Page:United States Statutes at Large Volume 54 Part 1.djvu/73

 54 STAT.] 76TH CONG., 3D SESS. -CHS. 37, 38-MAR. 2, 4, 1940 in which event returns shall be made on or before the 15th day of the third month following the approval of this Act." SEC. 2. Subsection (a) of section 26 of title II of said Act ap- proved July 26, 1939, is hereby amended to read as follows: "SEC. 26. (a) TIME OF PAYMENT. -One-half of the total amount of the tax imposed by this title shall be paid on the 15th day of April following the close of the calendar year and the remaining one-half of the tax shall be paid on the 15th day of October follow- ing the close of the calendar year, or, if the return be made on the basis of a fiscal year, then one-half of the total amount of the tax imposed by this title shall be paid on the 15th day of the fourth month following the close of the fiscal year and the remaining one- half of said tax shall be paid, on the 15th day of the tenth month following the close of the fiscal year, except a fiscal year which expired in the calendar year 1939 prior to the approval of this Act in which event the tax shall be paid on the 15th day of the third month following the approval of this Act." SEC. 3. Title VI of said Act approved July 26, 1939 is hereby amended by striking out "June 30, 1940" and inserting in lieu thereof the words "June 30, 1942". SEC. 4. Section 4 (c) of such Act (relating to exclusions from gross income) is amended by adding at the end thereof the following: "(10) Payments of benefits made to or on account of a beneficiary under any of the laws relating to veterans." Approved, March 2, 1940. [CHAPTER 381 AN ACT To aid the States and Territories in making provisions for the retirement of employees of the land-grant colleges. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That, pursuant to the recognized obligations of governments to guarantee the social security of their employees and in order to provide for the retire- ment on an annuity, or otherwise, of all persons being paid salaries in whole or in part from grants of Federal funds to the several States and Territories pursuant to the terms of the Act approved July 2, 1862, for the endowment and support of colleges of agricul- ture and mechanic arts, and Acts supplementary thereto provid- ing for instruction in agriculture and mechanic arts, for the estab- lishment of agricultural experiment stations, and for cooperative extension work in agriculture and home economics, all States and Territories are hereafter authorized, notwithstanding any contrary provisions in said Acts, to withhold from expenditure, from Federal funds advanced under the terms of said Acts, amounts designated as employer contributions to be made by the States or Territories to retirement systems established in accordance with the laws of such States or Territories, or established by the governing boards of colleges of agriculture and mechanic arts in accordance with the authority vested in them, and to deposit such amounts to the credit of such retirement systems for subsequent disbursement in accord- ance with the terms of the retirement systems in effect in the respec- tive States and Territories: Provided,That there shall not be deducted from Federal funds and deposited to the credit of retirement accounts 39 53 Stat. 1099. 20 D. C. Code, Supp. V, § 980y. Time of payment. If return made on basis of fiscal year. 53 Stat. 1118 . 20 D. . Code, Supp. V, 971a. Advances from Treasury. Exclusions from gross income. 53 Stat. 108K 20 D. C. Code, Supp. V, § 980c (c). Veterans' benefit payments. March 4, 1940 8I. 1850] [Public, No. 422] Retirement of em- ployees of land-grant colleges. Withholding of em- ployer contributions. 12 Stat. 503 . 7U.S.C.i301- 80s. Deposits for subse- quent disbursement. Proisot. Employer contribu- tions, limitation.

�