Page:United States Statutes at Large Volume 55 Part 1.djvu/42

 65 STAT.] 77TH CONG., 1 ST SESS.-CHS. 9, 10 -MAR. 1, 7, 1941 TREASURY DEPARTMENT OFFICE OF TREASURER OF THE UNITED STATES Emergency relief, 1941, administrative expenses: The Secretary of the Treasury may transfer, with the approval of the Director of the Bureau of the Budget, not to exceed $65,000 from the appropriation "Emergency relief, Treasury, Bureau of Accounts, administrative expenses, 1941" (referred to in section 5 (a) of the Emergency Relief Appropriation Act, fiscal year 1941, as "Office of Commissioner of Accounts and Deposits and Division of Bookkeeping and Warrants") to the appropriation "Emergency Relief, Treasury, Office of the Treas- urer, administrative expenses, 1941", contained in the same section of such Act. BUREAU OF CUSTOMS Refunds and drawbacks, customs, 1941: For an additional amount for the refund or payment of customs collections or receipts, and for the payment of debentures or drawbacks, bounties, and allowances as authorized by law, fiscal year 1941, $11,800,000. SEC. 2. This Act may be cited as the "Urgent Deficiency Appropria- tion Act, 1941". Approved, March 1, 1941. [CHAPTER 10] AN ACT To amend certain provisions of the Internal Revenue Code relating to the excess profits tax, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That this Act may be cited as the "Excess Profits Tax Amendments of 1941". SEC. 2. UNUSED EXCESS PROFITS CREDIT. (a) Section 710 (b) (3) of the Internal Revenue Code is amended to read as follows: "(3) UNUSED EXCESS PROFITS CREDIT.- The amount of the excess profits credit carry-over for the taxable year, computed in accordance with subsection (c)." (b) COMPUTATION OF EXCESS PROFITS CREDIT CARRY-OVER. -Section 710 of the Internal Revenue Code is amended by adding at the end thereof the following new subsection: "(c) EXCESS PROFITS CREDIT CARRY-OVER.- "(1) DEFINITION OF UNUSED EXCESS PROFITS CREDIT. -The term 'unused excess profits credit' means the excess, if any, of the excess profits credit for any taxable year beginning after Decem- ber 31, 1939, over the excess profits net income for such taxable year, computed on the basis of the excess profits credit applicable to such taxable year. "(2) COMPUTATION OF EXCESS PROFITS CREDIT CARRY-OVER.- The excess profits credit carry-over for any taxable year shall be the sum of the following: "(A) The unused excess profits credit for the first preced- ing taxable year; and "(B) The unused excess profits credit for the second pre- ceding taxable year reduced by the amount, if any, by which the excess profits net income for the first preceding taxable year exceeds the sum of- "(i) the excess profits credit for such first preceding taxable year, plus "(ii) the unused excess profits credit for the third preceding taxable year." 278941 -42- -PT. I 2 17 Transfer of funds. 54 Stat. 617. 54 Stat. 60 . Short title. March 7, 1941 [H. R. 3531] [Public Law 10] Excess Profits Tax Amendments of 1941. 54 Stat. 975. 26 U.S .. 710 (b) (3). 54 Stat. 975. 26U.. C.i710. Post, p. 701.

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