Page:United States Statutes at Large Volume 83.djvu/685

 83 STAT. ]

PUBLIC LAW 91-172-DEC. 30, 1969

657

"(4) SPECIAL RULES.—For purposes of paragraph (1), an obligation shall not be treated as an arbitrage bond solely by reason of the fact that— " (A) the proceeds of the issue of which such obligation is a part may be invested for a temporary period in securities or other obligations until such proceeds are needed for the purpose for which such issue was issued, or " (B) an amount of the proceeds of the issue of which such obligation is a part may be invested in securities or other obligations which are part of a reasonably required reserve or replacement fund. The amount referred to in subparagraph (B) shall not exceed 15 percent of the proceeds of the issue of which such obligation is a part unless the issuer establishes that a higher amount is necessary. "(5) BEGULATIONS.—The Secretary or his delegate shall prescribe such regulations as may be necessary to carry out the purposes of this subsection." (b) EFFECTIVE DATE.—The amendments made by subsection (a) shall apply with respect to obligations issued after October 9, 1969.

TITLE VII—EXTENSION OF TAX SURCHARGE AND EXCISE TAXES; TERMINATION OF INVESTMENT CREDIT SEC. 701. EXTENSION OF TAX SURCHARGE. (a) SURCHARGE EXTENSION. Section 51(a) (relating to imposition

of tax surcharge) is amended— (1) by adding at the end of paragraph (1)(A) the following: "CALENDAR YEAR 1970: TABLE 1.—SINGLE PERSON (OTHER THAN HEAD OF HOUSEHOLD) AND MARRIED PERSONS FILING SEPARATE RETURNS If the adjusted taxis: At least—

But less than—

0

$155

$155

175 195 215 235 255 275 300 340 380 420 460 500 540 580 620 660 700 740 780 820 860 900 940 980

175 195 215 235 255 275 300 340 380 420 460 500 540 580 620 660 700 740 780 820 860 900 940 980

1,020

If the adjusted tax Is: The tax Is—

0 $1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25

At least—

But less than—

The tax is—

$1,020 $1,060 $26 1,060 1,100 27 1,100 1,140 28 1,140 1,180 29 1,180 1,220 30 1,220 1,260 31 1,260 1,300 32 1,300 1,340 33 1,340 1,380 34 1,380 1,420 35 1,420 1,460 36 1,460 1,500 37 1,500 1,540 38 1,540 1,580 39 1,580 1,620 40 1,620 1,660 41 1,660 1,700 42 1,700 1,740 43 1,740 1,780 44 1,780 1.820 45 1,820 1,860 46 1,860 1,900 47 1,900 1,940 48 1,940 1,980 49 1,980 2,020 50 2,020 and over, 2.5% of the adjusted tax.

Ante,

p. 93.

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