Page:United States Statutes at Large Volume 80 Part 1.djvu/1623

 80 STAT.]

PUBLIC LAW 8 9 - 8 0 9 - N O V. 13, 1966

(11) by adding at the end of paragraph (4) the following new paragraph: " (C) SPECIAL RULE.—For purposes of subparagraph (A), if a country designated as a less developed country on September 2, 1964, thereafter has such designation terminated by an Executive order issued under section 4916(b), all insurance contracts payable in the currency of such country which were entered into before such designation was terminated shall be treated as insurance contracts payable in the currency of a country other than a less developed country." (b) EFFECTIVE DATE.—The amendments made by subsection (a) shall take effect on the day after the date of the enactment of this Act. SEC. 215. EXCLUSION FROM INTEREST EQUALIZATION TAX OF CERTAIN ACQUISITIONS BY FOREIGN BRANCHES OF DOMESTIC BANKS.

1587

^* ^*^*- *^°

78 Stat. 827.

(a) AUTHORITY FOR MODIFICATION OF EXECUTIVE ORDERS.—Section

4931 (a) (relating to commercial bank loans) is amended by adding at the end thereof the following new sentence: "Clause (A) of the preceding sentence shall not prevent a modification of such Executive order (or any modification thereof) to exclude from the application of subsection (b) acquisitions by commercial banks, through branches located outside the United States, of debt obligations of foreign obligors payable in currency of the United States." (b) EFFECTIVE DATE.—The amendment made by subsection (a) shall apply with respect to acquisitions of debt obligations made after the date of the enactment of this Act.

^^ Stat. 839.

TITLE III—PRESIDENTIAL ELECTION CAMPAIGN FUND ACT SEC. 301. SHORT TITLE. This title may be cited as the "Presidential Election Campaign F u n d Act of 1966". SEC. 302. AUTHORITY FOR DESIGNATION OF $1 OF INCOME TAX PAYMENTS TO PRESIDENTIAL ELECTION CAMPAIGN FUND. (a) Subchapter A of chapter 61 of the Internal Revenue Code of 26'^sc^*6oo^i-' 1954 (relating to returns and records) is amended by adding at the 6091. end thereof the following new part:

"PART VIII—DESIGNATION OF INCOME TAX PAYMENTS TO PRESIDENTIAL ELECTION CAMPAIGN FUND "Sec. 6096. Designation by individuals. "SEC. 6096. DESIGNATION BY INDIVIDUALS.

" (a) IN GENERAL.—Every individual (other than a nonresident alien) whose income tax liability for any taxable year is $1 or more may designate that $1 shall be paid into the Presidential Election Campaign F u n d established by section 303 of the Presidential Election Campaign Fund Act of 1966. " (b) INCOME TAX LIABILITY.—For purposes of subsection (a), the income tax liability of an individual for any taxable year is the amount of the tax imposed by chapter 1 on such individual for such taxable year (as shown on his return), reduced by the sum of the credits (as shown in his return) allowable under sections 32(2), 33,35, 37, and 38. "(c) MANNER AND T I M E OF DESIGNATION.—A designation under subsection (a) may be made with respect to any taxable year, in such manner as the Secretary or his delegate may prescribe by regulations—

26 USC 1-1388.

76 Stat. 962.

�