Volume 71 · 10
Public Law 85–12
To provide a 15 month extension of the existing corporate normal-tax rate and of certain excise-tax rates.
Approved March 29, 1957
Statutory text
AN ACT
To provide a 15 month extension of the existing corporate normal-tax rate and of certain excise-tax rates.
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 Rate Extension Act of 1957”.
SEC. 2. FIFTEEN-MONTH EXTENSION OF CORPORATE NORMAL-TAX RATE.
Section 11 (b) (relating to corporate normal tax), section 821
70 Stat. 66.
(a) (1) (A) (relating to mutual insurance companies other than interinsurers), and section 821 (b) (1) (relating to inter insurers) of the Internal Revenue Code of 1954 are amended as follows:
By striking out “april 1, 1057” each place it appears and inserting in lieu thereof “July 1, 1958”;
By striking out “April 1, 1957” each place it appears and inserting in lieu thereof “July 1, 1958”;
By striking out “at arch 31, 1057” each place it appears and inserting in lien thereof “June 30, 1958”;
By striking out “March 31, 1957” each place it appears and inserting in lieu thereof “June 30, 1958”.
SEC. 3. FIFTEEN-MONTH EXTENSION OF CERTAIN EXCISE TAX RATES.
Extension of Rates.—The following provisions of the Internal Revenue Code of 1954 are amended by striking out “April 1, 1957”
each place it appears and inserting in lieu thereof “July 1, 1958”—
section 4001 (relating to motor vehicles);
section 5001 (a) (1) (relating to distilled spirits);
section 5001 (a) (3) (relating to imported perfumes containing distilled spirits);
section 5022 (relating to cordials and liqueurs containing wine);
section 5041 (b) (relating to wines);
section 5051 (a) (relating to beer);and
section 5701 (c) (1) (relating to cigarettes).
Technical Amendments.—
The following provisions of the Internal Revenue Code of 1954 are amended as follows:
Section 50(53 (relating to floor stocks refunds on distilled
spirits, wines, cordials, and beer) is amended by striking out “April 1, 1957” each place it appears and inserting in lieu thereof “July 1, 1968”, and by striking out “May 1, 1957” and inserting in lieu thereof “August 1, 1958”.
Section 5134 (a) (3) (relating to drawback in the case
of distilled spirits) is amended by striking out “March 31, 1957” and inserting in lieu thereof “June 30, 1958”.
Subsections (a) and (b) of section 5707 (relating to floor
stocks-refunds on cigarettes) are amended by striking out “April 1, 1957” each place it appears and inserting in lieu thereof “July 1, 1958”. and by striking out “July 1, 1957” and inserting in lieu thereof “October 1, 1958”.
Section 6412 (a) (1) (relating to floor stocks refunds on
automobiles) is amended by striking out “April 1, 1957” each place it appears and inserting in lieu thereof “July 1, 1958”, by striking out “July 1, 1957” and inserting in lieu thereof “October 1, 1958”, and by striking out “August 10, 1957” each place it appears and inserting in lieu thereof “November 10, 1958”.
Section 497 of the Revenue Act of 1951 (relating to refunds on articles
70 Stat. 67.
from foreign trade zones), as amended, is amended by striking out “April 1, 1957” each place it appears and inserting in lieu thereof “July 1, 1958”.
Approved March 29, 1957.