Page:United States Statutes at Large Volume 48 Part 1.djvu/67

 73d CONGRESS. SESS. I. CH. 25. MAY 12, 1933. has been paid under this title the exporter thereof shall be entitled at the time of exportation to a refund o f the amount o f such tax. (b) Upon the giving of bond satisfactory to the Secretary of the Treasury for the faithful observance of the provisions of this title requiring the payment of taxes, any person shall be entitled, without payment of the tax, to process for such exportation any commodity with respect to which a tax is imposed by this title, or to hold for such exportation any article processed wholly or in chief value the ref rom. EXISTING CONTRACTS SEC. 18. (a) If (1) any processor, jobber, or wholesaler has, prior to the date a tax with resp ect to any co mmodity is fir st imposed under this title, made a bona fide contract of sale for delivery on or after s uch dat e, of a ny art icle pr ocessed wholl y or in chief value from such commodity, and if (2) such contract does not permit the addition to the amount to be paid thereunder of the whole of such tax then (unless the contract prohibits such addition) the vendee shall pay so much of the tax as is not permitted to be added to the contract price. (b) Taxes payabl e by the vend ee shall be pa id to the ven dor at the time the sale is consummated and shall be collected and paid to the United States by the vendor in the same manner as other taxes under this title. In case of failure or refusal by the vendee to pay such taxes to the vendor, the vendor shall report the facts to the Commissioner of Internal Revenue who shall cause collections of such taxes to be made from the vendee. COLLE CTION O F TAXE S SEC. 19. (a) The taxes provided in this title shall be collected by the Bureau of Internal Revenue under the direction of the Secretary of the Treasury. Such taxes shall be paid into the Treasury of the United States. (b) All provisions of law, including penalties, applicable with respect to the taxes imposed by section 600 of the Revenue Act of 1926, and the provisions of section 626 of the Revenue Act of 1932, shall, in so f ar as a pplica ble and not in consis tent wi th the provis ions of this title, be applicable in respect of taxes imposed by this title Provided, That the Secretary of the Treasury is authorized to permit postponement, for a period not exceeding ninety days, of the payment of taxes covered by any return under this title. (c) In order that the payment of taxes under this title may not impose any immediate undue financial burden upon processors or distributors, any processor or distributor subject to such taxes shall be eligible for loans from the Reconstruction Finance Corporation under section 5 of the Reconstruction Finance Corporation Act. TITLE II-AGRICULTURAL CR EDI TS PART 1- AMENDMENTS TO FEDERAL FARM LOAN ACT ISSUANCE OF BONDS BY LAND BANKS SECTION 21. Section 32 of the Federal Farm Loan Act, as amended (U .S .C ., title 12, sec . 991), is amended by adding at the end thereof the following new paragraph " Until such tim e as the Farm Loan Commiss ioner determin es that Federal farm-loan bonds (other than those issued under this para- graph) are readily salable in the open market at a yield not in excess of 4 per centum per annum, but in no case more than two years after Processing for ex- portation . Tax free,under bond . Post, pp . 676, 678 . 41 Existing contracts . Prior contracts for delivery after effective date. Payment by vendee. Collection and ment by vendor. Report of failure . pay - Collection of taxes . Pro vis ion sg ove rni ng colle ctio ns . Vol.44,p.93; Vol.47, p. 269. Proviso . Postponements. Post, p . 1242. Loans to processors . Post, p. 677 . Vol.47,p.6. AG RICU LTUR AL C RED- ITS . Em ergency Farm Mortgage Act of 1933 . Fed eral Farm Loan Act amendments . Vol. 39, p. 384; Vol. 42, p.105. U.S.C., p. 314. Federal land banks may issue farm loan bonds. Post, p.346.