74 TH CONGR ESS . SESS. I. CII. 641. AUGUST 24, 1935 .
763 (b) The eighth sentence of such subsection (a) is amended by Termination of. striking out " re ntal or benefit payments " and inserting in lieu t h er eo f : " all payme nts authorized under section 8 which are in effect " . SeC . 12 . Subsection (b) of section 9 of the Agricultural Adjust- c .v-l: ico: p .36; U .S. anent Act, as amended, is a mended to read as follows :
Ante, p.46. " TAX RATE GENER ALLY
Tax rate generally. "(b ) (1) The processing tax shall be at such rate as equals the Computati on . difference between the current average farm price for the commodity and the fair exchange value of the commodity, plus such percenta ge of such difference, not to exceed 20 per centum, as the Secretary of Agriculture may determine will result in the collection, in any marketing year with respect to which such rate of tax may be in effect pursuant to the provisions of this title, of an amount of tax equal to (A) the amount of credits or refunds which he estimates will be allowed or made during such period pursuant to section 15 (c) wi th respect to the commodity and (B) the amount of tax which he estimates would have been collected during such period upon all processings of such commodity which are exempt from tax by reason of t he fact that such processings are done by or for a State, or a political subdivision or an institution thereof, had such processings been subject to tax . If, prior to the time the tax takes effect, or at Sniff he s tax us rate any time thereafter, the Secretary has reason to believe that the tax at such rate, or at the then existing rate, on the processing of the commodity generally or for any designated use or uses, or on the processing of the commodity in the production of any designated product or products thereof for any designated use or uses, will cause or is causing such reduction in the quantity of the commodity or P ndepression of farm products thereof domestically consumed as to result in the accumula- tion of surplus stocks of the commodity or products thereof or in the depression of the farm price of the commodity, then the Secretary maaaestigation to be shall cause an appropriate investigation to be made, and afford due notice and opportunity for hearing to interested parties . If there- Changing tax rate . upon the Secretary determines and proclaims that any such result will occur or is occuring, then the processing tax on the processing of the commodity generally or for any designated use or uses, or on the processing of the commodity in the production of any designated product or products thereof for any designated use or uses, shall be at such lower rate or rates as he determines and proclaims will prevent such accumulation of surplus stocks and depression of the farm price of the commodity, and the tax shall remain during its effective period at such lower rate until the Secretary, after due notice and opportunity for hearing to interested parties, determines and proclaims that an increase in the rate of such tax will not cause such accumulation of surplus stocks or depression of the farm price of the commodity . Ther eafter the p roces sing t ax sha ll be at th e high est rate which the Secretary determines will not cause such accumu- lation of surplus stocks or depression of the farm price of the commodity, but it shall not be higher than the rate provided in the first sentence of this paragraph . " SPECIFIC TAX RATES
Specific tax rates. " (2) In the case of wheat, cotton, field corn, hogs, peanuts, no modities desig. toba cco, paper, and jute, and (exc ept as provided in paragraph ( 8) of this subsection) in the case of sugarcane and sugar beets, the tax on the first dome stic p rocess ing of the commod ity ge neral ly or for any particular use, or in the production of any designated prod- uct for any designated use, shall be levied, assessed, collected, and
