Page:United States Statutes at Large Volume 78.djvu/276

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PUBLIC LAW 88-342-JUNE 30, 1964

[78 STAT.

improvements thereon offered as security and the loan shall be made upon such terms and conditions as to assure that at no time shall the loan balance exceed 60 per centum of the original appraised total value of the property then remaining. No such loan shall be made for a longer term than three years; except that any such loan may be made for a term not longer than fifteen years if the loan is secured by an amortized mortgage, deed of trust, or other such instrument under the terms of which the installment payments are sufficient to amortize the [principal of the loan within a period of not more than fifteen years and at a rate of at least 6% per centum per annum. All such loans secured by first liens upon forest tracts shall be included in the permissible aggregate of all real estate loans prescribed in the preceding paragraph, but no national banking association shall make foresttract loans in an aggregate sum in excess of 50 per centum of its capital stock paid in and unimpaired plus 50 per centum of its unimpaired surplus fund." Approved June 30, 1964. Public Law 88-342 June 30, 1964 [H. R. 8268]

Tobacco products exported and returned. Double taxation, prevention. 77A Stat. 405, 406. 19 USC 1202.

Internal revenue tax, exemption. 68A Stat. 708. 26 USC 5704.

AN ACT To prevent dovible taxation in the case of certain tobacco products exported and returned unchanged to the United States for delivery to a manufacturer's bonded factory.

Be it enacted by the Senate amd House of Representatives of the Vnlted States of America In Congress assembled, That (a) headnote 2 to subpart A of part 1 of schedule 8 of title I of the Tariff Act of 1930 (Tariff Schedules of the United States; 28 F.R., part II, Aug. 17, 1963) is amended by striking out "and" at the end of paragraph (a), by relettering paragraph (b) as paragraph (c), and by inserting after paragraph (a) the following new paragraph: " (b) tobacco products and cigarette papers and tubes classifiable under such item may be released from customs custody, without payment of that part of the duty attributable to the internal-revenue tax, for return to internal-revenue bond as provided by section 5704(e) of the Internal Revenue Code of 1954; and". (b) Section 5704 of the Internal Revenue Code of 1954 (relating to exemption from tobacco tax) is amended by adding at the end thereof the following new subsection: "(e)

77A Stat. 406. 19 USC 1202.

Effective date.

TOBACCO PRODUCTS AND CIGARETTE PAPERS AND TUBES EXPORTED

AND RETURNED.—Tobacco products and cigarette papers and tubes classifiable under item 804.00 of title I of the Tariff Act of 1930 (relating to duty on certain articles previously exported and returned) may be released from customs custody, without payment of that part of the duty attributable to the internal revenue tax for delivery to a manufacturer of tobacco products or cigarette papers and tubes, in accordance with such regulations and mider such bond as the Secretary or his delegate shall prescribe. Upon such release such products, papers, and tubes shall be subject to this chapter as if they had not been exported or otherwise removed from internal-revenue bond." SEC. 2. The amendments made by the first section of this Act shall apply with respect to articles entered, or withdrawn from warehouse, for consumption after the date of the enactment of this Act. Approved June 30, 1964.

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