Page:United States Statutes at Large Volume 48 Part 1.djvu/1267

 73d C ONGRESS. SESS. II. CH. 759 . JU NE 26, 1934 . 1241 CHAPTER 759 .] AN ACT June 26, 1934. To amend the Agricultural Adjustment Act with respect to the processing tax	[$.R. 9829 .] on hogs. [Public, No. 476 .] Be it enacted by the Senate and House of Representatives of the Unit ed S tates of A meri ca in Cong ress asse mbled , That (I) section m Agric l Acttum ral eAm' st- 16 of the Agricultural Adjustment Act is amended by adding thereto Ante, p.40 . the following new section "(C) Upon the sale or other disposition of any article processed hPs cessing tax on wholly or in chief value from any commodity with respect to which Tax adjustments . the existing rate of the processing tax is to be increased, or decreased, that on the date such increase, or decrease, first takes effect with respect to the commodity, is held for sale or other disposition (inc luding artic les in trans it) by any pe rson, and up on the produ c- tion of any article from a commodity in process on the date on which the rate of the processing tax is to be increased or decreased, there shall be made a tax adjustment as follows : " (1) Whe never the ra te of the pr ocessi ng tax on the proce ssing of ratedls decreased. enta x the commodity generally or for any designated use or uses, or as to any designated product or products thereof for any designated use or uses, or as to any class of products, is decreased, there shall be credited or refunded to such person an amount equivalent to the difference between the rate of the processing tax payable or paid at the time immediately preceding the decrease in rate and the rate of the processing tax which would have been payable with respect to the commodity from which processed, if the processing had occurred on such date : Provided, however, That no such credit Proviso. or refund shall be made unless the rate of the processing tax imme- Con dit ion. diately preceding said decrease is equal to, or less than, the rate of the processing tax in effect on the date on which any floor stocks tax was paid prior to the adoption of this amendment. "(2) Whenever the rate of the processing tax on the processing of when increased . the com modity gener ally, or for any d esignat ed use or us es, or as to any de signat ed pro duct o r prod ucts t hereof for an y desi gnated use o r uses, or as to any class of products, is increased, there shall be levied, assessed and collected a tax to be paid by such person equivalent to the difference between the rate of the processing tax payable or paid at the time immediately preceding the increase in rata and the rate of the processing tax which would be payable with respect to the commodity from which processed, if the processing had occurred on such date . "(3) Whenever the processing tax is suspended or is to be refunded When tax is sus. pended or to be re- pursuant to a certification of the Secretary of Agriculture to the funded, provisions gov- Secretary of the Treasury, under section 15 (a) of this Act, the 81Ante, p. 39. provisions of subdivision (1) of subsection (c) of this section shall become applicable. "(4) Whenever the Secretary of Agriculture revokes any certifi- Revocation of cer- cation to the Secre tary o f the Treasu ry unde r sect ion 15 (a) o f this tiflCate . Act, the provisions of subdivision (2) of subsection (c) shall become applicable . "(5) The provisions of this amendment shall be effective on and Effective date. after June 1, 1934 ." (II) Section 15 (a) of the Agricultural Adjustment Act, as Ante, p.39. amended, is amended to read as follows : "(a) If at any time the Secretary of Agriculture finds, upon vaummodities of low investigation and after due notice and opportunity for hearing to interested parties, that any class of products of any commodity is of such low value, considering the quantity of the commodity used