Page:United States Statutes at Large Volume 66.djvu/811

 STAT.]

PUBLIC LAW 587-JULY 17, 1952

Commission may require, an amount equal to the annual depreciation charges on the contractor's vessels on which the operating differential is being paid, such depreciation charges to be computed on a twentyyear life expectancy of the subsidized vessels, except that the life expectancy of a vessel which shall have been or is to be wholly or partially reconstructed or reconditioned shall upon request be determined jointly by the Secretary of the Treasury and the Commission, and the depreciation charges on such vessel shall be computed on the life expectancy so determined." SEC. 18. Section 607(d) of such Act is amended by striking out the phrase "being twenty years" and inserting in lieu thereof the following: "as provided in section 607(b)". SEC. 19. Section 607(g) of such Act is amended by adding at the end thereof the following new sentence: "If a voluntary deposit of earnings approved by the Commission under this subsection after December 31, 1950, results in an overpayment of Federal taxes for any year, interest shall not be allowed on such overpayment for any period prior to the date of approval of the deposit by the Commission." SEC. 20. Section 805(c) of such Act is amended to read as follows: "(c) I n determining the rights and obligations of any contractor under a contract authorized by title VI or title VII of this Act, no salary for personal services in excess of $25,000 per annum paid to a director, officer, or employee by said contractor, its affiliates, subsidiary, or associates, shall be taken into account. The terms 'director', 'officer', or 'employee' shall be construed in the broadest sense. The term 'salary' shall include wages and allowances of compensation in any form for personal services which will result in a director, officer, or employee receiving total compensation for his personal services from such sources exceeding in amount or value $25,000 per annum. SEC. 21. Section 905 of such Act is amended by adding at the end thereof a new subsection to read as follows: "(e) The terms 'United States Maritime Commission' and 'Commission' shall mean the Secretary of Commerce, the Maritime Administrator, or the Federal Maritime Board as the context may require to conform to Reorganization Plan Numbered 21 of 1950, effective May 24, 1950." Approved July 17, 1952.

Public Law 587

Overpayment taxes.

of

L 1 m i t a t ion on wages. 46 USC 1223. 4 9 Stat. 2001, 2008. 46 USC 1 1 7 11204.

46 USC 1244. Definitions.

64 Stat. 1273. 5 USC 133«-15 note.

CHAPTER 940

AN ACT Relating to withholding, for State income tax purposes, on the compensation of Federal employees.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That where— (1) the law of any State or Territory provides for the collection of a tax by imposing upon employers generally the duty of withholding sums from the compensation of employees and making returns of such sums to the authorities of such State or Territory, and (2) such duty to withhold is imposed generally with respect to the compensation of employees who are residents of such State or Territory, then the Secretary of the Treasury, pursuant to regulations promulgated by the President, is authorized and directed to enter into an agreement with such State or Territory within one hundred and twenty days of the request for agreement from the proper official of

Jul 17, 1952 [S. 1999]

W i t h h o l d i n g of State i n c o m e tax e s by Federal agencies.

Agreement.

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