"(A) for the period beginning with the first day of the calendar year and ending with the last day of the calendar quarter (excluding the last calendar quarter) in which such person becomes such an employer, and

"(B) for the third calendar quarter of such year, if the period specified in subparagraph (A) includes only the first two calendar quarters of the calendar year.

The tax for any calendar quarter or other period shall be computed as provided in subsection (b) and the tax as so computed shall, except as otherwise provided in subsections (c) and (d), be paid in such manner and at such time as may be provided in regulations prescribed by the Secretary or his delegate.

(b) COMPUTATION OF TAX.-The tax for any calendar quarter or other period referred to in paragraph (1) or (2) of subsection (a) shall be computed by multiplying the amount of wages (as defined in section 3306 (b)) paid in such calendar quarter or other period by the number of percentage points (in cluding fractional points) by which the rate of tax specified in section 3301 exceeds 2.7 percent.

"(c) SPECIAL RULE FOR CALENDAR YEARS 1970 AND 1971.-For purposes of subsection (a), the tax computed as provided in subsection (b) for any calendar quarter or other period shall be reduced (1) by 662/3 percent if such quarter or period is in 1970, and (2) by 331 percent if such quarter or period is in 1971.

"(d) SPECIAL RULE WHERE ACCU

MULATED AMOUNT DOES NOT EXCEED

$100.-Nothing in this section shall require the payment of tax with respect to any calendar quarter or other period if the tax under section 3301 for such period, plus any unpaid amounts for prior periods in

the calendar year, does not exceed $100."

(b) ASSESSMENT AUTHORITY.-Section 6201 (b) of such Code (relating to assessment authority) is amended to read as follows:

"(b) AMOUNT NOT TO BE ASSESSED.

"(1) ESTIMATED INCOME TAX.No unpaid amount of estimated tax under section 6153 or 6154 shall be assessed.

"(2) FEDERAL UNEMPLOYMENT TAX. -No unpaid amount of Federal unemployment tax for any calendar quarter or other period of a calendar year, computed as provided in section 6157, shall be assessed."

PAID.

(4) TIME TAX CONSIDERED Section 6513 of such Code (relating to time return deemed filed and tax considered paid) is amended by adding at the end thereof the following new subsection:

"(e) PAYMENTS OF FEDERAL UNEMPLOYMENT TAX. Notwithstanding subsection (a), for purposes of section 6511 any payment of tax imposed by chapter 23 which, pursuant to section 6157, is made for a calendar quarter or other period within a calendar year shall, if made before the last day prescribed for filing the return for the

(1) The table of sections for subchapter A of chapter 62 of the Internal Revenue Code of 1954 is amended by striking out

"Sec. 6157. Payment of taxes under provisions of the Tariff Act."

and inserting in lieu thereof

"Sec. 6157. Payment of Federal unem ployment tax on quarterly or other time period basis."

(2) The table of sections for subchapter B of chapter 64 of such Code is amended by adding at the end thereof the following:

"Sec. 6317. Payments of Federal unemployment tax for calendar quarter.”

the budget of the United States Government for such fiscal year as the net receipts during such year under the Federal Unemployment Tax Act: except that this limitation is increased by any unexpended amount retained in the employment security administration account in accordance with section 901 (f) (2) (B). Each estimate of net receipts under this paragraph shall be based upon a tax rate of 0.4 percent."

"TABLE 1.-SINGLE PERSON (OTHER THAN HEAD OF HOUSEHOLD) AND MARRIED PERSONS FILING SEPARATE RETURN

The tax is

tax is:

The tax

At least

But less

is

(b) Paragraph (2) of section 901 (f) of such Act is amended (1) by striking out "The" and inserting in lieu thereof "(A) Except as provided in subparagraph (B), the",

193

198

and (2) by adding at the end thereof the following:

"(B) With respect to the fiscal years ending June 30, 1970, June 30, 1971, and June 30, 1972, the balance in the employment security administration account at the close of each such fiscal year shall not be considered excess but shall be retained in the account for use as provided in paragraph (1) of subsection (c) .”

SEC. 4. EFFECTIVE DATE.

(a) The amendments made by the first two sections of this Act shall apply with respect to calendar years beginning after December 31, 1969.

735 and over, 10% of the adjusted tax",

1969" and inserting in lieu thereof "December 31, 1969".

amend

(c) EFFECTIVE dates.— (1) IN GENERAL.-The ments made by subsections (a) and (b) shall apply to taxable years ending after June 30, 1969, and beginning before January 1, 1970.

(2) DECLARATIONS OF ESTIMATED TAX. If any taxpayer is required to make a declaration or amended declaration of estimated tax, or to pay any amount or additional amount of estimated tax, by reason of the amendments made by this section,

such amount or additional amount shall be paid ratably on or before each of the remaining installment dates for the taxable year beginning

with the first installment date on or after the 30th day after the date of enactment of this Act. With respect

to any declaration or payment of estimated tax before such first installment date, date, sections 6015, 6154, 6654, and 6655 of the Internal Revenue Code of 1954 shall be applied without regard regard to the amendments made by this section. For purposes of this paragraph, the term "installment date" means any date on which, under section 6153 or 6154 of such Code (whichever is applicable), an installment payment of estimated tax is required to be made by the taxpayer.

SEC. 6. EXTENSION OF WITHHOLDING TAX.

(a) Section 3402 of the Internal Revenue Code of 1954 (relating to income tax collected at source) is amended

(1) by striking out "July 31. 1969" in subsection (a) (1) and inserting in lieu thereof "December 31, 1969";

(2) by striking out "August 1, 1969" in subsection (a) (2) and inserting in lieu thereof "January 1, 1970"; and

(3) by striking out "August 1, 1969" in subsection (c) (6) and inserting in lieu thereof “January 1, 1970".

(b) The amendments made by this section shall apply with respect to wages paid after July 31, 1969, and before January 1, 1970. Approved August 7, 1969.

Public Law 91-65
91st Congress, H.R. 10107 4
August 25, 1969

An Act to continue for a temporary period the existing suspension of duty on certain istle and the existing interest equalization tax.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That (a) item

4 Senate Report No. 91-373, page 178; House Report No. 91-162 is not published herein.

903.90 of the Tariff Schedules of the United States (19 U.S.C., sec. 1202, item 903.90) is amended by striking out "9/5/69" and inserting in lieu thereof "9/5/72".

(b) The amendment made by subsection (a) shall apply with respect to articles entered, or withdrawn from warehouse, for consumption, after September 5, 1969.

SEC. 2. Effective with respect to acquisitions made after August 31, 1969, section 4911 (d) of the Internal Revenue Code of 1954 (relating to termination of interest equalization tax) is amended by striking out “August 31, 1969” and inserting in lieu lieu thereof "September 30,

1969".

Approved August 25, 1969.

Public Law 91-75 91st Congress, S. 1766 5

September 29, 1969

An Act to provide for the disposition of a judgment recovered by the Confederated Salish and Kootenai Tribes of Flathead Reservation, Montana, in paragraph 11, docket numbered 50233, United States Court of Claims, and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the funds appropriated to the credit of the Confederated Salish and Kootenai Tribes of the Flathead Reservation, Montana, in satisfaction of a judg ment awarded in paragraph 11 of the final decision in docket numbered 50233, United States Court of Claims, including interest thereon, after payment of attorneys' fees and other litigation expenses, may be advanced, expended, invested reinvested for any purposes that are authorized by the tribal governing body and approved by the Secretary of the Interior.

or

5 House Report No. 91-471 and Senate Report No. 91-380 are not published herein.

SEC. 2. Any part of such funds that may be distributed to members of the tribes shall not be subject to Federal or State income tax. Approved September 29, 1969.

Public Law 91-128
91st Congress, H.R. 12829 6
November 26, 1969

An Act to provide an extension of the interest equalization tax, and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE, ETC.

(a) SHORT TITLE.-This Act may be cited as the "Interest Equaliza

tion Tax Extension Act of 1969".

(b) AMENDMENT OF 1954 CODE.Whenever in this Act an amendment is expressed in terms of an amendment to a section or other

provision, the reference is to a section or other provision of the Internal Revenue Code of 1954.

SEC. 2. EXTENSION OF INTEREST EQUALIZATION TAX.

Section 4911 (d) is amended, effective with respect to acquisitions made after September 30, 1969, by striking out "September 30, 1969" and inserting in lieu thereof "March 31, 1971".

SEC. 3. MODIFICATION OF TAX RATES

ER

BY EXECUTIVE ORDER.

(a) MODIFICATIONS PROVIDING LOW

RATES FOR ORIGINAL OR NEW

ISSUES.-Section 4911 (b) (2) (A) is amended to read as follows:

"(A) IN GENERAL.-If the President of the United States determines that the rates of tax imposed by paragraph (1), or provided in any prior Executive order issued pursuant to this paragraph, are lower or higher than the rates of tax necessary to limit the total

6 Senate Report No. 91-428, page 179; Conference Report No. 91-656, page 198, House Report No. 91-383 is not published herein.

acquisitions by United States persons of stock of foreign issuers and debt obligations of foreign obligors within a range consistent with the balance-of-payments objectives of the United States (including achieving a minimum reliance on the tax), he may by Executive order (effective as provided in subparagraph (C) (ii)) increase or decrease such rates of tax. To the extent specified in such Executive order, the rates applicable to acquisitions of stock or debt obligations which are part of an original or new issue may be lower than the rates applicable to acquisitions of stock or debt obligations which are not part of an original or new issue. An Executive order which has the effect of estab

lishing lower rates for original or new issues may be applicable to all original or new issues or to any aggregate amount or classification thereof and to acquisitions occurring during such period of time as may be stated therein, and may provide for other limitations and

implementing procedures. In determining whether stock or a debt obligation shall be treated as part of an 'original or new issue' for purposes of this subparagraph, the provisions of section 4917 (c) shall apply."

(b) TECHNICAL amendment.—Section 4911 (b) (2) (C) (i) is amended by striking out "Each increase" and inserting in lieu thereof "Subject to the authorization to establish lower rates with respect to acquisitions of stock or debt obligations which are part of an original or new issue, each increase".