Page:United States Statutes at Large Volume 59 Part 1.djvu/586

 PUBLIC LAWS-CH. 453-NOV. 8, 1945 67 Stat. 137. 26 U. S. C., Supp. IV, 11626 (a) (b). 655Stat. 693. 26 U. S. C., Supp. IV, § 15 (b). 56 Stat. 838. 26 U. . C., Snpp. IV, § 109. 53 Stat. 78, 71, 98. 26 U. S. C., Supp. IV, §§ 231(a), 201-208 , 361-363. Infra. Post, p. 570. 56 Stat. 872. 26 U.S. C Supp. IV, § 207 (a) (1) (B). Supra. 56 Stat. 873. 26 U. S. C., Supp. IV, 1 207 (a) (3) (B). 56 Stat. 880. 26U.S.C Supp. IV, § 362 (b) (4). Pod,p. a. 54 Stat. 075 . 26U.S.. 710- 752; Supp. IV, 71f0 783.Ante, p. Ante, p. 519. (2) Section 1626 (a) and (b) (relating to penalties in connec- tion with withholding receipts) are amended (A) by striking out "in respect of tax withheld pursuant to this subchapter" in each of such subsections, and (B) by striking out "receipt" wherever appearing therein and inserting in lieu thereof "statement". (e) EFFECTIVE DATE.- T he amendments made by this section shall be applicable only with respect to wages paid on or after January 1, 1946. Part II-Corporation Taxes SEC. 121. DECREASE IN CORPORATION SURTAX. (a) IN GENERAL--Section 15 (b) (relating to the corporation sur- tax) is amended to read as follows: "(b) IMPOSITION or TAx.-There shall be levied, collected, and paid for each taxable year upon the corporation surtax net income of every corporation (except a Western Hemisphere trade corporation as defined in section 109, and except a corporation subject to a tax imposed by section 231 (a), Supplement G or Supplement Q) a surtax as follows: "(1) Surtax net incomes not over $25,000. -Upon corporation surtax net incomes not over $25,000, 6 per centum of the amount thereof. "(2) Surtax net incomes over $25,000 but not over $50,000. - Upon corporation surtax net incomes over $25,000, but not over $50,000, $1,500 plus 22 per centum of the amount of the corpora- tion surtax net income over $25,000. "(3) Surtax net incomes over $50,000. - Upon corporation surtax net incomes over $50,000, 14 per centum of the corporation surtax net income." (b) MUTUAL INSURANCE COMPANIES OTHER THAN LIFE OR MARINE.- (1) Section 207 (a) (1) (B) (relating to surtax on mutual insurance companies, other than life or marine) is amended to read as follows: "(B) Surtax.- A surtax on the corporation surtax net income, computed at the rates provided in section 15 (b), except that if the corporation surtax net income is not more than $6,000 the surtax shall be 12 per centum of the amount by which the corporation surtax net income exceeds $3,000." (2) Section 207 (a) (3) (B) (relating to surtax on inter- insurers or reciprocal underwriters) is amended by striking out "32 per centum" and inserting in lieu thereof "28 per centum". (c) REGULATED INVESTMENT COMPANIES.-Section 362 (b) (4) (relating to the surtax on regulated investment companies) is amended by striking out "16 per centum" and inserting in lieu thereof "14 per centum". (d) TAXABLE YEARS TO WHICH APPLCABLE. --The amendments made by this section shall be applicable with respect to taxable years begin- nmg after December 31, 1945. For treatment of taxable years begin- ning in 1945 and ending in 1946, see section 131. SEC. 122. REPEAL OF EXCESS PROFITS TAX IN 1946. (a) IN GENERAL.- The provisions of subchapter E of chapter 2 shall not apply to any taxable year beginning after December 31, 1945. (b) CARRY-BACKS FROM YEARS AFRR 1945, ETC. - Despite the pro- visions of subsection (a) of this section the provisions of subchapter E of chapter 2 shall remain in force for the purposes of the deter- mination of the taxes imposed by such subchapter for taxable years beginning before January 1, 1946, such determination to be made as if subsection (a) had not been enacted but with the application of [59 STAT.

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