PUBLIC LAW 94-202—JAN. 2, 1976 "(B) Monthly (or other periodic) payments received by any individual, under'a program established prior to July 1, 1973, if such payments are made by the State of '^hich the individual receiving such payments is a resident, and if eligibility of any individual for such payments is not based on need and is based solely on attainment of age 65 and duration of residence in such State by such individual.". SEC. 10. (a) Section 7652(b)(3) of the Internal Revenue Code of 1954 is amended— (1) by striking out the first sentence and inserting in lieu thereof the following: "Beginning with the calendar quarter ending September 30, 1975, and quarterly thereafter, the Secretary or his delegate shall determine the amount of all taxes imposed by, and collected during the quarter under, the internal revenue laws of the United States on articles produced in the Virgin Islands and transported to the United States."; (2) by amending the first sentence of subparagraph (A) to read as follows: "There shall be transferred and paid over, as soon as practicable after the close of the quarter, to the Government of the Virgin Islands from the amounts so determined a sum equal to the to t ^ amount of the revenue collected by the Government of the Virgin Islands during the quarter, as certified by the Government Comptroller of the Virgin Islands."; and (3) by amending the sentence immediately following subparagraph (C) by striking out "at the beginning" and inserting in lieu thereof the following: "with respect to the four calendar quarters immediately preceding the beginning". (b) The amendments made by paragraphs (1) and (2) of subsection (a) shall apply with respect to all taxes imposed by, and collected after June 30, 1975, under, the internal revenue laws of the United States on articles produced in the Virgin Islands and transported to the United States. Approved January 2, 1976.
LEGISLATIVE HISTORY: HOUSE REPORT No. 94-679 (Comm. on Ways and Means). SENATE REPORT No. 94-550 (Comm. on Finance). CONGRESSIONAL RECORD, Vol. 121 (1975): Dec. 1, considered and passed House. Dec. 17, considered and passed Senate, amended. Dec. 19, House concurred in Senate amendments with amendments; Senate receded and concurred in House amendments.
89 STAT. 1141
Virgin Islands, shipments to the U.S. 26 USC 7652.
Effective date. 26 USC 7652 note.
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