Page:United States Statutes at Large Volume 75.djvu/233

 75 S T A T. ]

PUBLIC LAW 8 7 - 7 2 - J U N E 30, 1961

198

Public Law 87-72 AN ACT To provide a one-year extension of the existing corporate normal-tax rate and of certain excise-tax rates.

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J»ine 30,:1961 [H. R. 7446]

Be it enacted by the Senate and House of Representatives of the Tax Rate United States of America in Congress a^sermled^ That this Act may lon Act of Exten1961. be cited as the "Tax Rate Extension Act of 1961". SEC. 2. 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 1964 are amended as follows: 74 Stat. 290. 26 USC 11, 821. (1) By striking out "JULY 1, i 9 6 i " each place it appears and inserting in lieu thereof " J U L Y 1, 1962"; (2) By striking out "July 1, 1961" each place it appears and inserting in lieu thereof "July 1, 1962"; (3) By striking out " J U N E 30, i 9 6 i " each place it appears and inserting in lieu thereof " J U N E 30, 1962"; (4) By striking out "June 30, 1961" each place it appears and inserting in lieu thereof "June 30, 1962". SEC. 3. ONE-YEAR EXTENSION OF CERTAIN EXCISE-TAX RATES. (a) EXTENSION or RATES.—The following provisions of the Internal Revenue Code of 1954 are amended by striking out "July 1, 1961" each place it appears and inserting in lieu thereof "July 1, 1962"section 4061 (relating to motor vehicles); 5701 " ^ ^ '*°^** 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 ^^ "^^ *o^3. spirits, wines, cordials, and beer) is amended by striking out "July 1, 1961" each place it appears and inserting in lieu thereof "July Ij 1962", and by striking out "October 1, 1961" and inserting m lieu thereof "October 1, 1962". (2) Subsections (a) and (b) of section 5707 (relating to floor 26 USC 5707. stocks refunds on cigarettes) are amended by striking out "July 1, 1961" each place it appears and inserting in lieu thereof "July 1, 1962", and Iby striking out "October 1, 1961" and inserting in lieu thereof "October 1 1962". (3) Section 6412(a)(1) (relating to floor stocks refunds on 26use64i2. automobiles) is amended by striking out "July 1, 1961" each place it appears and inserting in lieu thereof "July 1, 1962", by striking out "October 1, 1961" and inserting in lieu thereof "October 1, 1962", and by striking out "November 10, 1961" each place it appears and inserting in lieu thereof "November 10, 1962".

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