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PUBLIC LAW 86.564-JUNE 30, 1960

[74 ST A T.

Public Law 86-564 June 30, 1960 [H. R. 12381]

AN ACT To increase for a one-year period the public debt limit set forth in section 21 of the Second Liberty Bond Act and to extend for one year the existing corporate normal-tax rate' and certain excise-tax rates, and for other purposes.

Be it enacted by the Senate and House of Representatives of the _PubI Tax Rat?*E*xt^- ^'^^t^d States of America in Congress assembled, That this Act may sion Act of 1960?' be cited as the "Public Debt and Tax Rate Extension Act of 1960". TITLE I—PUBLIC D E B T L I M I T UNDER SECOND L I B E R T Y BOND ACT

73 Stat. 156. 31 USC 757b.

SEC. 101. TEMPORARY INCREASE. During the period beginning on July 1, 1960, and ending on June 80, 1961, the public debt limit set forth in the first sentence of section 21 of the Second Liberty Bond Act, as amended, shall be temporarily increased by $8,000,000,000. TITLE II—EXTENSION OF EXISTING TAX RATES

73 Stat. 157. 26 USC 11,821.

26 U S e 40615701, passim.

26 USC 5063.

SEC. 201. ONE-YEAR EXTENSION OF CORPORATE NORMAL-TAX RATE. Section 11(b) (relating to corporate normal tax), section 821(a)(1)(A) (relating to mutual insurance companies other than interinsurers), and section 821(b)(1) (relating to interinsurers) of the Internal Revenue Code of 1954 are amended as follows: (1) By striking out " J U L Y i, i96o" each place it appears and inserting in lieu thereof "JULY i, I 9 6 I "; (2) By striking out "July 1, 1960" each place it appears and inserting in lieu thereof "July 1, 1961"; (3) By striking out " J U N E 30, 196O" each place it appears and inserting in lieu thereof " J U N E SO, 1 9 6 I "; (4) By striking out "June 30, 1960" each place it appears and inserting in lieu thereof "June 30, 1961". SEC. 202. ONE-YEAR EXTENSION OF CERTAIN EXCISE-TAX RATES. (a) EXTENSION OF RATES.—The following provisions of the Internal Revenue Code of 1954 are amended by striking out "July 1, 1960" each place it appears and inserting in lieu thereof "July 1, 1961"— (1) section 4061 (relating to motor vehicles); (2) section 4251(b)(2) (relating to termination of tax on general telephone service); (3) section 4261 (relating to tax on transportation of persons); (4) section 5001(a)(1) (relating to distilled spirits); (5) section 5001(a)(3) (relating to imported perfumes containing distilled spirits); (6) section 5022 (relating to cordials and liqueurs containing wine); (7) section 5041(b) (relating to wines); (8) section 5051(a) (relating to beer); and (9) section 5701(c)(1) (relating to cigarettes). (b) TECHNICAL AMENDMENTS.—The following provisions of the Internal Revenue Code of 1954 are amended as follows: (1) Section 5063 (relating to floor stocks refunds on distilled spirits, wines, cordials, and beer) is amended by striking out "July 1, 1960" each place it appears and inserting in lieu thereof "July 1, 1961", and by striking out "October 1, 1960" and inserting in lieu thereof "October 1, 1961".

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