85 STAT. 97, P.L. 92-41, H.R. 8311
PUBLIC LAW 92-41 -- JULY 1, 1971
Public Law 92-41
AN ACT
To amend the Renegotiation Act of 1951 to extend the Act for two years, to modify the interest rate on excessive profits and on refunds, to provide that the Court of Claims shall have jurisdiction of renegotiation cases, 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. TWO-YEAR EXTENSION.
Section 102(c)(1) of the Renegotiation Act of 1951 (50 U.S.C. App., sec. 1212(c)(1); 70 Stat. 786; 82 Stat. 1345) is amended by striking out "June 30, 1971" and inserting in lieu thereof "June 30, 1973".
SEC. 2. MODIFICATION OF INTEREST RATE ON EXCESSIVE PROFITS AND ON REFUNDS.
(a) Section 105(b)(2) of the Renegotiation Act of 1951, as amended (50 U.S.C. App., sec. 1215(b)(2); 65 Stat. 13; 76 Stat. 134), is amended—
- (1) by striking out the phrase "rate of 4 per centum per annum" each place it appears and inserting in lieu thereof "rate per annum determined pursuant to the next to the last sentence of this paragraph for the period:which includes the date on which interest begins to run";
- (2) by striking out the phrase "interest shall accrue and be paid" the second place it appears in subparagraph (A) and inserting in lieu thereof "interest at the same rate shall accrue and be paid"; and
- (3) by adding at the end thereof the following new sentences:
- "Interest shall accrue and be paid at a rate which the Secretary of the Treasury shall specify as applicable to the period beginning on July 1, 1971, and ending on December 31, 1971, and to each six-month period:thereafter. Such rate shall be determined by the Secretary of the Treasury, taking into consideration current private commercial rates of interest for new loans maturing in approximately five years.".
(b) Section 108 of the Renegotiation Act of 1951, as amended (50 U.S.C. App., sec. 1218), is amended by striking out "at the rate of 4 per centum per annum" in the last sentence and by inserting before the period at the end of such sentence "at the rate per annum determined pursuant to the next to the last sentence of section 105(b)(2) for the period which includes the date on which interest begins to run".
(c)(1) The amendments made by subsection (a) shall apply only with respect to amounts of excessive profits determined by the Renegotiation Board and with respect to the amounts of additional excessive profits determined by the Tax Court or the Court of Claims after June 30, 1971.
(2) The amendments made by subsection (b) shall apply only with respect to amounts finally adjudged or determined to have been erroneously collected after June 30, 1971, by the United States pursuant to a determination of excessive profits.
