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PUBLIC LAW 87-508-JUNE 28, 1962 Public Law 87-508

June 28, 1962 [H. R. 11879]


 * 0c-3v'i.

[76 STAT.

o'Miy

AN ACT To provide a one-year extension of the existing corporate normal-tax rate and of c*ertain excise-tax rates, and for other purposes.

Be a enacted by the Senate and House of Representatives of the Tax Rate Exten- United /States of America in Congress assembled, That this Act may sion Act of 1962. be cited as the "Tax Rate Extension Act of 1962". 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 interin75 Stat. 193. surers), and section 821(b)(1) (relating to inter insurers) of the In26 USC 11, 821. ternal Revenue Code of 1954 are amended as follows: (1) By striking out "JULY i, 1962" each place it appears and inserting in lieu thereof "JULY i, 1963"; (2) By striking out "July 1, 1962" each place it appears and inserting in lieu thereof "July 1, 1963"; (3) By striking out " J U N E 30, 1902" each place it appears and inserting in lieu thereof " J U N E 30, 1963"; and (4) By striking out "June 30, 1962" each place it appears and inserting in lieu thereof "June 30, 1963". SEC. 3. 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, 1962" each place it appears and inserting in lieu thereof "July 1, 1963"— (1) section 4061 (relating to motor vehicles); 26 USC 40615701. (2) section 4251(b)(2) (relating to termination of tax on general telephone service); (3) section 5001(a)(1) (relating to distilled spirits); (4) section 5001(a)(3) (relating to imported perfumes containing distilled spirits); (5) section 5022 (relating to cordials and liqueurs containing wine); (6) section 5041(b) (relating to wines); (7) section 5051(a) (relating to beer); and (8) section 5701(c)(1) (relatingto 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 26 USC 5063. spirits, wnnes, cordials, and beer) is amended by striking out "July 1, 1962" each place it appears and inserting in lieu thereof "July 1, 1963", and by striking out "October 1, 1962" and inserting in lieu thereof "October 1, 1963". (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, 1962" each place it appears and inserting in lieu thereof "July 1, 1963", and by striking out "October 1, 1962" and inserting in lieu thereof "October 1, 1963". (3) Section 6412(a)(1) (relating to floor stocks refunds on 26 USC 6412. automobiles) is amended by striking out "July 1, 1962" each place it appears and inserting in lieu thereof "July 1, 1963", by striking out "October 1, 1962" and inserting in lieu thereof "October 1, 1963", and by striking out "November 10, 1962" each place it appears and inserting in lieu thereof "November 10, 1963". 26 USC 5701 Section 497 of the Revenue Act of 1951 (relating to refunds on articles note. from foreign trade zones), as amended, is amended by striking out "July 1, 1962" each place it appears and inserting in lieu thereof "July 1, 1963".

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