73 S T A T. ]
PUBLIC LAW 86-75-JUNE 30, 1959
(31 U.S.C., sec. 757b), is amended to read as follows: "The face amount of obligations issued under authority of this Act, and the face amount of obligfations guaranteed as to principal and interest by the United States (except such guaranteed obligations as may be held by the Secretary of the Treasury), shall not exceed in the aggregate $285,000,000,000 outstanding at any one time." SEC. 2. During the period beginning on July 1, 1959, and ending on June 30, 1960, the public debt limit set forth in the first sentence of section 21 of the Second Liberty Bond Act, as amended, shall be temporarily increased by $10,000,000,000. SEC. 3. This Act may be cited as the "Public Debt Act of 1959". Approved June 30, 1959.
157 72 Stat. 1758.
Short title.
Public Law 86-75 AN ACT To provide a one-year extension of the existing corporate normal-tax rate and of certain excise-tax rates, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That this Act may be cited as the "Tax Kate Extension Act of 1959". SEC. 2. ONE-YEAR EXTENSION OF CORPORATE NORMAL-TAX RATE. Section 11(b) (relating to corporate normal tax), section 821(a) (1)(A) (relating to mutual insurance companies other than interinsurers), and section 821(b)(1) (relating to interinsurers) of the Internal Revenue Code of 1954 are amended as follows: (1) by striking out " J U L Y i, 1959" each place it appears and inserting in lieu thereof " J U L Y 1, i96o"; (2) by striking out "July 1, 1959" each place it appears and inserting in lieu thereof "July 1, 1960"; (3) by striking out " J U N E 30, 1959" each place it appears and inserting in lieu thereof " J U N E 30, 19eo"; (4) by striking out "June 30, 1959" each place it appears and inserting in lieu thereof "June 30, 1960". SEC. 3. ONE-YEAR EXTENSION OF CERTAIN EXCISE TAX RATES. (a) EXTENSION OF RATES.—The following provisions of the Internal Revenue Code of 1954 are amended by striking out "July 1, 1959" each place it appears and inserting in lieu thereof "July 1, 1960"— (1) section 4061 ^relating to motor vehicles); [2^ section 5001(a)(1) (relating to distilled spirits]; 3) section 5001(a) f3) (relating to imported perfumes containing distilled spirits); (4) section 5022 (relating to cordials and liqueurs containing wine); (5) section 5041(b) ^relating to wines); (6) section 5051(a) (relating to beer); and (7) section 5701(c)(1) (relating to cigarettes). (b) TECHNICAL AMENDMENTS.—The following provisions of the Internal Revenue Code of 1954 are amended as follows: (1) Section 6063 (relating to floor stocks refunds on distilled spirits, wines, cordials, and beer) is amended by striking out '%July 1, 1959" each place it appears and inserting in lieu thereof "July 1, 1960", and by striking out "October 1, 1959" and inserting in lieu thereof "October 1, 1960".
June 30, 1959 [H. R. 7523]
'^^^ K^*« 1959. sion Act of Exten-
72 Stat. 259. 26 USC 11, 8 2 1.
26 USC 4 0 6 15071, p a s s i m.
26 USC 5063.
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