Page:United States Statutes at Large Volume 83.djvu/463

 83 STAT. ]

PUBLIC LAW 91-157-DEC. 24, 1969

435

§ 3* Saving provision (a) Except as provided in subsection (b) of this section, prior to January 1, 1972, no tax may be imposed on any class of banks by or under authority of any State legislation in effect prior to the enactment of this Act unless (1) the tax was imposed on that class of banks prior to the enactment of this Act, or (2) the imposition of the tax is authorized by affinnative action of the State le<^islature after the enactment of this Act. (b) The prohibition of subsection (a) of this section does not apply to (1) any sales tax or use tax complementary thereto, (2) any tax (includinf^ a documentary stamp tax) on the execution, delivery, or recordation of documents, or (3) any tax on tangible personal property (not including cash or currency), or for any license, registration, transfer, excise or other fee or tax imposed on the ownership, use or transfer of tangible personal property, imposed by a State which does not impose a tax, or an increased rate of tax, in lieu thereof. § 4. Study by Board of Governors of the Federal Reserve System (a) The Board of Governors of the Federal Reserve System (hereinafter referred to as the "Board") shall make a study to determine the probable impact on the banking systems and other economic effects of the changes in existing law to be made by section 2 of this Act governing income taxes, intangible property taxes, so-called doing business taxes, and any other similar taxes which are or may be imposed on banks. I n conducting the study the Board shall consult with the Secretary of the Treasury and appropriate State banking and taxing authorities. (b) The Board shall make a report of the results of its study to the cfn^^esV Congress not later than December 31, 1970. The report shall include the Board's recommendations as to what additional Federal legislation, if any, may be needed to reconcile the promotion of the economic efficiency of the banking systems of the Nation with the achievement of effectiveness and local autonomy in meeting the fiscal needs of the States and their political subdivisions. Approved December 24, 1969.

Public Law 91-157 AN ACT

December 24, 1969

To amend section 510 of the International Claims Settlement Act of 1949 to extend the time within which the Foreign Claims Settlement Commission is required to complete its affairs in connection with the settlement of claims against the Government of Cuba.

[H.R. ii7li]

Be it enacted by the Senate and House of Represe7itatives of the United States of America in Congress assembled, That section 510 of ^^^&the International Claims Settlement Act of 1949 (22 U.S.C. 1643i) is s e u S n t. amended to read as follows: 78 Stat. 1112; 80 Stat. 1365. "SEC. 510. The Commission shall complete its affairs in connection with the settlement of claims pursuant to this title not later than July 6, 1972.'' Approved December 24, 1969.

�