Page:United States Statutes at Large Volume 85.djvu/683

 85

PUBLIC LAW 92-1 9 6 - D E C. 15, 1971

STAT.]

653

TITLE II TAXATION OF BUSINESS INVENTORY

SEC. 201. Paragraph 2 of section 6 of the Act of July 1, 1902 (D.C. Code, sec. 47-1207), is amended by adding at the end thereof the 32 Stat. eis. following sentence: "Effective July 1, 1972, the rate of tax applicable to the average stock in trade of dealers in general merchandise shall be two-thirds of the rate of tax established by the District of Columbia Council for application generally to personal property subject to taxation for the fiscal year ending June 30, 1972; and effective July 1, 1973, the rate of tax applicable to the average stock in trade of dealers in general merchandise shall be one-third the rate of tax established by the District of Columbia Council to be applied generally to personal property subject to taxation for the fiscal year ending June 30, 1973; and effective July 1, 1974, the tax on the average s to ^ in trade of dealers in general merchandise is repealed." TITLE III MOTOR VEHICLE FUELS TAX

SEC. 301. (a) The first section of the Act entitled "An Act to provide for a tax on motor vehicle fuels sold within the District of Columbia, and for other purposes," approved April 23, 1924 (43 Stat. 106; D.C. Code, sec. 47-1901), as amended, is amended by striking the figure ^J?,,^l^^:^J^'' ,,_,,

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" 7 " and inserting m lieu thereof the figure 8. (b) Section 2(b) of such Act (D.C. Code, 47-1902(b)), is 43 Stat. loe. amended to read as follows: " (b) The term 'motor vehicle fuels' means gasoline, diesel fuel, f^'eTs°"" ^^^'""^^ and other volatile and flammable liquid fuels produced or compounded for the purpose of operating or propelling internal combustion engines. I t also includes benzol, oenzene, naphtha, kerosene, heating oils, all liquified petroleum gases, and all combustible gases and liquids suitable for the generation of power for propulsion of motor vehicles when advertised, offered for sale, sold for use, or used, alone, or blended or compounded with other products, for the purpose of operating or propelling internal combustion engines." (c) Section 10 of such Act (D.C. Code, 47-1910) is repealed. Repeal. (d) Section 14 of such Act (D.C. Code, 47-1912), as amended, is amended by striking out "of 7 cents per gallon". SEC. 302. The amendments made by this title shall take effect on Elective date. the first day of the first month which begins more than thirty days after the date of enactment of this Act. TITLE IV CORPORATE AND UNINCORPORATED BUSINESS INCOME TAX

SEC. 401. Section 2 of title VII of article I of the District of Columbia Income and Franchise Tax Act of 1947 (D.C. Code, sec. 47-1571a) is amended by striking out " 6 " and inserting in lieu 82^staL^6i2!^' thereof "7".

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