Page:United States Statutes at Large Volume 68 Part 2.djvu/392

 B72

CONCURRENT RESOLUTIONS-JULY 29, 1954

[68 S T A T.

(23) I n section 7651, to strike out "marihuana)—" and insert in lieu thereof the following: marihuana), and except as othenoise provided in section 28(a) of the Revised Organic Act of the Virgin Islands and section SO of the Organic Act of Guam (relating to the covering of the proceeds of certain taxes into the treasuries of the Virain Islands and Guam, respectively)— (24) A t the end of section 7651, to insert the following: {6) VIRGIN

ISLANDS.—

(A) For purposes of this section, the reference in section 28 (a) of the Revised Organic Act of the Virgin Islands to any tax specified in section 3811 of the Interrwl Revenue Code shall he deemed to refer to any tax imposed by chapter 2 or by chapter 21. (B) For purposes of this title, section 28(a) of the Revised Organic Act of the Virgin Islands shall he effective as if such section had heen enacted subsequent to the enactment of this title. (25) A t the end of section 7652(b), to insert the following: (3) DISPOSITION

OF INTERNAL

REVENUE

COLLECTIONS.—Begin-

ning with the fiscal year ending June 30, 1951),, and annually thereafter, the Secretary or his delegate shall determine the amount of all taxes imposed by, and collected during the fiscal year under, the internal revenue laws of the United States on articles produced in the Virgin Islands and transported to the United States. The amount so determined less 1 percent and less the estimated amount of refunds or credits shall he suhject to disposition as follows: (A) There shall he transferred and paid over to the government of the Virgin Islands from the amounts so determined a sum equal to the total amount of the revenue collected by the government of the Virgin Islands during the fiscal year, as certified by the Government Comptroller of the Virgin Islands. The moneys so transferred and paid over shall constitute a separate fund in the treasury of the Virgin Islands and may he expended as the legislature may determine: Provided, That the approval of the President or his designated representative shall he ohtained before such moneys may be obligated or expended. (B) There shall also he transferred and paid over to the government of the Virgin Islands during each of the fiscal years ending June 30, 1955, and June 30, 1956, the surni of $l,000fM0 or the balance of the inte^'nal revenue collections available under this paragraph (3) after payments are made under subparagraph (A), whichever amount is greater. The moneys so transferred and paid over shall he deposited in the separate fund established by subparagraph (A), hut shall be obligated or expended for emergency purposes and essential public projects only, with the prior approval of the President or his designated representative. (C) Any amounts remaining shall he deposited in the Treasury of the United States as miscellaneous receipts. If at the end of any fiscal year the total of the Federal contribution rkade under subparagraph (A) at the beginning of that fiscal year has not heen obligated or expended for an approved purpose, the balance shall continue available for expenditure during any succeeding fiscal year, but only for approved emergency relief purposes and essential public projects as provided in subparagraph (B). The aggregate amount of moneys available for expenditure for emergency relief purposes and essential public projects only, including payments under subparagraph (B), shall not exceed

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