Page:United States Statutes at Large Volume 54 Part 1.djvu/560

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PUBLIC LAWS-CH. 419--JUNE 25, 1940 Returns. Extension of pay- ment; bond. Laws applicable. 63 Stat. 365. 26 U. a. o., Supp. V, 63M1.~ ' 63 Stat. 199. 26 U.S. C., SBpp. V, I 18D7. (eneral rol. Defense tax. Oredits on tax on automobiles, etc. 63 Stat. 410 . 2a U. . 0.. SupP. V, iM (e). Special fund for re- tirement of certain ob- ligations. 53 Stat. 189. 26 U. S. C., Supp. V, 1700(a) (l). Infra. 62 Stat. 447. 31U.8. ., Supp. V, § 767b. Issuance of addi- tional obligations for national defense ex- penditures. "National Defense Series." "(b) RETERNS. - Every person required by subsection (a) to pay any floor stocks tax shall, on or before August 1, 1940, under such regulations as the Commissioner with the approval of the Secretary shall prescribe, make a return and pay such tax. Payment of the tax shown to be due may be extended to a date not later than February 1, 1941, upon the filing of a bond for payment thereof in such form and amount and with such surety or sureties as the Com- missioner, with the approval of the Secretary, may prescribe. "(c) LAws APPLICABLE.-All provisions of law, including penalties, applicable in respect of the taxes imposed by section 3150 (a) shall, insofar as applicable and not inconsistent with this subsection, be applicable with respect to the floor stocks tax imposed by sub- section (a)." SEC. 215. PLAYING CARDS. Section 1807 of the Internal Revenue Code is amended by inserting "(a) GENERAL RULE.-" before the first paragraph and inserting at the end thereof the following new subsection: "(b) DEFENSE TAX FOB FIvE YEARS. -In lieu of the rate of tax specified in subsection (a), the rate of tax for the period after June 30, 1940, and before July 1,1945, shall be 11 cents." SEC. 216. CREDITS ON TAX ON AUTOMOBILES, ETC. Section 3403 (e) of the Internal Revenue Code is amended by adding at the end thereof the following new sentence: "With respect to the period after June 30, 1940, and before July 1, 1945, the rates of the credits above provided shall, in lieu of 2 per centum and 3 per centum, be 2Y1/per centum and 32 per centum, respectively." . TITLE m SEc. 301. The Secretary of the Treasury shall, as soon as prac- ticable after the end of each quarter, determine the additional amount of taxes collected attributable to the increases in taxes made, and to the floor stocks taxes imposed, by the amendments to the Internal Revenue Code in title II of this Act (not including the amount of taxes attributable solely to section 209 and not including any amount collected under section 1700 (a) (1) of the Internal Revenue Code attributable to a basic admission charge of more than 40 cents), and the amounts so determined shall be set aside as a special fund which shall be available only for the retirement of any of the obliga- tions issued pursuant to the authority contained in section 21 (b) of the Second Liberty Bond Act, as amended. If at any time the amounts in the fund are not sufficient for such purpose, the Secretary of the Treasury is authorized and directed to transfer to the fund moneys out of the general fund of the Treasury. Any amounts in the special fund not necessary for the retirement of such obligations shall be deposited in the general fund of the Treasury. SEC. 302. Section 21 of the Second Liberty Bond Act, as amended, is hereby further amended by inserting "(a)" after "21." and by adding at the end of such section a new paragraph as follows: "(b) In addition to the amount authorized by the preceding paragraph of this section, any obligations authorized by sections 5 and 18 of this Act, as amended, not to exceed in the aggregate $4,000,000,000 outstanding at any one time, less any retirements made from the special fund made available under section 301 of the Revenue Act of 1940, may be issued under said sections to provide the Treasury with funds to meet any expenditures made, after June 30, 1940, for the national defense, or to reimburse the general fund of the Treasury therefor. Any such obligations so issued shall be designated 'National Defense Series'." [54 STAT.