A bill to amend title II of the Social Security Act to provide that the tax-equivalent payments which States are required to make under their agreements with respect to covered State and local employees for any month may be made at any time within 30 days after the close of such month.

Amends title II (Old-Age, Survivors and Disability Insurance) of the Social Security Act to require States to make the tax equivalent payments under their agreements with respect to covered State and local employees at any time prior to 30 days from the close of each calendar month. Repeals provisions which authorized the Secretary of Health, Education, and Welfare to establish the schedule for such payments. Exempts regulations of the Secretary promulgated to implement this Act from provisions of law which delay the effectiveness of regulations concerning payment schedules for 18 months.