Page:United States Statutes at Large Volume 48 Part 1.djvu/625

 73d CONGRESS. SESS. II. CH. 157 . APRIL 2 1, 1934. PERIO D OF APPLI CABIL ITY SEC. 2 . The provisions of this Act shall be effective only with respect to the crop years 1934-1935, but if the President finds that the ec onomic emerg ency in cot ton pr oducti on an d mark eting will continue or is likely to continue to exist so that the application of this Act with respect to the crop year 1935-1936 is imperative in order to carry out the policy declared in section 1, he shall so pro- claim, and this Act shall be effective with respect to the crop year 193 5-1 936 . If at any time prior to the end of the crop year 1935- 1936, the President finds that the economic emergency in cotton production and marketing has ceased to exist, he shall so proclaim, and no tax und er this Act s hall be levie d with respect to cotton harvested after the effective date of such proclamation. SEC. 3 . (a) When the Secretary of Agriculture finds, for the crop year 1935-1936, if the provisions of this Act are effective for such crop year, that two thirds of the persons who have the legal or equitable right as owner, tenant, share-cropper, or otherwise to produce cotton on any cotton farm, or part thereof, in the United States for such crop year favor a levy of a tax on the ginning of cot- ton in excess of an allotment made to meet the probable market requirements and determines that such a tax is required to carry out the pol icy dec lared i n sect ion 1, the Sec retary shall ascerta in fro m an investigation of the availa ble supply of cotton and th e probabl e market requirements the quantity of cotton that should be allotted, in accordance with the policy declared in section 1, for marketing in the channel s of intersta te and foreig n commerce, fr om produc- tion of cotton during the succeeding cotton crop year, exempt from the payment of taxes thereon. (b) The allotment so ascertained shall be proclaimed by the Sec- retary of Agriculture at least sixty days prior to the beginning of such succeeding crop year and shall be apportioned by him as herein provided. (c) For the crop year 1934-1935 ten million bales is hereby fixed as the maximum amount of cotton of the crop harvested in the crop year 1934-1935, that may be marketed exempt from payment of the tax herein levied. Except as provided in section 2, the allotment plan and the tax is hereby declared to be in effect for the crop year 193 4-1 935 . TAX AND E XEMPT IONS SEC. 4. (a) There is hereby levied and assessed on the ginning of cotton hereafter harvested during a crop year with respect to which this Act is in effect, a tax at the rate per pound of the lint cotton produced from ginning, of 50 per centum of the average central market price per pound of lint cotton, but in no event less than 5 cents per pound. If the cotton was harvested during a crop year with respect to which the tax is in effect, the tax shall apply even if the ginning occurs after the expiration of such crop year. (b) The average central market price, per pound of lint cotton, shall be the a verage price per pound of basis seven-ei ghths-inch middling spot cotton on the ten spot cotton markets (designated by the Secretary of Agriculture) as determined and proclaimed from time to time by the Secretary of Agriculture. The a verage centra l mark et p rice det ermi ned and proc laim ed s hall be the base for det er- mining the rate of the tax until a different average central market price for lint cotton is determined and proclaimed by the Secretary of Agriculture. 599 Period of appl icabil- ity. Power of P resi dent to extend period. Termination if emer- ge ncy has cea sed to exist. Cotton-ginning tax. Le vy of. Ascertaining amount of cotton to be allotted. Allotment to be pro- claimed. Ma ximum crop f ixed . P lan e ffec tive for 1934-1935 . Tax and exemptions . Rate of tax ; cotton ginned during emer- gen cy period . Cotton ginned after effective period. Average central mar- ket price. De termination and proclamation of. To be basis for de- ter mining rate of tax.