Page:United States Statutes at Large Volume 49 Part 1.djvu/1071

 1026 74 Tx CONGRESS. SESS. I. CH. 829. AUGUST 30, 1935. Vol. 47, A. 267 ; " (iii) in the case of products embraced in paragraph (2) U .S. C .,p. uss. of section 617(c), as amended, used or resold for use other- wise than as fuel for the propulsion of motor vehicles, motor boats, or airplanes, and otherwise than in the production of such fuel : Provided, however, That no credit or refund shall be allowed or made under this paragraph in the case of sales or uses of products commonly or commercially known or sold as gasoline, including casinghead and natural gasoline ; " (iv) in the case of lubricating oils, used or resold for non- lubricating purposes. " (B) The manufacturer, producer, or importer has repaid or agreed to repay the amount of such tax to the ultimate vendor or has obtained the consent of the ultimate vendor to the allowance of the credit or refund ." uVsl'c ., p'. ua. 268 ; (c) Section 621(c) of the Revenue Act of 1932, as amended, is amend ed to r ead as f ollows Interest. " ( c) Interest shall be allowed at the rate of 6 per centum per annum with r espect t o any a mount of tax un der this title credited or refunded, except that no interest shall be allowed with respect to any amount of tax credited or refunded under the provisions of subsection (a) hereof, and except that no interest shall be allowed for any period prior to the first day of the second month following the date of the enactment of the Revenue Act of 1935 ." Effective date of (d) The amendments made by this section shall become effective amendments. on the 1st day of the second month following the date of the enact- ment of this Act. Compensatory tax on SEC. 402. COMPENSATORY TAX ON PRODUCTS OF CER TAI N OIL S products of certain oils. Post, p. 1743 . During any period after the thirtieth day after the date of the enactment of this Act when- Vol. 43, p. 763. (1) a proc essing t ax is i n effect under section 6021/ 2 of the Reve nue Act of 1934, or vol. 47, p. 260; Vol. (2) an import tax is in effect under section 601 (c) (8) of the 4s, p. 762 . Revenue Act of 1932, as amended, prodstsiton f taxron there is hereby imposed upon any article (not within the scope from impor ted a rticl es . of either such tax) manufactured or produced wholly or in chief value from any one or more of the oils subject to either such tax, when such article is imported into the United States from any foreign country or from any possession of the United States or from the high seas, a compensatory tax equivalent to the tax which would be payable under such section 6021/2 or 601 (c) (8) upon such oil or oils if imported into the United States or if processed in the United Payment. Sta te s. The tax imp osed by this section shal l be levied, collected, an d paid in the same manner as a duty imposed by the Tariff Act of 1930, and shall be treated, for the purposes of all provisions of law (except section 336 of such Act) not inconsistent with this section, as a duty Coconut oil from imposed by such Act. All taxes collected under this section on Philippine products. account of coconut oil produced from materials wholly of Philippine growth or produ ction, shall be held a s a sep arate fu nd and paid to the Treasury of the Philippine Islands, but if at any time the Philippine Government provides by any law for any subsidy to be paid to the producers of copra, coconut oil, or allied products, no further payments to the Philippine Treasury shall be made under this section. Special excise tax on carrying on liquor busi- ness. Vol.44,p.95;U.S .C., p.1062. SEC. 403. SPECIAL EXCISE TAX ON CARRYING ON LIQUOR BUSINESS The special excise tax imposed by section 701 of the Revenue Act of 1926 (U. S. C., title26,sec . 206) shall not apply with respect to carrying on business after June 30, 1935.