Page:United States Statutes at Large Volume 48 Part 1.djvu/794

 768 73d CONGRESS. SESS. II. CH. 277 . MAY 10, 1934 . EXCISE TAXES. (f) This section shall take effect on the thirtieth day after the Effective date of sec- tion. date of the enactment of this Act. Tax on bank checks, SEC. 606. TERM INA TIO N OF BA NK CHEC K TAX. etc . To terminate July 1, Section 751, as amended, of the Revenue Act of 1932 is amended 10 Vol. 47, p. 276 by striking out "July 1, 1935 " and inserting in lieu thereof January 1, 1935 " . Enforcement of lia. SEC. 607 . ENFORCEMENT OF LIABILITY FOR TAXES COLLECTED . bility for taxes col- lected. Whenever any person is required to collect or withhold any inter- nal-revenue tax from any other person and to pay such tax over to the United States, the . amount of tax so collected or withheld shall be held to be a special fund in trust for the United States . The amount of such fund shall be assessed, collected, and paid in the same manner and subject to the same, provisions and limitations (including penalties) as are applicable with respect to the taxe s from which suc h fund arose . Fars . SEC. 608 . TAX ON FURS . Less than $75 value exempt. Vol.47, p.261. Jew elry, etc . Tax not to apply to articles sold less than i2s. Vol.47, p.251. Cigarettes. Vol . 44, p. 87, amended . Rate on long, etc ., modified . Weight . Matches. Rate on fancy wood- en . etc., increased. Vol. 47, p. 264, amended S tamp tax on s ales of produce for future delivery. Rate reduced. Vol. 44, p. 102 . Contracts for future delivery The tax imposed by section 604 of the Revenue Act of 1932 shall not apply to articles sold by the manufacturer, producer, or importer, after the date of the enactment of this Act, for less than $75. SEC. 609. TAX ON J EWELRY , ETC. The tax imposed by section 605 of the Revenue Act of 1932 shall not apply to articles sold by the manufacturer, producer, or importer, after the date of the enactment of this Act, for less than $25. SEC. 610. TAX ON C IGARET TES. Effective on the day following the date of the enactment of this Act, the last two paragraphs of section 400 (a) of the Revenue Act of 1926 are amended to read as follows : "On cigarettes made of tobacco, or any substitute therefor, and weighing not more than three pounds per thousand, $3 per thousand ; "Weighing more than three pounds per thousand, $7 .20 per thou- sand ; except that if more than 61/2 inches in length they shall be taxable at the rate provided in the preceding paragraph, counting each 23/ 4 inches (or fraction thereof) of the length of each as one cigarette ." SEC. 611 . TAX ON MATCHES . Effective on the day following the date of enactment of this Act, section 612 of the Revenue Act of 1932 (relating to the tax on matches), is amended by adding before the period at the end thereof a comma and the following : " and except that in the case of fancy wooden matches and wooden matches having a stained, dyed, or colored stick or stem, packed in boxes or in bulk, the tax shall be 5 cents per one thousand matches ." SEC. 612 . STAMP TAX ON SALES OF PRODUCE FOR FUTURE DE- LIV ERY . (a) Effective on the day following the enactment of this Act subdivision 4 of Schedule A of Title VIII of the Revenue Act of 1926, as amended, is amended by striking out " 5 cents " wherever appearing in such subdivision, and inserting in lieu thereof "3 cents " . (b) Section 726(c) of the Revenue Act of 1932 is amended by striking out " ` 5 cents'" and inserting in lieu thereof "`3cents"'.