
Secretary to the Board.
[FR Doc. 98-15643 Filed 6-11-98; 8:45 am]
BILLING CODE 7905-11-M