1000 SIXTY—FOURTH CONGRESS. Sess. II. Ch. 159. 1917. ¤•¤=h3 1917- CHAP. 159.-An Act To provide increased revenue to defray the expenses of the [H· K *67*] inc1r¢;asedt]s;.ppmpriations for the Army and Navy and the extensions of ortaiicatrons, [Public, N0. 377.] all 0I' 0 €I' Be it enacted by the Senate and House of Repreeentat·ives of the United R°"°°°° -*°*» ’°"· States of America in Congress assembled, F§ggf‘*’ *"°P°'°"“°“ Trrrn I.-Srncrar. Pnsraamnrrnss FUND. ‘ R"`°‘¥’“ "°”’ ‘“*’¥°,°f SEo·rroN 1. That the recei tsfrom the tax im ed by Title II and if-’:y°““··’i$i‘·‘i£*`4·»'°'·»»ZT‘ one-time or the receipts frdim the tax impesafiiisy rms III of this Act shall constitute a separate fund in the Treasury to be used only
- ""· P· ‘“°· for the expenditures incurred under the Act entitled “An Act making
appropriations for the su port of the Army for the fiscal year ending June thirtieth, nineteen liundred and seventeen, and for other purposes," approved August twenty-ninth, nineteen hundred and sixteen; ·*”"· P- 556- the Act entitled “An Act making appropriations for the naval service for the fzigcpl yealr ending Jrme thirtiethhnixneteen hundred and] seventeen an or other urposes,’ a rove ugust twenty-nint , nine- ”°’°'m' teen,hundred and sixteen; andptgie Act entitled "Any Act making appropriations for fortifications and other works of defense, for the armament thereof, for the procurement of hea ordnance for trial and service, and for other purposes," approvedvgul sixth, nineteen hundred and sixteen, or any other Act or Acts subsequent thereto ,,.,,{,,‘*g‘_ff,‘§,,,‘§",A§§§;’,§ making appropriations for Army, Navy, or fortification p oses. In ’ addition to such receipts from the taxes imposed under 'llililos II and III of this Act, there shall be credited annually, beginning with the Hscal year ending June thirtieth, nineteen hundred and e` hteen, to Amp 756 such separate fund, the sum of $175,000,000, such sumlieing the ` estimated additional revenue to be derived under the Act entitled “An Act to increase the revenue, and for other purposes/’ approved Sep- _ tember eighth, nineteen hrmdred and sixteen, in excess of the revenue gxgry dmb to be derived under then existing laws: Provided, That the Secretary srmpermrma. of the Treasiuy may use such fund for other purposes, but such fund shall be reimbursed for any portion thereof so used. E‘°°“ P'°°” ‘“‘ Trims II.——Excnss Pnorrrs Tax. Sec. 200. That when used in this title-- T""‘“ °°“““‘°“‘ _ The terérn "corporation" includes joint-stock companies or associations, an msurance com anim; “°‘“"" S“‘°"“·" The term "United Stal:)es" means onl the States, the Territories N of Alaska and Hawaii, and the District ofy Columbia; and "T‘““‘°"’>`°”· The term " taxable year" means the twelve months ending December thirty-first, except in the case of a corporation or partnership Fm my allowed to fix its own fiscal year, in which case it means such fiscal ’°“'* ‘· year. The first taxable year shall be the year ending December mm mm mmm th.rrty-first, nineteen hundred and seventeen. ggnggmgsatm ana .‘i01. ;1I'hat in aildchtilonttéiil thedtaxeg funderliaxistirgg laws there
- ,,,,,,,,,,,;,j _ s e evre , assesse , co ec , an ar or eac taxa e earu n
the net income _0f_ every corporatiorli and {partnership diganiddil, authorrzed,_or exrstrnlgnnder the laws of the nited States, or of any Mmmm emp,,_,¤_ State,(;l`emtory, or istricg thergof, no gliatlter how cpelsited or organize , exce m mcome erive rom e usiness o `fe h lth, and accident i)nsu§ance combined in one policy issued on this wifekly premium pxayment plan, a tax of eight per centum of the amount by which suc net mcome exceeds the sum of (a) $5,000 and (b) eight Fmigmmmms per centum of the actual capital invested. mmm Same Every foreign corporation and partnership, includin corporations °°‘“P“‘”*“*¤~ phd par};tr;ersl:p)ps of the Ighxilippine Islands and Porto Igico, shall pay _or eac axa e year a ’e tax u on the amount b which its net mcome received from all sources wighin the United Stdrtes exceeds the
