Volume 69 · 676
Public Law 84–355
To amend the Internal Revenue Code of 1954 with respect to the tax on cutting oils.
Approved August 11, 1955
Statutory text
AN ACT
To 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
section 4091 of the Internal Revenue Code of 1954 is amended to read as follows:
“SEC. 4091. IMPOSITION OF TAX.
“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.”
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 purposes 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.”
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.