Page:United States Statutes at Large Volume 50 Part 1.djvu/465

 440 Per iodical estima tes of reducti on in t ax collections. Separability provi- sions. Repeal of prior tax Act. 49 Star. 974 . Mon eys due u nder repealed Act and not here tofore paid. Deductions by em- ployers from em- ployees' pay for taxes ; repayments. Rules and regula- tions. Short title. 75r a CONGRESS, 1ST SESSION-CH. 405-JUNE 29, 1937 include service performed by an individual as an employee as defined in section 1 (b) or service performed as an employee representative as defined in section 1 (c). (b) The Secretary of the Treasury at intervals of not longer than three years shall estimate the reduction in the amount of taxes collected under title VIII of the Social Security Act by reason of the operation of subsection (a) of this section and shall include such estimate in his annual report. SEPARABILITY SEC. 10. If any provision of this Act, or the application thereof to any person or circumstance, is held invalid, the remainder of the Act, and the application of such provision to other persons or circumstances, shall not be affected thereby. REPEAL Or PRIOR TAX ACID SEC. 1 1 . The pro visions of thi s Act are in substitution for the provisions of the Act of August 29, 1935, as amended, entitled "An Act to levy an excise tax upon carriers and an income tax upon their employees, and for other purposes", which is hereby repealed. All moneys payable as and for taxes under such Act of August 29, 1935, and not heretofore paid shall cease to be payable and all pro- ceedings pending for the recovery of any such moneys shall be terminated. All sums paid into the Treasury of the United States as and for taxes under such A ct shall be re funded, excep t so much of the sums so p aid as and fo r taxes with r espect to com pensation earned after December 31, 1936, as equals the taxes imposed by this Act with respect to the same persons and th e same period, and the sums not required to be so refunded shall be retained in the Treasury of the United States and credited on taxes due and payable under this Act. All sums deducted by employers from the compensation of employees as and for taxes under such Act of August 29, 1935, which have not been paid into the Treasury of the United States shall be repaid by such employers to such employees, except so much of the sums so deducted as and for taxes in respect of compensation earned after December 31, 1936, as equals the taxes imposed and required to be deducted by this Act with respect to the same persons and the same period, and the sums not required to be so repaid shall be paid into the Treasury of the United States and thereupon shall be credited on taxes due and payable under this Act. No interest shall be allowed or paid with respect to any sum refunded, credited, or repaid under the provisions of this section. RULES AND REGU LATIO NS SEC. 12. The Commissioner of Internal Revenue, with the approval of the Secretary of the Treasury, shall make and publish such rules and regulations as may be necessary for the enforcement of this Act. SHORT TITLE SEc. 13 . This Act may be cited as the "Carriers Taxing Act of 1937". Approved, June 29, 1937.