PUBLIC LAW 355-AUG. 11, 1955 P u b l i c Law 355 August 11, 1955 [H. R. 4581]
IRC 1954 amendments* 68A Stat. 483. 26 USC 4091.
[69
STAT.
C H A P T E R 793
AN ACT rpQ amend the Internal Revenue Code of 1954 with respect to the tax on cutting oils.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That (a) section 4091 of the Internal Revenue Code of 1954 is amended to read as follows: •'SEC, 4091. IMPOSITION OF TAX.
26 USC 4092.
"There is hereby imposed upon the following articles sold in the United States by the manufacturer or producer a tax at the following rates, to be paid by the manufacturer or producer: " (1) cutting oils, 3 cents a gallon; and " (2) other lubricating oils, 6 cents a gallon." (b) Section 4092 of the Internal Revenue Code of 1954 is amended to read as follows: "SEC. 4092. DEFINITIONS. " (a) CERTAIN VENDEES CONSIDERED AS MANUFACTURERS.—For pur-
26 USC 4093.
26 USC, 4091.
prec.
26 USC 6416.
Effective date.
poses of this subpart, a vendee who has purchased lubricating oils free of tax under section 4093 shall be considered the manufacturer or producer of such lubricating oils. "(b) CUTTING OILS.—For purposes of this subpart, the term 'cutting oils' means oils sold for use in cutting and machining operation (including forging, drawing, rolling, shearing, punching, and stamping) on metals." (c) The table of sections to subpart B of part III of subchapter A of chapter 32 of the Internal Revenue Code of 1954 is amended by striking out "Definition of certain vendees as a manufacturer" and inserting in lieu thereof "Definitions". SEC. 2. Section 6416(b)(2) of the Internal Revenue Code of 1954 is amended by striking the period at the end of subparagraph (H) and inserting in lieu thereof a semicolon, and by inserting after subparagraph (H) the following new subparagraph: " (I) In the case of lubricating oils in respect of which tax was paid at the rate of 6 cents a gallon, used or resold for use on or after the effective date of this subparagraph as cutting oils (within the meaning of section 4092(b)); except that the amount of such overpayment shall not exceed an amount computed at the rate of 3 cents a gallon." SEC. 3. The amendments made by this Act shall take effect on the first day of the first calendar quarter which begins more than ten days after the date of the enactment of this Act. Approved August 11, 1955.
Public Law 356 August 11, 1955 [S.1792]
Government emp l o y e e s insurance. 68 Stat. 738. 5 USC 2094. U s e of insurance fund.
C H A P T E R 794
AN ACT To amend the Federal Employees' Group Life Insurance Act of 1954.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That (a) section 5 (c) of the Federal Employees' Group Life Insurance Act of 1954 is amended to read as follows: "(c) The sums withheld from employees under subsection (a) and the sums contributed from appropriations and funds under subsection (b) shall be deposited in the Treasury of the United States to the credit of a fund which is hereby created. Said fund is hereby
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