Part I. Rulings and Decisions Under the Internal Revenue Code of 1986

Section 3221.—Rate of Tax

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 com

pensation is paid by such employer for services rendered to him during the quarter beginning April 1, 1999, shall be at the rate of 27 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 April 1, 1999, 36.9 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 63.1 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 February 26, 1999. By Authority of the Board

Beatrice Ezerski, Secretary of the Board.

(Filed by the Office of the Federal Register on March 4, 1999, 8:45 a.m., and published in the issue of the Federal Register for March 5, 1999, 64 F.R. 10729)

1999–22 I.R.B. 3 June 1, 1999