Page:United States Statutes at Large Volume 80 Part 1.djvu/1577

 80 STAT.]

PUBLIC LAW 89-809-NOV. 13, 1966

1541

TITLE II — OTHER AMENDMENTS TO I N T E R N A L R E V E N U E CODEContinued See. 213. Applicability of exclusion from interest equalization loans to a s s u r e r a w m a t e r i a l s sources. (a) Exception to exclusion. (b) Technical amendments. (c) Effective date. Sec. 214. Exclusion from interest equalization tax for certain insurance companies. (a) New companies and companies operating in former countries. (b) Effective date. Sec. 215. Exclusion from interest equalization tax of certain foreign branches of domestic banks. (a) Authority for modification of executive orders. (b) Effective date.

tax of certain

acquisitions by less developed acquisitions by

TITLE III — P R E S I D E N T I A L ELECTION CAMPAIGN F U N D ACT Sec. 301. Short title. Sec. 302. Authority for designation of $1 of income tax payments to presidential election campaign fund. Sec..303. Presidential election campaign fund. (a) Establishment. (b) Transfers to the fund. (c) Payments from fund. (d) Transfers to general fund. Sec. 304. Establishment of advisory board. Sec. 305. Appropriations authorized. TITLE IV—MISCELLANEOUS PROVISIONS Sec. 401. Treasury notes payable in foreign currency. Sec. 402. Reports to clarify the national debt and tax structure.

(b) AMENDMENT OF 1954 CODE.—Except as otherwise expressly provided, wherever in titles I, II, and III, of this Act an amendment or repeal is expressed in terms of an amendment to, or repeal of, a section or other provision, the reference is to a section or other provision of the Internal Revenue Code of 1954.

TITLE I—FOREIGN INVESTORS TAX ACT SEC. 101. SHORT TITLE.

This title may be cited as the "Foreign Investors Tax Act of 1966". SEC. 102. SOURCE OF INCOME. (a)

INTEREST.—

(1)(A) Subparagraph (A) of section 861(a)(1) (relating to interest from sources within the United States) is amended to read as follows: " (A) interest on amounts described in subsection (c) received by a nonresident alien individual or a foreign corporation, if such interest is not effectively connected with the conduct of a trade or business within the United States,". (B) Section 861 is amended by adding at the end thereof the following new subsection: "(c) INTEREST ON DEPOSITS, E T C. — For purposes of subsection (a) (1)(A), the amounts described in this subsection are— "(1) deposits with persons carrying on the banking business, "(2) deposits or withdrawable accounts with savings institutions chartered and supervised as savings and loan or similar associations under Federal or State law, but only to the extent that amounts paid or credited on such deposits or accounts are deducti-

SSA Stat. 275.

�