Page:United States Statutes at Large Volume 80 Part 1.djvu/1621

 80 STAT.]

PUBLIC LAW 89-809-NOV. 13, 1966

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SEC. 212. EXCISE TAX RATE ON AMBULANCES AND HEARSES. (a) CLASSIFICATION AS AUTOMOBILES.—Section 4062 (relating to yg^st'lt^'iose^^' definitions applicable to the tax on motor vehicles) is amended by adding at the end thereof the following new subsection: " (b) AMBULANCES, HEARSES, E T C. — For purposes of section 4061 (a), a sale of an ambulance, hearse, or combination ambulance-hearse shall be considered to be a sale of an automobile chassis and an automobile body enumerated in subparagraph (B) of section 4061(a)(2)." 79 Stat. 136. (b) EFFECTIVE DATE.—The amendment made by subsection (a) shall apply with respect to articles sold after the date of the enactment of this Act. SEC. 213. APPLICABILITY OF EXCLUSION FROM INTEREST EQUALIZATION TAX OF CERTAIN LOANS TO ASSURE RAW MATERIALS SOURCES. (a) EXCEPTION TO EXCLUSION.—Section 4914(d) (relating to loans 78 Stat. 813. to assure raw materials sources) is amended by adding at the end thereof the following new paragraph: "(3) EXCEPTION.—The exclusion from tax provided by paragraph (1) shall not apply in any case where the acquisition of the debt obligation of the foreign corporation is made with an intent to sell, or to offer to sell, any part of such debt obligation to United States persons." (b) TECHNICAL AMENDMENTS.—(1) Section 4914(j)(1) (relating to loss of entitlement to exclusion in case of certain subsequent transfers) is amended— (A) by striking out in subparagraph (A) ", or the exclusion provided by subsection (d),", and (B) by striking out "subsection (d) or (f) " in subparagraph (D) and inserting in lieu thereof "subsection (r) ". (2) Section 4918 (relating to exemption for prior American 78 Stat. 831. ownership) is amended by adding at the end thereof the following new subsection: " (g) CERTAIN DEBT OBLIGATIONS ARISING O U T OF LOANS TO ASSURE E A W MATERIAL SOURCES.—Under regulations prescribed by the Secre-

tary or his delegate, subsection (a) shall not apply to the acquisition by a United States person of any debt obligation to which section 4914(d) applied where the acquisition of the debt obligation by such person is made with an intent to sell, or to offer to sell, any part of such debt obligation to United States persons. The preceding sentence shall not apply if the tax imposed by section 4911 has applied to any prior acquisition of such debt obligation." (c) EFFECTIVE DATE.—The amendments made by subsections (a) and (b) shall apply with respect to acquisitions of debt obligations made after the date of the enactment of this Act. SEC. 214. EXCLUSION FROM INTEREST EQUALIZATION TAX FOR CERTAIN ACQUISITIONS BY INSURANCE COMPANIES. (a) N E W COMPANIES AND COMPANIES OPERATING IN FORMER LESS DEVELOPED COUNTRIES.-—Section 4914(e) (relating to acquisitions by

insurance companies doing business in foreign countries) is amended— (1) by striking out "at the time of the initial designation" in the last sentence of paragraph (2); (2) by striking out "An" in the first sentence of paragraph (3)(A)(i) and inserting in lieu thereof "Except as provided in clause ( i i i), a n "; (3) by striking out "under this subparagraph" in paragraph (3)(A) ( i i) and inserting in lieu thereof "under clause (i) "; (4) by adding after clause (ii) of paragraph (3)(A) the following new clauses:

78 Stat. 809.

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