79TH CONG., 2D SESS.-CH. 244 -APR. 30, 1946 or withdrawn from warehouse, in the United States for consumption, without coming into substantial competition with like articles which are the product of the United States; and (3) the total amount of such article which (during the twelve months ended on the last day of the month preceding the month in which occurs the date of the beginning of the investigation) was entered, or withdrawn from ware- house, in the United States for consumption. During the course of the investigation the Commisson shall hold a public hearing, of which reasonable public notice shall be given and at which parties interested shall be afforded reasonable opportunity to be present, to produce evi- dence, and to be heard. The Commission shall give precedence to such investigations. The Commission shall report the results of its inves- tigations to the President, and shall send copies of such report to each House of the Congress. SEC. 505. PROCESSING TAX ON COCONUT OIL. (a) EXEMPTION FOR PHILPPINES. - Section 2470 (a) (2) of the Internal Revenue Code is amended by striking out the word "other" wherever it appears in clauses (A) and (B) thereof; and by inserting at the end of the paragraph a new sentence to read as follows: "The tax imposed by this paragraph shall not apply to any domestic proc- essing after July 3, 1974." (b) SUSPENSION OF SECTION 2470 (a) (2) OF INTERNAL REVENUE CoDE.- Whenever the President, after consultation with the President of the Philippines, finds that adequate supplies of neither copra nor coconut oil, the product of the Philippines, are readily available for processing in the United States, he shall so proclaim, and after the date of such proclamation the provisions of section 2470 (a) (2) of the Internal Revenue Code shall be suspended until the expiration of 30 days after he proclaims that, after consultation with the President of the Philippines, he has found that such adequate supplies are so readily available. SEC. 506. TERMINATION OF PAYMENTS INTO PHILIPPINE TREASURY. (a) Notwithstanding the provisions of section 4 of the Act of March 8, 1902 (32 Stat. 54, ch. 140), or of section 19 of the Act of March 24, 1934 (48 Stat. 456, ch. 84), as added to such Act by section 6 of the Act of August 7, 1939 (53 Stat. 1232, ch. 502), or of the Act of November 8, 1945 (59 Stat. 577, ch. 454), or of any other provision of law, the proceeds of any duties or taxes, collected subsequent to July 3, 1946, which but for the enactment of this Act would be required to be paid into the general funds of the Treasury of the Philippines or would be held in separate or special funds and paid into the. Treasury of the Philippines, shall be covered into the general fund of the Treas- ury of the United States. (b) Sections 2476 and 3343 of the Internal Revenue Code are repealed, effective July 4, 1946. SEC. 507. SPECIAL EXCISE PROVISIONS RELATING TO THE PHILIP- PINES REPEALED. (a) Section 2800 (a) (4) of the Internal Revenue Code is amended by amending the heading to read: "(4) Alcoholic Compounds from Puerto Rico and Virgin Islands.- "; and by amending subparagraph (B) to read as follows: "(B) Virgin Islands. -For provisions relating to tax on alcoholic compounds from the Virgin Islands, see section 3350." (b) Sections 3340, 3341, and 3342 of the Internal Revenue Code are repealed, effective July 4, 1946. Hearings. Report. 53 Stat. 264. 26U. S.. §2470 (a) (2); Supp. V, §2470 note. Sutpa. 48U. S. C. 1248. 48 U. S. C., Supp. V, 1249. 53 Stat. 265, 404. 26U.S. C. §§2476, 3343; Supp. V, 3343 note. 53 Stat. 298. 26 U.s. . §2800 (a) (4). 53 Stat. 404. 26U.S. C. §3350. Post, p. 158. 53 Stat. 403, 404. 26 U.. c. §§3340- 3342; Supp. V, § 3341. 157 60 STAT.]
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