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Page:United States Statutes at Large Volume 61 Part 1.djvu/958

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Aug 8L 1947 PUBLIC LAWS-CHS. 519, 520 - De. , 1947 Dec. 17, 1947 [61 STAT. An, P.e . power to make payments under title III under programs applicable to the crop year 1952 and previous crop years. Effective date. SEC. 412. The provisions of this Act, except where an earlier effective date is provided for herein, shall become effective January 1, 1948. 50 stat. 16 . As provided in section 513 of the Sugar Act of 1937, the powers vested 7 U. S.c.§ 1183. in the Secretary under that Act shall terminate on December 31, 1947, except that the Secretary shall have power to make payments under Ante, p. 9. title III of that Act under programs thereunder applicable to the crop year 1947 and previous crop years. 53 Stat. 428. 26U.S. C. §3507 (b). 53 Stat. 429. 26U.S. .1 3508. TITLE V-AMENDMENTS TO THE INTERNAL REVENUE CODE SEC. 501. (a) Subsection (b) of section 3507 of the Internal Revenue Code (relating to the definition of "manufactured sugar") is amended by inserting in the parenthesis after the word "added" therein the following: or developed in the product". (b) Section 3508 of the Internal Revenue Code (relating to termi- nation of taxes) is amended to read as follows: "SEC. 3508. TERMINATION OF TAXES. "No tax shall be imposed under this chapter on the manufacture, use, or importation of sugar or articles composed in chief value of 3S sugar after June 30, 1953. Notwithstanding the provisions of section 2Stt. s A2 30, 3490 or 3500, no tax shall be imposed under this chapter with respect 3500. to unsold sugar held by a manufacturer on June 30, 1953, or with respect to sugar or articles composed in chief value of sugar held in customs custody or control on such date. upra With respect to any sugar or articles composed in chief value of sugar upon which tax imposed under section 3500 has been paid and which, on June 30, 1953, are held by the importer and intended for sale or other disposition, there shall be refunded (without interest) to such importer, subject to such regulations as may be prescribed by the Commissioner of Customs with the approval ofthe Secretary, an amount equal to the tax paid with respect to such sugar or articles ffective date. composed in chief value of sugar." (c) The amendments to the Internal Revenue Code provided for in this section shall become effective upon the first day of the second month following the date of the enactment of this Act. Approved August 8, 1947. December 17, 1947 I. 1774] [Public Law 389] Foreign Aid Act of 1947. Purposa. Presidential powers. [CHAPTER 520] AN ACT To promote world peace and the general welfare, national interest, and foreign policy of the United States by providing aid to certain foreign countries. 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 "Foreign Aid Act of 1947". SEC. 2 . It is the purpose of this Act to provide immediate aid urgently needed by the peoples of Austria, China, France, and Italy, hereinafter referred to as the recipient countries, to alleviate conditions of hunger and cold and prevent serious economic retrogression. SEC. 3 . The President, acting through such existing departments, agencies, or independent establishments of the Government as he shall direct, may, by allocation of funds herein authorized to any such existing departments, agencies, or independent establishments, or by establishing in this country credits subject to the control of the 934