Page:United States Statutes at Large Volume 48 Part 1.djvu/66

 40 Ra te to be altered accordingly. Limi tatio n. Equa lizin g tax im- posed on imports. Post, p. 676. Proviso. Taxes on articles fr om U.S . possession s not included herein. To be expended for benefit of agriculture . Post, p. 676 Floor stocks. Tax adjust ments. Levy, etc., of tax on da te pr oce ss ing tax takes effect. Post, p. 676. Corresponding re- fund, etc ., on termina- tion of tax . Stocks in retail trade not affected. Excep tion s. Refund, etc ., not applicable. Post, pp. 678, 1241. Export refund. Post, p. 676. 73d CONGRESS. SESS. I. CH. 25. MAY 12, 1933 . disadvantages in competition. Thereafter there shall be levied, assessed, and collected upon the first domestic processing of such competing commodity a tax, to be paid by the processor, at the rate specified, until such rate is altered pursuant to a further finding under this sect ion, or t he tax or rate the reof on t he basic agricultu ral commodity is altered or terminated. In no case shall the tax imposed upon suc h com petin g co mmodi ty ex ceed that impo sed p er e quiva lent unit, as determined by the Secretary, upon the basic agricultural commodity. (e) During any period for which a processing tax is in effect with respe ct to any co mmodit y ther e shal l be le vied, assess ed, co llecte d, and paid upon any article processed or manufactured wholly or in chief value from such commodity and imported into the United States or any possession thereof to which this title applies, from any foreign country or from any possession of the United States to which this title does not apply, a compensating tax equal to the amount of the processing tax in effect with respect to domestic processing at the time of importation : Provided, That all taxes collected under this subsection upon articles coming from the pos- sessions of the United States to which this title does not apply shall not be covered into the general fund of the Treasury of the United States but shall be held as a separate fund and paid into the Treasury of the said possessions, respectively, to be used and expended by the governments thereof for the benefit of agriculture. Such tax shall be paid prior to the release of the article from customs custody or control. FLOOR STOCKS SEC. 16. (a) Upon the sale or other disposition of any article processed wholly or in chief value from any commodity with respect to which a processing tax is to be levied, that on the date the tax first takes effect or wholly terminates with respect to the commodity, is held for sale or other disposition (including articles in transit) by any person, there shall be made a tax adjustment as follows (1) Whenever the processing tax first takes effect, there shall be levied, assessed, and collected a tax to be paid by such person equiv- alen t to the a mount of the p roces sing tax which wou ld be paya ble with r espect to th e comm odity from w hich pr ocesse d if t he pro cessin g had occurred on such date. (2) Whe never the pr ocessi ng tax is wh olly te rminat ed, th ere sh all be refunded to such person a sum (or if it has not been paid, the tax shall be abated) in an amount equivalent to the processing tax with respect to the commodity from which processed. (b) The tax imposed by subsection (a) shall not apply to the retail stocks of persons engaged in retail trade, held at the date the processing tax first takes effect ; but such retail stocks shall not be d eemed to i nclud e st ocks held in a ware house on such date, or such portion of other stocks held on such date as are not sold or otherwise disposed of within thirty days thereafter. The tax refund or abatement provided in subsection (a) shall not apply to the retail stocks of persons engaged in retail trade, held on the date the proces sing t ax is wholly termi nated. EXPORTATIONS SEC. 17. (a) Upon the exportation to any foreign country (includ- ing the Philippine Islands, the Virgin Islands, American Samoa, and the island of Guam) of any product with respect to which a tax has been paid under this title, or of any product processed wholly or in chief value from a commodity with respect to which a tax