54 STAT.] 76TH CONG. , 3D SESS.-CH. 419-JUNE 25, 1940 ning on July 1, 1940, and as to which no other occupational tax with respect to dealing in distilled spirits has been incurred by such person for a period beginning on such date. "(2) Every person required by this subsection to pay any floor stocks tax shall, on or before August 1, 1940, under such regula- tions 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 Commissioner, with the approval of the Secretary, may prescribe. Every retail dealer in liquors (even though not liable to pay such tax) shall make the return required by this paragraph. "(3) All provisions of law, including penalties, applicable in respect of internal-revenue taxes on distilled spirits shall, insofar as applicable and not inconsistent with this subsection, be applicable in respect of the floor stocks tax imposed hereunder." (b) The third paragraph of section 2887 of the Internal Revenue Code (relating to drawback on distilled spirits) is amended by strik- ing out "but shall not exceed a rate of $2.25 (or, in the case of brandy, $2)" and inserting in lieu thereof "but shall not exceed a rate of $3 (or, in the case of brandy, $2.75) ". SEC. 214. WINES AND FERMENTED MALT LIQUORS. Chapter 26 of the Internal Revenue Code is amended by inserting at the end thereof the following new subchapter: "Subchapter F-Defense Tax for Five Years "SEC. 3190. DEFENSE TAX FOR FIVE YEARS. "In lieu of the rates of tax specified in such of the sections of this title as are set forth in the following table, the rates applicable with respect to the period after June 30,1940, and before July 1, 1945, shall be the rates set forth under the heading 'Defense-tax Rate': "section Description of tax Old rate Defense-tax rate 3030 (a) (1) (A)__ Still wines------------------ 5 cents ----- 6 cents. 3030 (a) (1) (A)-- Still wines------------------ 15 cents----- 18 cents. 3030 (a) (1) (A)-_ Still wines----------------- 25 cents---- 30 cents. 3030 (a) (2) --- Sparkling wines------------- 22 cents--.-- 3 cents. 3030 (a) (2) - Sparkling wines ------------ 1 cents--- 1 4cents. 3030 (a) (2)-- Liqueurs, cordials, etc--- ----- 1 cents...-. 1 cents. 3150 (a)--------- Fermented malt liquors----- $5---------- $6. "SEC. 3191. FLOOR STOCKS TAX ON FERMENTED MALT LIQUORS. "(a) FLOOR STocKs TAX.-U pon all fermented malt liquors upon which the internal-revenue tax imposed by law has been paid, and which on July 1, 1940, are held by any person and intended for sale there shall be levied, assessed, collected, and paid a floor stocks tax at a rate equal to the increase in rate of tax made applicable to such articles by section 3190. The tax imposed by this subsection shall not apply to the retail stocks of fermented malt liquors held by a person on premises as to which such person has incurred occupational tax as a retail dealer in liquors or a retail dealer in malt liquors for the period beginning on July 1, 1940, and as to which no other occu- pational tax with respect to dealing in distilled spirits, wines, or malt liquors, has been incurred by such person for a period beginning on such date. 525 Returns. Extension of pay- ment; bond. Laws applicable. Drawback on dis- tilled spirits. 53 Stat. 339. 26 U. 8. C., Supp. V, 2887. 53 Stat. 298. 26 U. S. C., Snpp. V, § 2800. Defense tax. Ante, pp. 513 , 514. Floor stocks tax. Exemption of eer- tan retail stocks.
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