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PUBLIC LAW 89-377-MAR. 28, 1966

[80 STAT.

Public Law 89-377 March 28, 1966 [H. R. 80 30]

AN ACT To provide for the discontinuance of the Postal Savings System, and for other purposes.

Be it enacted by the Senate and House of Representatives of the sy^t'e^m^^ ^^^i^g^ United States of America in Congress assembled, That title 39, United Discontinuance. States Codc, is amended by adding the following new sections to 74 Stat. 68 2. chapter 85 thereof:

R e g u l a t i o n s of Board of T r u s t e e s,

Annual report.

"§5225. Discontinuance of Postal Savings System " (a) The closing date for the Postal Savings System is the thirtieth day immediately following the date of the enactment of this Act. On and after the closing date no deposits shall be accepted in existing postal savings account and no new postal savings account shall be opened. After the closing date the Board of Trustees of the Postal Savings System shall not be required to maintain the 5 per centum reserve of postal savings funds otherwise required to be maintained by section 5214 of this title nor to apportion deposits in banks in accordance with sections 5215 and 5219 of this title. "(b) Interest on deposits in the Postal Savings System shall cease to accrue on the anniversary dates of the respective certificates occurring in the twelve-month period starting with the closing date. "§5226. Liquidation of accounts " (a) During the closing period beginning on the closing date and ending on the last day of the first fiscal year which shall begin after such closing date, the Postmaster General is authorized and directed, to the extent practicable, to terminate the business, settle and pay the accounts, liquidate the assets, discharge the obligations, and otherwise wind up the affairs of the Postal Savings System, in accordance with such rules, regulations, and authority as may be prescribed by the Board of Trustees of the Postal Savings System. "(b) In the settlement and payment of any Postal Savings account, including all interest accrued thereon, which is maintained in the name of the deceased, presumed dead or incompetent depositor, or which is determined payable to— "(1) a minor, " (2) a person adjudicated mentally incompetent or under other legal disability, or "(3) the estate of a person who is deceased or presumed dead, the payment of such account, or any appropriate share thereof, may be made to a legal representative of the depositor, or to a legal representative of the person or property of such claimant. Where there are no outstanding guardianship or administration proceedings on the person or estate of the depositor, or the person or estate of such claimant, the Board of Trustees of the Postal Savings System shall determine the person who is otherwise qualified to receive payment according to theJ laws of descent and distribution of the State where the account is held. Payment made under this subsection shall be a bar to recovery by any other claimant of amounts so paid. " (c) Until the last day of the first fiscal year which shall begin after the closing date for the Postal Savings System, the Postmaster General shall continue to cover into the postal revenues the excess of interest and profit accruing from the deposit or investment of postal savings funds after the payment of interest due to depositors m the Postal Savings System. " (d) The annual report of the Post Office Department for the fiscal year which includes the closing date shall include a statement with

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respect to the progress, results, and status of the winding up of the affairs of the Postal Savings System under this Act, together with such recommendations as the Postmaster General deems advisable. "§5227. Liquidation of investments "To facilitate the winding up of the affairs of the Postal Savings System, the Secretary of the Treasury shall redeem or purchase the public debt obligations of the United States, which are held for the account of the Postal Savings System, at their par value whenever it will not be advantageous to sell such public debt obligations on the regular market. "§5i228. Transfer of deposits to Treasury "Effective on the first day of the second fiscal year which shall begin after the closing date for the Postal Savings System, the total amount of unpaid deposits, including the accrued interest due thereon, as shown by the books of the Board of Trustees of the Postal Savings System, shall be transferred to the Secretary of the Treasury. The Secretary of the Treasury shall deposit the amount so transferred under authority of this section in the Treasury to the credit of the trust fund receipt account 'Unclaimed moneys of individuals whose whereabouts are unknown'. Expenditures are authorized to be made from such account as provided by section 725p of title 31, United States Code.

^8 Stat. 1230.

"§5229. Regulations "The Board of Trustees of the Postal Savings System is authorized and directed to prescribe such rules and regulations, and to make such delegation of authority, as may be necessary to carry out the purposes of sections 5225-5228 of this title." SEC. 2. The table of contents of chapter 85 of title 89, United States Code, is amended by adding thereto the following: "5225. "5226. "5227. "5228. "5229.

^^ ^'^'- ^82.

Discontinuance of Postal Savings System. Liquidation of accounts. Liquidation of investments. Transfer of deposits to Treasury. Regulations."

Approved March 28, 1966.

Public Law 89-378 AN ACT To authorize redetermination under the Civil Service Retirement Act of annuities of certain reemployed annuitants.

March 30, 1965 [H. R. 969]

Be if enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the last sen- certain civii tence of section 13(b) of the Civil Service Retirement Act, 5 U.S.C. Tec'o^mpu'tatiw' 2263(b), is amended to read as follows: "Notwithstanding the restric^s Stat. 771. tion contained in section 115 of the Social Security Amendments of 1954, Public Law 83-761, a similar right to redetermination after ^^ fL^A/.n^^". deposit shall be applicable to an annuitant (1) whose annuity is based 42 USC 4 10 note. on an involuntary separation from the service and (2) who is separated on or after July 12, 1960, after such period of full-time reemployment which began before October 1, 1956.^' SEC. 2. Notwithstanding any other provision of law, annuity benefits resulting from enactment of this Act shall be paid from the civil service retirement and disability fund. Approved March 30, 1966. 65-300 0-67—9

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PUBLIC LAW 89-37 9-MAR. 30, 1966

[80 STAT.

Public Law 89-379 March 30, 1966 [H. R. 10553]

^ ^ ACT To preserve the benefits of the Civil Service Retirement Act, the Federal Employees' Group Life Insurance Act of 1954, and the Federal Employees Health Benefits Act of 1959 for congressional employees receiving certain congressional staff fellowships.

Be it enacted by the Senate and House of Representatives of the st^ff"ru^^'°h^^ C^>^^^ec? States of America in Congress assembled, That, with respect to employee°sr^ '^ GRch employee of the Senate or House of Representatives— Nonpay status. (1) whose compensation is disbursed by the Secretary of the Senate or the Clerk of the House of Representatives, and (2) who, on or after January 1, 1963 shall have been separated from employment with the Senate or House of Representatives in order to pursue certain studies under a congressional staff fellowship awarded by the American Political Science Association, the period of time covered by such fellowship shall be held and considered to be service (in a nonpay status) in employment with the Senate or House of Representatives, as the case may be, at the rate of compensation received immediately prior to separation (including any increases in compensation provided by law during the period covered by such fellowshij)) for the purposes of— (A) the Civil Service Retirement Act, as amended (5 U.S.C. 70 Stat. 743. 2251 and following), (B) the Federal Employees' Group Life Insurance Act of 1954, 68 Stat. 7 36. as amended (5 U.S.C. 2091 and following), and (C) the Federal Employees' Health Benefits Act of 1959, as 73 Stat. 708. amended (5 U.S.C. 3001 aud following), if the award of such fellowship to such employee is certified to the Secretary of the Senate or the Clerk of the House of Representatives, as appropriate, by the appointing authority concerned or, in the event of the death or disability of such appointing authority, is established to the satisfaction of the Secretary of the Senate or the Clerk of the House by records or other evidence. Approved March 30, 1966.

Public Law 89-380 March 30, 1966 [H. R. 1647]

Back P a y Act of 1966.

^e^"^y"

AN ACT '- 'To provide for the payment of certain amounts and restoration of employment benefits to certain Government officers and employees improperly deprived thereof, and for other purposes.

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 "Back Pay Act of 1966". SEC. 2. For the purposes of this Act— (1) "agency" m e a n ^ (A) each executive department of the Government of the United States; (B) each agency or independent establishment in the executive branch of such Government;

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(C) each corporation owned or controlled by such Government; (D) the Administrative Office of the United States Courts; (E) the Library of Congress; (F) the General Accounting Office; (G) the Government P r i n t m g Office; and (H) the municipal government of the District of Columbia. SEC. 3. Each civilian officer or employee of an agency who, on the basis of an administrative determination or a timely appeal, is found, on or after the date of enactment of this Act, by appropriate authority under applicable law or regulation to have undergone an unjustified or unwarranted personnel action taken prior to, on, or after the date of enactment of this Act, which has resulted in the withdrawal or reduction of all or any part of the pay, allowances, or differentials of such officer or employee— (1) shall be entitled, upon correction of such personnel action, to receive for the period for which such personnel action was in effect an amount commensurate with the amount of all or any part of the pay, allowances, or differentials, as applicable, which such officer or employee normally would have earned during such period if such personnel action had not occurred, less any amounts earned by him through other employment during such period; and (2) for all purposes, shall be held and considered to have rendered service for such agency during such period, except that such officer or employee shall not be credited, by reason of the enactment of this Act, leave in an amount which would cause any amount of leave to his credit to exceed any maximum amount of such leave authorized for such officer or employee by law or regulation. SEC. 4. The United States Civil Service Commission shall prescribe regulations to carry out the provisions of this Act. Such regulations shall not be applicable with respect to the Tennessee Valley Authority and its officers and employees. SEC. 5. There are hereby repealed— (1) section 6(b) of the Act of August 24, 1912, as amended (5 U.S.C. 6 5 2 (b)); and (2) that part of the third proviso of the first section of the Act of August 26, 1950 (5 LT.S.C. 22-1), which reads: ", and if so reinstated or restored shall be allowed compensation for all or any part of the period of such suspension or termination in an amount not to exceed the difference between the amount such person would normally have earned during the period of such suspension or termination, at the rate he was receiving on the date of suspension or termination, as appropriate, and the interim net eammgs of such person". Approved March 30, 1966.

95

unjustified peibenem prin°c^pies.

^^y-

. Leave accumuia-

Regulations; """^P^^"^'^-'-

Repeals. 62 Stat. 355. ^^ ^'^'- ^^

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PUBLIC LAW 89-381-MAR. 30, 1966

[80 STAT.

Public Law 89-381 March 30, 1966 [H. R. 12762]

Coast Guard. authorTJ'aUon?"

-^N ACT To authorize appropriations for procurement of vessels and aircraft and construction of shore and offshore establishments for the Coast Guard.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That funds are hereby authorized to be appropriated for fiscal year 1967 for the use of the Coast Guard as follows: VESSELS

For procurement, extension of service life, and increasing capability of vessels, $63,210,000. (A) Procurement: (1) four high-endurance cutters; ^2) one river tender; (3) design of icebreaker; (4) design of oceanographic cutter; and (5) design of small cutter. (B) Increasing capabil ity: (1) install secure communications equipment on three highendurance cutters; and (2) install balloon tracking radar on one high-endurance cutter. (C) Extension of service life: (1) improve icebreakers; and (2) enlarge operations center on two two-hundred-and-fiftyfive-foot high-endurance cutters. AIRCRAFT

For procurement of aircraft, $29,144,000: (1) three long-range aircraft; (2) five medium-range fixed or rotary-wing aircraft; and (3) twenty medium-range helicopters. CONSTRUCTION

For establishment or development of installations and facilities by acquisition, construction, conversion, extension, or installation of permanent or temporary public works, including the preparation of sites and furnishing of appurtenances, utilities, and equipment for the following, $33,726,000. (1) Station, Umpqua River, Oregon: barracks, messing and operations building; equipment building; and public family quarters; (2) Station, Coos Bay, Oregon: operations building, garage and public family quarters; (3) Base, Milwaukee, Wisconsin: administration, industrial and buoy maintenance building; dock; and breakwater on leased premises with long-term lease; (4) Depot, Southwest Harbor, Maine: barracks and mess building, piers, and public family quarters; (5) Station, New Canal, Louisiana: utility building, bulkhead, and dock; (6) Base, Governors Island, New York: industrial facilities, piers; and acquisition of the building constructed on the Fort J a y Military Reservation, New York, by the Young Men's Christian Association;

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(7) Station, Saint Ignace, Michigan: barracks, messing- and operations building, garage, piers, breakwater, and public family quarters; (8) Station, Grand Isle, Louisiana: moormgs, bulkhead, public family quarters, and completion of LORAN-A station; (9) Air Station, South San Francisco, California: barracks and sickbay building, rehabilitation of existing barracks as administration and messing building, transmitter-emergency operations building; (10) Various locations: transportable communications units; (11) Base, New Orleans, Louisiana: third and fourth floors of administration building, gatehouse, shop buildings, and moorings; (12) Station, Rappahannock River, Virginia: barracks, messing, operations building; bulkhead, pier; and public family quarters; (13) Radio Station, Long Beach, California: transmitter installation; (14) Radio Station, Kodiak Island, Alaska: transmitter and antennas; (15) Station, Marathon. Florida: barracks, administration and operations building, storage building wharf, bulkhead and seawall; (16) Station, Cape May, New Jei"sey: hangar, offices, shop building, and improve mooring; (17) Air Station, Kodiak, Alaska: improvement of hangar doors; (18) Base, Terminal Island, San Pedro, California: supply warehouse; (19) Moorings, Pine Bluff, Arkansas: establish moorings for aids to navigation tender; (20) Various locations: Aids to navigation projects including, where necessary, advance planning and acquisition of sites; (21) L O R A N - A Stations, Galveston and Port Isabel, Texas: transmitter, power, and storage buildings; (22) Academy, New London, Connecticut: cadet barracks; (23) Recruit Training Center, Cape May, New Jersey: administration building; (24) Reserve Training Center, Yorktown, Virginia: Engineman School classification and laboratory building; (25) Station, Chicago, Illinois: hangar, offices, shop building, and improved mooring; (26) Cape Kennedy, Florida: hangar, offices, shop building, and improved mooring; (27) Various locations: public family quarters; and (28) Various locations: advance planning, construction design architectural services and acquisition of sites in connection with public works projects not otherwise authorized by law. SEC. 2. During fiscal years 1967 through and including 1968 the Sec- housfrf'"acrives^ retary of the Department in which the Coast Guard is operating is iTrsTr^aut^horuy!' authorized to lease existing housing facilities at or near Coast Guard installations in the United States and Puerto Rico for assignment as l>ublic quarters to military personnel and their dependents, if any, without rental charge upon a determination by the Secretary, or his designee, that there is a lack of adequate housing facilities at or near such Coast Guard installations. Such housing facilities may be leased on an individual or multiple-unit basis. Expenditures for the rental of such housing facilities may not exceed the average authorized for the Department of Defense. Approved March 30, 1966.

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PUBLIC LAW 89-382-MAR. 31, 1966

[80

STAT.

Public Law 89-382 March 31, 1966 [H. R. 7526]

San Antonio, Tex. 250th anniversary, medals.

Size, m a t e r i a l s. etc.

Limitation.

Delivery.

AN ACT To provide for the striking of medals in coiumemopation of the two hundred and fiftieth anniversary of the founding of San Antonio.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the Secretary of the Treasury (hereinafter referred to as the "Secretary") shall strike and furnish for the San Antonio Fair, Inc. (hereinafter referred to as the "corporation"), a not-for-profit organization for the celebration of the two hundred and fiftieth anniversary of the founding of the San Antonio community, national medals in commemoration of such anniversary. SEC. 2. Such medals shall be of such sizes, materials, and designs, and shall be so inscribed, as the corporation may determine with the approval of the Secretary. SEC. 3. Not more than one hundred thousand of such medals may be produced. Production shall be in such quantities, not less than two thousand, as may be ordered by the corporation, but no work may be commenced on any order unless the Secretary has received security satisfactory to him for the payment of the cost of the production of such order. Such cost shall include labor, material, dies, use of machinery, and overhead expenses, as determined by the Secretary. No medals may be produced pursuant to this Act after December 31, 1968. SEC. 4. Upon receipt of payment for such medals in the amount of the cost thereof as determined pursuant to section 3, the Secretary shall deliver the medals as the corporation may request. Approved March 31, 1966.

Public Law 89-383 March 31, 1966 [H. R. 10722]

Nevada T e s t Site employees.

63 Stat. 166; 75 Stat. 339, 340.

Appropriation.

AN ACT To authorize the payment of an allowance of not to exceed $10 per day to employees assigned to duty at the Nevada Test Site of the United States Atomic Energy Commission, 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 first section of the Act entitled "An Act to provide authority for the payment of certain amounts to offset certain expenses oi Federal employees assigned to duty on the California onshore islands, and for other purposes", approved August 31, 1964 (78 Stat. 745; 5 U.S.C. 70c), is amended by inserting after the word "islands" the>words "or at the United States Atomic Energy Commission Nevada Test Site, including the Nuclear Rocket Development Station,". SEC. 2. Sections 2 and 3 of such Act are amended to read as follows: "SEC. 2. (a) Each employee or former employee of the United States who was erroneously paid per diem in lieu of subsistence under section 3 of the Travel Expense Act of 1949 (5 U.S.C. 836) for the period he was assigned to one of the California offshore islands or the United States Atomic Energy Commission Nevada Test Site, including the Nuclear Rocket Development Station, as his principal place of duty is relieved of all liability to refund to the United States the amounts of per diem in lieu of subsistence so paid. " (b) The Secretary of the Treasury is authorized and directed to pay, out of any money in the Treasury not otherwise appropriated, to the employee, former employee, or other appropriate party con-

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cerned, in accordance with law, all amounts paid by, or withheld from amounts otherwise due, an employee or former employee of the United States in complete or partial satisfaction of his liability to the United States for which relief has been granted by section 2 oi this Act. "SEC. 3. I n accordance with regulations issued under the first section Effective dace. of this Act, the allowance authorized by such section may be made retroactively effective from the date erroneous payments of per diem in lieu of subsistence were discontinued as a result of the decision of the Comptroller General of the United States dated May 4, 1964 (B-153571), or as the result of administrative action taken by reason of that and similar decisions of the Comptroller General of the United States." Approved March 31, 1966.

Public Law 89-384 AN ACT To amend the Internal Revenue Code of 1954 to provide for treatment of the recovery of losses arising from expropriation, intervention, or confiscation of properties by governments of foreign countries, and to amend title XVIII of the Social Seciirity Act to extend the initial enrollment period for supplementary medical insurance benefits. Be it enacted by the Senate and House of Representatives United States of America in Congress assembled.

Ap,ii 8,,,, ^ [H. R. 6319]

of the

Foreign expropriations. SECTION 1. RECOVERIES OF FOREIGN EXPROPRIATION LOSSES. Medical insur(a) Subchapter Q of chapter 1 of the Internal Revenue Code of ^"nment^period.^'^ 1954 (relating to readjustment of tax between years) is amended by SSA Stat. 334; adding at the end thereof the following new part: ^^ ^*^*' ^°^'

"PART VII—RECOVERIES OF FOREIGN EXPROPRIATION LOSSES "Sec. 1351. Treatment of recoveries of foreign expropriation losses. "SEC. 1351. TREATMENT OF RECOVERIES OF FOREIGN EXPROPRIATION LOSSES. " (a) ELECTION.—

"(1) IN GENERAL.—This section shall apply only to a recovery, by a domestic corporation subject to the tax imposed by section 11 or 802, of a foreign expropriation loss sustained by such corpo- ,7|^f*^*,- '^^' ration and only if such corporation was subject to the tax imposed 73 Stat. 115. by section 11 or 802, as the case may be, for the year of the loss and elects to have the provisions of this section apply with respect to such loss. "(2) T I M E, MANNER, AND SCOPE.—An election under paragraph (1) shall be made at such time and in such manner as the Secretary or his delegate may prescribe by regulations. An election made with respect to any foreign expropriation loss shall apply to all recoveries in respect of such loss. J "'(b) DEFINITION or FOREIGN EXPROPRIATION Loss.—For purposes

,./.;

of this section, the term 'foreign expropriation loss' means any loss sustained by reason of the expropriation, intervention, seizure, or similar taking of property by the government of any foreign country, any political subdivision thereof, or any agency or instrumentality of the foregoing. For purposes of the preceding sentence, a debt which becomes worthless shall, to the extent of any deduction allowed under section 166(a), be treated as a loss. ^^^ ^*^*- ^^• " (c) AMOUNT or RECOVERY.— " (1) GENERAL RULE.—The

amount of any recovery of a foreign expropriation loss is the.amount of money and the fair market

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PUBLIC LAW 89-384-APR. 8, 1966

[80 STAT.

value of other property received, in respect of such loss, determined as of the date of receipt. " (2) SPECIAL

73 Stat. 125.

RULE

FOR LIFE

INSURANCE

COMPANIES.—The

amount of any recovery of a foreign expropriation loss includes, in the case of a life insurance company, the amount of decrease of any item taken into account under section 810(c), to the extent such decrease is attributable to the release, by reason of such loss, of its liabilities with respect to such item. " (d) ADJUSTMENT FOR PRIOR T A X BENEFITS.—

68A Stat. 33.

26 USC 901-905. 74 Stat. 1010.

.-

"(1) IN GENERAL.—That part of the amount of a recovery of a foreign expropriation loss to which this section applies which, when added to the aggregate of the amounts of previous recoveries with respect to such loss, does not exceed the allowable deductions in prior taxable years on account of such loss shall be excluded from gross income for the taxable year of the recovery for purposes of computing the tax under this subtitle; but there shall be added to, and assessed and collected as a part of, the tax under this subtitle for such taxable year.an amount equal to the total increase in the tax under this subtitle for all taxable years which would result by decreasing, in an amount equal to such part of the recovery so excluded, the deductions allowable in the prior taxable years on.account of such loss. For purposes of this paragraph, if the loss to which the recovery relates was taken into account as a loss from the sale or exchange of a capital asset, the amount of the loss shall be treated,as an allowable deduction even though there were no gains against which to allow such loss. "(2) COMPUTATION.—The mcrease in the tax for each taxable year referred to in paragraph (1) shall be computed in accordance with regulations prescribed by the Secretary or his delegate. Such regulations shall give effect to previous recoveries of any kiud (iucluding recoveries described in section 111, relating to recovery of bad debts, etc.) with respect to any prior taxable year, but shall otherwise treat the tax previously determined for any taxable year in accordance with the principles set forth in section 1314(a) (relating to correction of errors). Subject to the provisions of paragraph (3), all credits allowable against the tax for any taxable year, and all carryovers and carrybacks affected by so decreasing the allowable deductions, shall be taken into account in computing the increase in the tax. "(3) FOREIGN TAXES.—For purposes of this subsection— " (A) any choice made under subpart A of part III of subchapter N (relating to foreign tax credit) for any taxable year may be changed, " (B) subject to the provisions of section 904(b), an election to have the limitation provided by section 904(a)(2) apply may be made, and " (C) notwithstanding section 904(b)(1), an election previously made to have the limitation provided by section 904(a)(2) apply may be revoked with respect to any taxable year and succeeding taxable years. " (4) SUBSTITUTION OF CURRENT NORMAL TAX AND SURTAX RATES.—

78 Stat. 25.

For purposes of this subsection, the normal tax rate provided by section 11(b) and the surtax rate provided by section 11(c) which are in effect for the taxable year of the recovery shall be treated as having been in effect for all prior taxable years. "(e) G A I N ON RECOVERY.—That part of the amount of a recovery of a foreign expropriation loss to which this section applies which is not excluded from gross income under subsection (d)(1) shall be considered for the taxable year of the recovery as gain on the involuntary

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conversion of property as a result of its destruction or seizure and shall be recognized or not recognized as provided in section 1033. " (f) BASIS or RECOVERED PROPERTY.—The basis of property (other than money) received as a recovery of a foreign expropriation loss to which this section applies shall be an amount equal to its fair market value on the date of receipt, reduced by such part of the gain under subsection (e) which is not recognized as provided in section 1033. " (g) RESTORATION or VALUE OF INVESTMENTS.—For purposes of this section, if the value of any interest in, or with respect to, property (including any interest represented by a security, as defined in section 165(g)(2))"(1) which became worthless by reason of the expropriation, intervention, seizure, or similar taking of such property by the government of any foreign country, any political subdivision thereof, or any agency or instrumentality of the foregoing, and "(2) which was taken into account as a loss from the sale or exchange of a capital asset or with respect to which a deduction for a loss was allowed under section 165 or a deduction for a bad ^^^ ^*^*- " ^ ^ debt was allowed under section 166, is restored in whole or in part by reason of any recovery of money or other property in respect of the property which became worthless, the value so restored shall be treated as property received as a recovery in respect of such loss or such bad debt. "(h)

SPECIAL RULE FOR EVIDENCES OF INDEBTEDNESS.—Bonds

or

other evidences of indebtedness received as a recovery of a foreign expropriation loss to which this section applies shall not be considered to have any original issue discount within the meaning of section 1232(a)(2). "(i) ADJUSTMENTS FOR SUCCEEDING YEARS.—For purposes of this subtitle, proper adjustment shall be made, under regulations prescribed by the Secretary or his delegate, in— " (1) the credit under section 33 (relating to foreign tax credit), " (2) the credit under section 38 (relating to investment credit), ^^ ^*^*- ^^2"(3) the net operating loss deduction under section 172, or the operations loss deduction under section 812, "(4) the capital loss carryover under section 1212(a), and 78 Stat. seo. " (5) such other items as may be specified by such regulations, for the taxable year of a recovery of a foreign expropriation loss to which this section applies, and for succeeding taxable years, to take into account items changed in making the computations under subsection (d) for taxable years prior to the taxable year of such recovery." (b)(1) Part II of subchapter B of chapter 1 of the Internal Revenue Code of 1954 (relating to items specifically included in gross income) is amended by adding at the end thereof the following new section: "SEC. 80. RESTORATION OF VALUE OF CERTAIN SECURITIES. " (a) GENERAL RULE. — I n the case of a domestic corporation subject to the tax imposed by section 11 or 802, if the value of any security (as ^ J|^^*^*; ^^^' 73 Stat. 115. defined in section 165(g)(2)) — "(1) which became worthless by reason of the expropriation, intervention, seizure, or similar taking by the government of any foreign country, any political subdivision thereof, or any agency or instrumentality of the foregoing of property to which such security was related, and "(2) which was taken into account as a loss from the sale or exchange of a capital asset or with respect to which a deduction for a loss was allowed under section 165, is restored in whole or in part during any taxable year by reason of any recovery of money or other property in respect of the property to

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which such security was related, the value so restored (to the extent that, when added to the value so restored during prior taxable years, it does not exceed the amount of the loss described in paragraph (2)) shall, except as provided in subsection (b), be included in gross income for the taxable year in which such restoration occurs. "(b)

REDUCTION FOR FAILURE TO RECEIVE TAX BENEFIT.—The

amount otherwise includible in gross income under subsection (a) in respect of any security shall be reduced by an amount equal to the amount (if any) of the loss described in subsection (a)(2) which did not result in a reduction of the taxpayer's tax under this subtitle for any taxable year, determined under regulations prescribed by the Secretary or his delegate. "(c) CHARACTER OF INCOME.—For purposes of this subtitle— " (1) Except as provided in paragraph (2), the amount included in gross income under this section shall be treated as gain from the sale or exchange of property which is neither a capital asset 68A Stat. 325. yiov property described in section 1231. "(2) If the loss described in subsection (a)(2) was taken into account as a loss from the sale or exchange of a capital asset, the amount included in gross income under this section shall be treated as long-term capital gain. " (d) TREATMENT UNDER FOREIGN EXPROPRIATION Loss RECOVERY PROVISION.—This section shall not apply to any recovery of a foreign Ante, p. 99. expropriation loss to which section 1351 applies." (2) The table of sections for such part II is amended by adding at the end thereof the following: "Sec. 80. Restoration of value of certain securities."

rslta^'ia^"'

(3) The amendments made by this subsection shall apply to taxable years beginning after December 31, 1965, but only with respect to losses described in section 80(a)(2) of the Internal Revenue Code of 1954 (as added by paragraph (1) of this subsection) which were sustained after December 31 1958. (c)(1) Section'46(a)"(3) of the Internal Revenue Code of 1954 (relating to liability for tax for purposes of the investment credit) is amended by inserting after "personal holding company tax) " the lollowing: ", and any additional tax imposed for the taxable year by section 1351(d)(1) (relating to recoveries of foreign expropriation losses),". (2) Section 901(a) of such Code (relating to foreign tax credit) is amended by inserting after "section 1333 (relating to war loss recoveries)" in the last sentence thereof "or under section 1351 (relating to recoveries of foreign expropriation losses)". (d) Subchapter B of chapter 62 of the Internal Revenue Code of 1954 (relating to time and place for paying tax) is amended by adding at the end thereof the following new section: "SEC. 6167. EXTENSION OF TIME FOR PAYMENT OF TAX ATTRIBUTABLE TO RECOVERY OF FOREIGN EXPROPRIATION LOSSES. "(a)

EXTENSION ALLOWED BY ELECTION,—If—

"(1) a corporation has a recovery of a foreign expropriation loss to which section 1351 applies, and "(2) the portion of the recovery received in money is less than 25 percent of the amount of such recovery (as defined in section 1351(c)) and is not greater than the tax attributable to such recovery, the tax attributable to such recovery shall, at the election of the taxpayer, be payable in 10 equal installments on the 15th day of the third month of each of the taxable years following the taxable year of the

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PUBLIC LAW 89-384-APR. 8, 1966

recovery. Such election shall be made at such time and in such manner as the Secretary or his delegate may prescribe by regulations. If an election is made under this subsection, the provisions of this subtitle shall apply as though the Secretary or his delegate were extending the time for payment of such tax. " (b) EXTENSION PERMITTED BY SECRETARY.—If a corporation has a recovery of a foreign expropriation loss to which section 1351 applies and if an election is not made under subsection (a), the Secretary or his delegate may, upon finding that the payment of the tax attributable to such recovery at the time otherwise provided in this subtitle would result in undue hardship, extend the time for payment of such tax for a reasonable period or periods not in excess of 9 years from the date on which such tax is otherwise payable. "(c)

ACCELERATION or PAYMENTS.—If—

" (1) an election is made under subsection (a), "(2) during any taxable year before the tax attributable to such recovery is paid in full— " (A) any property (other than money) received on such recovery is sold or exchanged, or " (B) any property (other than money) received on any sale or exchange described in subparagraph (A) is sold or exchanged, and "(3) the amount of monev received on such sale or exchange (reduced by the amount of the tax imposed under chapter 1 with respect to such sale or exchange), when added to the amount of money— " (A) received on such recovery, and " (B) received on previous sales or exchanges described in subparagraphs (A) and (B) of paragraph (2) (as so reduced), exceeds the amount of money which may be received under subsection (a)(2), an amount of the tax attributable to such recovery equal to such excess shall be payable on the 15th day of the third month of the taxable year following the taxable year in which such sale or exchange occurs. The amount of such tax so paid shall be treated, for purposes of this section, as a payment of the first unpaid installment or installments (or portion thereof) which become payable under subsection (a) following such taxable year. " (d) PRORATION or DEFICIENCY TO INSTALLMENTS.—If an election is made under subsection (a), and a deficiency attributable to the recovery of a foreign expropriation loss has been assessed, the deficiency shall be prorated to such installments. The part of the deficiency so prorated to any installment the date for payment of which has not arrived shall be collected at the same time as, and as part of, such installment. The part of the deficiency so prorated to any installment the date for payment of which has arrived shall be paid upon notice and demand from the Secretary or his delegate. This subsection shall not apply if the deficiency is due to negligence, to intentional disregard or rules and regulations, or to fraud with intent to evade tax. "(e) T I M E FOR PAYMENT OF INTEREST.—If the time for payment for any amount of tax has been extended under this section, interest payable under section 6601 on any unpaid portion of such amount shall be paid annually at the same time as, and as part of, each installment payment of the tax. Interest, on that part of a deficiency prorated under this section to any installment the date for payment of which has not arrived, for the period before the date fixed for the last installment preceding the assessment of the deficiency, shall be paid upon

103

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PUBLIC LAW 89-384-APR. 8, 1966

notice and demand from the Secretary or his delegate. I n applying section 6601(j) (relating to the application of the 4-percent rate of interest in the case of recoveries of foreign expropriation losses to which this section applies) in the case of a deficiency, the entire amount which is prorated to installments under this section shall be treated as an amount of tax the payment of which is extended under this section.

Infra.

"(f)

Ante,

[80 STAT.

p. 99.

Loss.—For purposes of this section, the tax attributable to a recovery of a foreign expropriation loss is the sum of— "(1) the additional tax imposed by section 1351(d)(1) on such recovery, and "(2) the amount by which the tax imposed under subtitle A is increased by reason of the gain on such recovery which under section 1351(e) is f^'^nsidered as gain on the involuntary conversion of property. " (g) FAILURE TO P A Y INSTALLMENT.—If any installment under this section is not paid on or before the date fixed for its payment by this section (including any extension of time for the payment of such installment), the unpaid portion of the tax payable in installments shall' be paid upon notice and demand from the Secretary or his delegate. "(h)

70 Stat. 1075.

TAX ATTRIBUTABLE TO RECOVERY or FOREIGN EXPROPRIATION

CROSS-REFERENCES.—

"(1) Interest.—For provisions requiring the payment of interest at the rate of 4 percent per annum for the period of an extension, see section 6601(j). "(2) Security.—For authority of the Secretary or his delegate to require security in the case of an extension under this section, see section 6165. "(3) Period of limitation.—For extension of the period of limitation in the case of an extension under this section, see section 6503(f)." (e) Section 6503 of the Internal Revenue Code of 1954 (relating to suspension of running of period of limitation) is amended by redesignating subsection (f) as (g), and by inserting after subsection (e) the following new subsection: "(f) EXTENSIONS OF T I M E FOR PAYMENT OF TAX ATTRIBUTABLE TO RECOVERIES OF FOREIGN EXPROPRIATION LOSSES.—The running of the

^"P'°-

period of limitations for collection of the tax attributable to a recovery of a foreign expropriation loss (within the meaning of section 6167 (f)) shall be suspended for the period of any extension of time for payment under subsection (a) or (b) of section 6167." (f) Section 6601 of the Internal Revenue Code of 1954 (relating to interest on underpayments) is amended by redesignating subsection (j) as (k), and by inserting after subsection (i) the following new subsection: "(j) EXTONSIONS OF T I M E FOR PAYMENT or TAX ATTRIBUTABLE TO RECOVERIES OF FOREIGN EXPROPRIATION IJOSSES.—If the time for pay-

ment of an amount of the tax attributable to a recovery of a foreign expropriation loss (within the meaning of section 6167(f)) is extended as provided in subsection (a) or (b) of section 6167, interest shall be paid at the rate of 4 percent, in lieu of 6 percent as provided in subsection (a). " (g)(1) The table of parts for subchapter Q of chapter 1 of the Internal Revenue Code of 1954 is amended by adding at the end thereof the following: "Part VII. Recoveries of foreign expropriation losses."

(2) The table of sections for subchapter B of chapter 62 of such Code is amended by adding at the end thereof the following: "See. 6167. Extension of time for payment of tax attributable to recovery of foreign expropriation losses."

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105

SEC. 2. EFFECTIVE DATE. The amendments made by section 1 (except subsection (b)) shall apply with respect to amounts received after December 31, 1964, in respect of foreign expropriation losses (as defined in section 1351(b) of the Internal Revenue Code of 1954 added by section 1(a)) sustained after December 31, 1958. SEC. 3. TWO-MONTH EXTENSION OF INITIAL ENROLLMENT PERIOD FOR SUPPLEMENTARY MEDICAL INSURANCE BENEFITS FOR THE AGED. (a) The first sentence of section 1837(c) of the Social Security Act ^ ^^^ ^^^^^ 42 USC 1395p. is amended (1) by striking out "January 1, 1966" and inserting in lieu thereof "March 1, 1966", and (2) by striking out "March 31,1%6" and inserting in lieu thereof "May 31, 1966". (b) Section 1837(d) of the Social Security Act is.amended by striking out "January 1, 1966" and inserting in lieu thereof "March 1, 1966". 79 332. (c) Section 102(b) of the Social Security Amendments of 1965 is 42 Stat. 1395p use amended by striking out "April 1, 1966" each time it appears and no^e inserting in lieu thereof "June 1, 1966". (d) In the case of an individual who first satisfies paragraphs (1) and (2) of section 1836 of the Social Security Act in March 1966, and who enrolls pursuant to subsection (d) of section 1837 of such Act in May 1966, his coverage period shall, notwithstanding section 1838(a)(2)(D) of such Act, begin on July 1, 1966. SEC. 4. COVERAGE, UNDER STATE AGREEMENTS, OF PUBLIC ASSISTANCE RECIPIENTS ENTITLED TO SOCIAL SECURITY OR RAILROAD RETIREMENT BENEFITS. (a) Subsection (b) of section 1843 of the Social Security Act is 42 USC 1395v. amended by striking out the semicolon at the end of paragraph (2) and inserting in lieu thereof a period, and by striking out all that follows and inserting in lieu thereof (after and below paragraph (2)) the following new sentence: "Except as provided in subsection (g), there shall be excluded from any coverage group any individual who is entitled to monthly insurance benefits under title II or who is entitled to receive an annuity or pension under the Railroad Retirement Act of 1937." yg^stat^^saT^' (b) Section 1843 of such Act is amended by adding at the end 4s use 228a thereof the following new subsection: et seq. " (s)(l) The Secretary shall, at the request of a State made before January 1, 1968, enter into a modification of an agreement entered into with such State pursuant to subsection (a) under which the second sentence of subsection (b) shall not apply with respect to such agreement. "(2) I n the case of any individual who would (but for this subsection) be excluded from the applicable coverage group described in subsection (b) by the second sentence of such subsection— " (A) subsections (c) and (d)(2) shall be applied as if such subsections referred to the modification under this subsection (in lieu of the agreement under subsection (a)), " (B) subsection (d)(3)(B) shall not apply so long as there is in effect a modification entered into by the State under this subsection, and " (C) notwithstanding subsection (e), in the case of any termination described in such subsection, such individual may terminate his enrollment under this part by the filing of a notice, before the close of the third month which begins after the date of such termination, that he no longer wishes to participate in the insurance program established by this part (and in such a

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 106

79 Stat. 306. 42 USC 1395s.

PUBLIC LAW 89-385-APR. 9, 1966

[80 STAT.

case, the termination of his coverage period under this part shall take effect as of the close of such third month)." (c) Section 1840 of such Act is amended by adding at the end thereof the following new subsection: " (i) I n the case of an individual who is enrolled under the program established by this part as a member of a coverage group to which an agreement with a State entered into pursuant to section 1843 is applicable, subsections (a), (b), (c), (d), and (e) of this section shall not apply to his monthly premium for any month in his coverage period which is determined under section 1843(d)." Approved April 8, 1966, 12:15 p.m.

Public Law 89-385 April 9, 1966 [ S. J. R e s. 127]

Sir Winston Churchill Day. Designation.

JOINT RESOLUTION Designating April 9, 1966, as "Sir Winston Churchill Day". Beaohed by the Senate and House of Representatives of the United /States of America in Congress assembled, That April 9, 1966, the anniversary of the conferring of honorary United States citizenship on Sir Wmston Churchill, is hereby designated as "Sir Winston Churchill Day". The President is authorized and requested to issue a proclamation calling on the people of the United States to honor the memory of Sir Winston Churchill by observing such day with appropriate ceremonies and activities. Approved April 9, 1966.

Public Law 89-386 April 9, 19 66 [S. 2394]

Vice P r e s i d e n t of the United States. Residence.

Care, mainten a n c e, etc.

Gifts and furnishings.

AN ACT Authorizing the planning, design, construction, furnishing, and maintenance of an official residence for the Vice President of the United States. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the Administrator of General Services is hereby authorized to plan, design, and construct an official residence for the Vice President of the United States in the District of Columbia. SEC. 2. The Administrator is further authorized to use as a site for such residence Federal land and property comprising approximately ten acres at the United States Naval Observatory, the specific area and boundaries thereof to be determined jointly by the General Services Administration and the Department of the Navy: Provided, That any roads and improvements thereon for which there is a continued need may be relocated and reconstructed. SEC. 3. The Administrator is further authorized to provide for the care, maintenance, repair, improvement, alteration, and furnishing of the official residence and grounds, including heating, lighting, and air conditioning, which services shall be provided at the expense of the United States. SEC. 4. The Administrator of General Services is further authorized to accept cash gifts, furniture, and furnishings and other types of gifts on behalf of the United States for use in constructing and furnishing the official residence but without further conditions on use, all such articles thus given to become the property of the United States.

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PUBLIC LAW 89-387-APR. 13, 1966

107

SEC. 5. There is authorized to be appropriated to the General Services Appropriations. Administration, the sum of $750,000 for planning, design, construction, and costs incidental thereto, including the cost of initial furnishings. SEC. 6. There is further authorized to be appropriated to the General Services Administration, annually, such amounts as may be necessary to carry out the purposes of section 3. Approved April 9, 1966, 10:25 p.m. Public Law 89-387 AN ACT To promote the observance of a uniform system of time throughout the United States.

[S. 1404]

Be it enacted by the Senate aind House of Representatives of the Uniform Time United States of America in Congress assembled, That this Act may Act of 1966. be cited as the "Uniform Time Act of 1966". SEC. 2. It is the policy of the United States to promote the adoption and observance of uniform time within the standard time zones prescribed by the Act entitled "An Act to save daylight and to provide standard time for the United States", approved March 19, 1918 (40 Stat. 450; 15 U.S.C. 261-264), as modified by the Act entitled "An Act to transfer the Panhandle and Plains section of Texas and Oklahoma to the United States standard central time zone", approved March 4, 1921 (41 Stat. 1446; 15 U.S.C. 265). To this end the Interstate Commerce Commission is authorized and directed to foster and promote widespread and uniform adoption and observance of the same standard of time within and throughout each such standard time zone. SEC. 3. (a) During the period commencing at 2 o'clock antemeridian on the last Sunday of April of each year and ending at 2 o'clock antemeridian on the last Sunday of October of each year, the standard time of each zone established by the Act of March 19, 1918 (15 U.S.C. 261-264), as modified by the Act of March 4, 1921 (15 U.S.C. 265), shall be advanced one hour and such time as so advanced shall for the purposes of such Act of March 19, 1918, as so modified, be the standard time of such zone during such period; except that any State may by law exempt itself from the provisions of this subsection providing for the advancement of time, but only if such law provides that the entire State (including all political subdivisions thereof) shall observe the standard time otherwise applicable under such Act of March 19, 1918, as so modified, during such period. (b) It is hereby declared that it is the express intent of Congress by this section to supersede any and all laws of the States or political subdivisions thereof insofar as they may now or hereafter provide for advances in time or changeover dates different from those specified in this section. (c) For any violation of the provisions of this section the Inter- violations state Commerce Commission or its duly authorized agent may apply to the district court of the United States for the district in which such violation occurs for the enforcement of this section; and such court shall have jurisdiction to enforce obedience thereto by writ of injunction or by other process, mandatory or otherwise, restraining against further violations of this section and enjoining obedience thereto.

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PUBLIC LAW 89-387-APR. 13, 1966

[80 STAT.

SEC. 4. (a) The first section of the Act of March 19, 1918, as amended (15 U.S.C. 261), is amended to read as follows: "That for the purpose of establishing the standard time of the United States, the territory of the United States shall be divided into eight zones in the manner provided in this section. Except as provided in section 3(a) of the Uniform Time Act of 1966, the standard time of the first zone shall be based on the mean solar time of the sixtieth degree of longitude west from Greenwich; that of the second zone on the seventy-fifth degree; that of the third zone on the ninetieth degree; that of the fourth zone on the one hundred and fifth degree; that of the fifth zone on the one hundred and twentieth degree; that of the sixth zone on the one hundred and thirty-fifth degree; that of the seventh zone on the one hundred and fiftieth degree; and that of the eighth zone on the one hundred and ^ixty-fifth degree. The limits of each zone shall be defined by an order of the Interstate Commerce Commission, having regard for the convenience of commerce and the existing junction points and division points of common carriers engaged in interstate or foreign commerce, and any such order may for'er*n"*m-^ "^ ^^ modificd from time to time. As used in this Act, the term 'inter" mercl""''°" State or foreign commerce' means commerce between a State, the District of Columbia, the Commonwealth of Puerto Rico, or any possession of the United States,and any place outside thereof." 15 USC 262. ^|3^ Section 2 of such Act is amended to read as follows: "SEC. 2. Within the respective zones created under the authority of this Act the standard time of the zone shall insofar as practicable (as determined by the Interstate Commerce Commission) govern the movement of all common carriers engaged in interstate or foreign commerce. In all statutes, orders, rules, and regulations relating to the time of performance of any act hj any officer or department of the United States, whether in the legislative, executive, or judicial branches of the Government, or relating to the time within which any rights shall accrue or determine, or within which a n j act shall or shall not be performed by any person subject to the jurisdiction of the United States, it shall be understood and intended that the time shall insofar as practicable (as determined by the Interstate Commerce Commission) be the United States standard time of the zone within which the act is to be performed." Designations. ^^.^ Section 4 of such Act is amended to read as follows: "SEC. 4. The standard time of the first zone shall be known and designated as Atlantic standard time; that of the second zone shall be known and designated as eastern standard time; that of the third zone shall be known and designated as central standard time; that of the fourth zone shall be known and designated as mountain standard time; that of the fifth zone shall be known and designated as Pacific standard time; that of the sixth zone shall be known and designated as Yukon standard time; that of the seventh zone shall be known and designated as Alaska-Hawaii standard time; and that of the eighth zone shall be known and designated as Bering standard time." 60 Stat. 237. g^^. 5. The Administrative Procedure Act (5 U.S.C. 1001-1011) shall apply to all proceedings under this Act, the Act of March 19, 1918 (15 U.S.C. 261-264), and the Act of March 4, 1921 (15 U.S.C. 265). Effective date. g^^. 6. This Act shall take efi'ect on April 1, 1967: except that if any State, the District of Columbia, the Commonwealth of Puerto Rico, or any possession of the United States, or any political subdivision thereof, observes daylight stiving time in the year 1966, such time shall advance the standard time otherwise applicable in such place by one hour and shall commence at 2 o'clock antemeridian on the last

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PUBLIC LAW 89-388-APR. 13, 1966

Sunday in April of the year 1966 and shall end at -2 o'clock antemeridian on the last Sunday in October of the year 1966. SEC. 7. As used in this Act, the term "State" includes the District of Columbia, the Commonwealth of Puerto Eico, or any possession of the United States. Approved April 13, 1966.

"State."

Public Law 89-388 AN ACT To amend the Tariff Act of 1930 to make permanent the existing temporary suspension of duty on copra, palm nuts, and palm-nut kernels, and the oils crushed therefrom, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That (a) the article description preceding item 175.09, and items 175.09 through 175.12, inclusive, of the Tariff Schedules of the United States (19 U.S.C. 1202) are amended to read as follows: 176.09

175.10 175.11 175.12

Copra: Entered during the effective period of special proclamation issued pursuant to 1leadnote 1 of this part, or entered after July 3, 1974. Entered on or before July 3, 1974, when no such special proclamation is in effect If product of the Philippines or of the Trust Territory If produced elsewhere than in the Philippines or the Trust Territory wholly of materials the growth or production thereof

Free

Free

1.250 per lb.

1.25JS per lb.

Free Free

Free

(b) Such Schedules are amended by striking out items 175.27 and 175.30 and inserting in lieu thereof the following: " I 175.28 I Palm-nut kernels and palm nuts

I Free

 * Free

(c) The article description preceding item 176.04, and items 176.04 through 176.13, inclusive, of such Schedules are amended to read as follows: 176.04

176.05 176.06 176.07 176.08 176.09 176.10 176.11 176.12 176.13

Coconut oil: Entered during the effective period of special proclamation issued pursuant to headnote 1 of this part, or entereo after July 3, 1974 If product of the Philippines or of the Trust Territory: If Philippine article within tariff-rate quota (see headnote 2 of this subpart), or if Trust Territory article, entered on or before July 3, 1974 Other Entered on or before July 3, 1974, when no special proclamation issued pursuant to headnote 1 is in effect: Crude If product of the Philippines or of the Trust Territory: If Philippine article within tariff-rate quota (see headnote 2 of this subpart), or if Trust Territory article Other If produced elsewhere than in the Philippines or the Trust Territory wholly from materials the growth or production thereof Other than crude If product of the Philippines or of the Trust Territory: If Philippine article within tariff-rate quota (see headnote 2 of this subpart), or If Trust Territory article Other

65-300 0-67—10

H per lb.

20 per lb.

Free H per lb.

30 per lb.

40 per lb.

Free 10 per lb. 10 per lb. 10 per lb.

Free 10 per lb.

20 per lb. 20 per lb.

^pj..j J3^ ^ggg [H. R. 65 68]

Copra, palm nuts, etc. Duty s u s p e n s i o n. 77A Stat. 72.

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PUBLIC LAW 89-388-APR. 13, 1966

[80 STAT.

(d) Such Schedules are amended by striking out the article description preceding item 176.82 and all that follows through item 176.36 and inserting in lieu thereof the following: 176.32 176.33 176.34 77A Stat. 203.

77A Stat. 204. 19 USC 1202.

Effective date.

46 Stat. 734. 19 USC 1514.

Status of amendments. 7 6 Stat. 881, 899. 69 Stat. 165.

Palm-kernel oil: Rendered unfit for use as food. other Palm oil

Free 0.5(S per lb. Free

Free 10 per lb. Free

(e)(1) Items 465.05 and 465.15 of such Schedules are amended— (A) by striking out "4.50 per lb.'' each place it appears and inserting in lieu thereof "30 per lb."; and (B) by striking out "7.50 per lb." each place it appears and inserting in lieu thereof "60 per lb.". (2) Items 465.25, 465.35, 465.45, 465.65, 490.24, 41)0.48, and 490.73 of such Schedules are amended by striking out "30 per lb. + " each place it appears. (3) Items 465.55 and 490.92 of such Schedules are amended by striking out "1.50 per lb. + " each place it appears. (f)(1) Headnote 3 for schedule 1, part 14 of such Schedules is amended by striking out ", palm-kernel nuts and palm nuts, and a 3-cent part of each of the rates of duty in subpart B on coconut oil, palm-kernel oil and palm oil". (2) Headnote 2 for schedule 4, part 8, subpart A of such Schedules is repealed. (3) Schedule 4, part 13, subpart A of such Schedules is amended by striking out "Subpart A headnote:" and by striking out headnote 1. (g) The article description preceding item 903.30 and all that follows through item 903.65, the article descriptions preceding item 907.70 and all that follows through item 907.77, and the article description preceding item 907.85 and all that follows through item 907.88 of such Schedules are repealed. SEC. 2. The amendments and repeals made by the first section of this Act shall apply with respect to articles entered, or withdrawn from warehouse, for consumption on or after the date of the enactment of this Act. SEC. 3. (a) The limitation for the calendar year 1965 contained in headnote 2(b) for schedule 1, part 14, subpart B of the Tariff Schedules of the Ignited States is hereby increased by 28,308,955 pounds. (b) Notwithstanding the provisions of section 514 of the Tariff Act of 1930 or any other provision of law, entries during 1965 of (!OConut oil, which is a Philippine article (within the meaning of the Tariff Schedules of the United States), shall be liquidated or reliquidated in accordance with the provisions of subsection (a), and appropriate refunds of duty shall be made, if request therefor is filed with the appropriate customs officer on or before the 120th day after the date of the enactment of this Act. SEC. 4. For purposes of applying paragraphs (4) and (5) of section 256 (19 U.S.C. 1886) and section 351(b) (19 U.S.C. 1981(b)) of the Trade Expansion Act of 1962 and section 350(c)(2)(A) of the Tariff Act of 1930 (19 U.S.C. 1351(c)(2)(A)) — (1) The rates of duty in rate column numbered 1 of the Tariff Schedules of the United States as changed by this Act shall be treated as the rates of duty existing on July 1, 1962. (2) The rates of duty in rate column numbered 2 of such Schedules as changed by this Act shall be treated as the rates of duty existing on July 1. 1934. Approved April 13, 1966, 6:10 p.m.

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PUBLIC LAW 89-389-APRIL 14, 1966

111

Public Law 89-389 AN ACT To ameiul subchapter S of chapter 1 of the Internal Revenue Code of 1954, and for other purposes.

April 14, 1966 [H. R. 9883]

Be it enacted by the Senate and House of Representatives of the ignited States of America in Congress assembled, That (a)(1) section Taxes. 1375 of the Internal Revenue Code of 1954 (rehxting to special rules cor^o^rati"ns"^splapplicable to distributions of electing- small business corporations) is ^lai options amended by adding at the end thereof the following new subsection: ^^ ^'^*" ^^'^'* ''(f)

DlSTRIBL'TIOXS W i T H I N

Sl/^-MoNTH

PERIOD AFTER

C L O S E OF

TAXABLE YEAR.— " (1) DISTRIBUTIONS CONSIDERED AS DISTRIBUTIONS OF UNDISTRIBUTED TAXABLE INCOME.—Any distribution of money made by

a corporation after the close of a taxable year with respect to which it was an electing small business corporation and on or before the 15th day of the third month following the close of such taxable year to a person who was a shareholder of such corporation at the close of such taxable year shall be treated as a distribution of the corporation's undistributed taxable income for such year, to the extent such distribution (when added to the sum of all prior distributions of money made to such person by sudh corporation following the close of such year) does not exceed such person's share of the corporation's undistributed taxable income for such year. Any distribution so treated shall, for purposes of this chapter, be considered a distribution which is not a dividend, and the earnings and profits of the corporation shall not be reduced by reason of such distribution. "(2) SHARE or UNDISTRIBUTED TAXABLE INCOME.—For purposes

of paragraph (1), a person's share of a corporation's undistributed taxable income for a taxable year is the amount required to be included in his gross income under section 1373(b) as a shareholder of such corporation for his taxable year in which or with which the taxable year of the corporation ends. "(3) ELECTION UNDER SUBSECTION (e),—Paragraph (1) shall not apply to any distribution with respect to which an election under subsection (e) applies." (2) Subsection (e) of section 1375 of the Internal Revenue Code of Repeal. 1954 is repealed effective with respect to distributions made after the ^^ ^*^'- ^^'dose of any taxable year of the corporation beginning after the date of the enactment of this Act. (b) Section 1375(d)(2)(B) ( i i) of such Code is amended by striking 72 Stat. 1655. out "under paragraph (1) " and inserting in lieu thereof "under subsection (f) or paragraph (1) of this subsection". (c) Except as provided by subsection (d), the amendments made by subsections (a)(1) and (b) shall apply only with respect to distributions made after the date of the enactment of this Act. (d)(1) The amendments made b j subsections (a)(1) and (b) shall also apply with respect to distributions of money (other than distributions with respect to which an election under section 1375(e) of the Internal Revenue Code of 1954 applies) made by a corporation on or before the date of the enactment of this Act and on or after the date of the first distribution of money during the taxable year designated by the corporation if— (A) such corporation elects to have such amendments apply to all such distributions made by it, and (B) except as otherwise provided by this subsection, all persons (or their personal representatives) who were shareholders

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PUBLIC LAW 89-389-APRIL 14, 1966

[80 STAT.

of such corporation at any time on or after the date of such first distribution and before the date on which the corporation files the election with the Secretary of the Treasury or his delegate consent to such election and to the application of this subsection. Pubu^c\'t°o"nm ^^^ ^ ^ election by a corporation under this subsection, and the Federal Regrster. couseut thereto of the persons who are or were shareholders of such corporation, shall be made in such manner and within such time as the Secretary of the Treasury or his delegate prescribes by regulations, but the period for making such election shall not expire l^fore one year after the date on which the regulations prescrioed under this subsection are published in the Federal Register. (3) I n applying paragraphs (1) and (2), the consent of a person (or his personal representative) slxall not be required if, under regulations prescribed under this subsection, it is shown to the satisfaction of the Secretary of the Treasury or his delegate that the liability of such person for Federal income tax for any taxable year cannot be affected by the election of the corporation of which he is or was.a shareholder. (4) I n applying this subsection, the reference in section 1375(f) Ante, p. 111. of the Internal Revenue Code of 1954 (as added by subsection (a)(1)) to the 15th day of the third month following the close of the taxable year shall be treated as referring to the 15th day of the fourth month following the close of the taxable year. (5) The statutory period for the assessment of any deficiency for any taxable year against the corporation filing the election or any person consenting thereto, to the extent such deficiency is attributable to an election under this subsection, shall not expire before the last day of the 2-year period beginning on the date on which the regulations prescribed under this subsection are published in the Federal Register; and such deficiency may be assessed at any time before the expiration of such 2-year period, notwithstanding any law or rule of law which would otherwise prevent such assessment. (6) I f (A) credit or refund of the amount of any overpayment for any taxable year attributable to an election under this subsection is not prevented, on the date of the enactment of this Act, by the operation of any.law or rule of law, and (B) credit or refund of the amount of such overpayment is prevented, by the operation of any law or rule of law (other 26 USC 7121 than chapter 74 of the Internal Revenue Code of 1954, relating 7123. to closing agreements and compromises), at any time on or before the expiration of the 2-year period beginning on the date on which the regulations prescribed under this subsection are published in the Federal Register, credit or refund of such overpayment may, nevertheless, be allowed or made, to the extent such overpayment is attributable to such election, if claim therefor is filed before the expiration of such 2-year period. (7) I f (A)(i) one or more consecutive distributions of money made by the corporation after the close of a taxable year and on or before the 15th day of the fourth month following the close of the taxable year were substantially the same in amount as the undistributed taxable income of such corporation for such year, or (ii) it is established to the satisfaction of the Secretary of the Treasury or his delegate that one or more distributions of money made by the corporation during the period described in clause (i) were intended to be distributions of the undistributed taxable income of such corporation for the taxable year preceding such period, and

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(B) credit or refund of the amount of any overpayment for the taxable year in which such distribution or distributions were received is prevented on the date of the enactment of this Act, by the operation of any law or rule of law (other than chapter 74 of the Internal Revenue Code of 1954, relating to closing agreements 71^23"^*^ ^^^^ and compromises), credit or refund of such overpayment may, nevertheless, be allowed or made, to the extent such overpayment is attributable to an election under this subsection, if claim therefor is filed before the expiration of the 2-year period beginning on the date on which the regulations prescribed under this subsection are published in the Federal Register. (8) No interest on any deficiency attributable to an election under this subsection shall be assessed or collected for any period before the expiration of the 2-year period beginning on the date on which the regulations prescribed under this subsection are published in the Federal Register. No interest on any overpayment attributable to an election under this subsection shall be allowed or paid for any period before the expiration of such 2-year period. SEC. 2. (a) Subchapter S of chapter 1 of the Internal Revenue Code of 1954 (relating to election by certain small business corporations 72 Stat. leso. as to taxable status) is amended by adding at the end thereof the following new section: "SEC. 1378. TAX IMPOSED ON CERTAIN CAPITAL GAINS. " (a) GENERAL RULE. — I f for a taxable year of an electing small business corporation— " (1) the excess of the net long-term capital gain over the net short-term capital loss of such corporation exceeds $25,000, and exceeds 50 percent of its taxable income for such year, and "(2) the taxable income of such corporation for such year exceeds $25,000, there is hereby imposed a tax (computed under subsection (b)) on the income of such corporation. " (b) AMOUNT OF TAX.—The tax imposed by subsection (a) shall be the lower of— " (1) an amount equal to 25 percent of the amount by which the excess of the net long-term capital gain over the net shortterm capital loss of the corporation for the taxable year exceeds $25,000, or "(2) an amount equal to the tax which would be imposed by section 11 on the taxable income (computed as provided in section 1373(d)) of the corporation for the taxable year if the corporation was not an electing small business corporation. No credit shall be allowable under part IV of subchapter A of this ^^ "sc 31-40. chapter (other than under section 39) against the tax imposed by ^^ Stat. lev. subsection (a). "(c)

EXCEPTIONS.—

"(1) IN GENERAL.—Subsection (a) shall not apply to an electing small business corporation for any taxable year if the election under section 1372(a) which is in effect with respect to such corporation for such taxable year has been in effect for the 3 immediately preceding taxable years. " (2) NEW CORPORATIONS.—Subsection (a) shall not apply to an electing small business corporation if— " (A) it has been in existence for less than 4 taxable years, and " (B) an election under section 1372(a) has been in effect with respect to such corporation for each of its taxable years.

Nonappucabiuty

provisions.

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PUBLIC LAW 89-389-APRIL 14, 1966 "(3)

72 Stat. 1650.

[80 STAT.

PROPERTY WITH SUBSTITUTED BASIS.—If—

" (A) but for paragraph (1) or (2), Sfubsection (a) would apply for the taxable year, " (B) any long-term capital gain is attributable to property acquired by the electing small business corporation during the period beginning 3 years before the first day of the taxable year and ending on the last day of the taxable year, and " (C) the basis of such property is determined in whole or in part by reference to the basis of any property in the hands of another corporation which was not an electing small business corporation throughout all of the period described in subparagraph (B) before the transfer by such other corporation and during which such other corporation was in existence, then subsection (a) shall apply for the taxable year, but the amount of the tax determined under subsection (b) shall not exceed 25 percent of the excess of the net long-term capital gain over the net short-term capital loss attributable to property acquired as provided in subparagraph (B) and having a basis described in subparagraph (C). " (b)(1) The table of sections for subchapter S of chapter 1 of such (^^odc is amended by adding at the end thereof the following new item: "Sec. 1378. Tax imposed on certain capital gains."

Ante, p. 113.

vsstlTsi^^' 68A Stat. 182;

Applicability.

(2) Section 1372(b)(1) of such Code (relating to effect of election by small business corporation) is amended by inserting "(other than ^j^g ^g^^ imposcd by section 1378)" after "this chapter'". (3) Section 1373(c) of such Code (relating to definition of undistributed taxable income) is amended by inserting "the sum of (1) the tax imposed by section 1378(a) and (2) " after "minus"'. (4) Section 1375(a) of such Code (relating to treatment of capital gains in the hands of shareholders) is amended by adding at the end thereof the following new paragraph: "(3) REDUCTION FOR TAX IMPOSED BY SECTION i.s-s.—For purposes of paragraphs (1) and (2), the excess of an electing small business corporation's net long-term capital gain over its net short-term capital loss for a taxable year shall be reduced by an amount equal to the amount of the tax imposed by section 1378(a) on the income of such corporation for such year." ^^) Section 46(a)(3) of such Code (relating to liability for tax for purposes of the credit for investment in certain depreciable property) jg amended by striking out "or by section 541 (relating to personal holding company tax) ' and inserting m lieu thereof ", section 541 (relating to personal holding company tax), or section 1378 (relating to tax on certain capital gains of subchapter S corporations)'". (g^ 'pj^g, amendments made by this section shall apply with respect to taxable years of electing small business corporations beginning after the date of the enactment of this Act, but such amendments shall not apply with respect to sales or exchanges occurring before February 24, 1966. SEC. 3. (a) Section 1372(e)(5) of the Internal Revenue Code of 1954 (relating to termination of election by small business corporations) is amended to read as follows: "(5)

PASSIVE INVESTMENT INCOME.—

" (A) Except as provided in subparagraph (B), an election under subsection (a) made by a small business corporation shall terminate if, for any taxable year of the corporation for which the election is in effect, such corporation has gross

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115

receipts more than 20 percent of which is passive investment income. Such termination shall be effective for the taxable year of the corporation in which it has gross receipts of such amount, and for all succeeding taxable years of the corporation. " (B) Subparagraph (A) shall not apply with respect to a Nonappucabiuty taxable year in which a small business corporation has gross P*^""'®^""^ receipts more than 20 percent of which is passive investment income, if— " (i) such taxable year is the first taxable year in which the corporation commenced the active conduct of any trade or business or the next succeeding taxable year; and "(ii) the amount of passive investment income for such taxable year is less than $3,000. " (C) For purposes of this paragraph, the term 'passive "Passive in^.'

.

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vestment income.

investment income means gross receipts derived from royalties, rents, dividends, interest, annuities, and sales or exchanges of stock or securities (gross receipts from such sales or exchanges being taken into account for purposes of this paragraph only to the extent of gains therefrom)." (b) The amendment made by subsection (a) shall apply to taxable „ applicability »

1

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1 1

i? provisions.

years of electing small business corporations ending after the date oi the enactment of this Act. Such amendment shall also apply with respect to taxable years beginning after December 31, 1962, and ending on or before such date of enactment, if (at such time and in such manner as the Secretary of the Treasury or his delegate prescribes by regulations) — (1) the corporation elects to have such amendment so apply, and (2) all persons (or their personal representatives) who were shareholders of such corporation at any time during any taxable year beginning after December 31, 1962, and ending on or before the date of the enactment of this Act consent to such election and to the application of the amendment made by subsection (a). SEC. 4. (a) Section 1361 of the Internal Revenue Code of 1954 (relating to unincorporated business enterprises electing to be taxed as domestic corporations) is amended— (1) by adding at the end of subsection (a) the following new sentence: "No election (other than an election referred to in subsection (f)) may be made under this subsection after the date of the enactment of this sentence."; (2) by striking out in subsection (c) ", except as provided in subsection (m)^"; (3) by striking out "subsection (f) " in subsection (e) and inserting in lieu thereof "subsections (i) and (n) "; (4) by striking out subsection (m); and (5) by adding at the end of such section the following new subsection: "(n)

REVOCATION AND TERMINATION OF ELECTIONS.—

"(1) REVOCATION.—An election under subsection (a) with respect to an unincorporated business enterprise may be revoked after the date of the enactment of this subsection by the proprietor of such enterprise or by all the partners owning an interest in such enterprise on the date on which the revocation is made. Such enterprise shall not be considered a domestic corporation for any period on or after the effective date of such revocation. A revocation under this paragraph shall be made in such manner as the Secretary or his delegate may prescribe by regulations.

SSA Stat. 350.

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Effective date.

68A Stat. 4.

Applicability.

PUBLIC LAW 89-390-APRIL 14, 1966

[80 STAT.

'•(2) TERMINATION.—If a revocation under paragraph (1) of an election under subsection (a) with respect to any unincorporated business enterprise is not effective on or before December 31, 1968, such election shall terminate on January 1, 1969, and such enterprise shall not be considered a domestic corporation for any period on or after January 1, 1969." (b) Effective ou Jauuary 1, 1969— (1) subchapter R of chapter 1 of such Code (relating to election of certain partnerships and proprietorships as to taxable status) is repealed; ^2) the table of subchapters for chapter 1 of such Code is amended by striking out the item relating to subchapter R;.and (3) section 1504(b) of such Code (relating to definition of includible corporation) is amended by striking out paragraph (c) The amendments made by subsections (a)(2) and (4) shall apply with respect to transactions occurring after the date of the enactment of this Act. Approved April 14, 1966.

Public Law 89-390 April 14, 1966 1^^- 2642]

nil^,^!""?' Disposal.

60 Stat. 596.

64 Stat. 798. 73 Stat. 607.

^N ACT TQ authorize the release of platinum from the national stockpile, 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 Administrator of General Services is hereby authorized to dispose of, by negotiation or otherwise, approximately three hundred sixteen thousand three hundred ounces of platinum from the national stockpile established pursuant to the Strategic and Critical Materials Stock Piling Act (50 U.S.C. 98-98h). Such disposition may be made without regard to the provisions of section 3 of the Strategic and Critical Materials Stock Piling Act: Provided, That the time and method of disposition shall be fixed with due regard to the protection of the United States against avoidable loss and the protection of producers, processors, and consumers against avoidable disruption of their usual markets. SEC. 2. The platinum covered by this Act, materials in the inventory maintained under the Defense Production Act of 1950, as amended ^59 U.S.C. App. 2061-2166), and materials in the national stockpile .^nd the supplemental stockpile (7 U.S.C. 1704(b)) the disposition of which has been or may hereafter be authorized pursuant to law, shall be available, without reimbursement, for transfer at fair market value in payment of the purchase price and other expenses of acquisition (including transportation and other accessorial expenses) of palladium for the national stockpile. No acquisition of palladium shall be made pursuant to the authority of this section if, as a result of such acquisition, the aggregate quantity of palladium in the national stockpile and the supplemental stockpile would exceed the palladium stockI)ile objective established pursuant to the Strategic and Critical Materials Stock Piling Act. Approved April 14, 1966.

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PUBLIC LAW 89-391-APRIL 14, 1966

117

Public Law 89-391 AN ACT

^^^,,,,^, g,.

To correct inequities with respect to the basic compensation of teachers and teaching positions under the Defense Department Overseas Teachers Pay and Personnel Practices Act.

[H. R. 6845]

Be it enacted by the Senate and House of Representatives of the Armed F c e s. United States of America in Congress assembled, That (a) section O v e r s e a so rteach4 (a)(2) of the Defense Department Overseas Teachers P a y and err/saiaPy adrus'tPersonnel Practices Act (73 Stat. 214; Public Law 86-91; 5 U.S.C. •"«"' 2352(a)(2)) is amended to read as follows: " (2) the fixing of basic compensation for teachers and teaching positions at rates equal to the average of the range of rates of basic compensation for similar positions of a comparable level of duties and responsibilities in urban school jurisdictions in the United States of 100,000 or more population;". (b) Section 5(c) of such Act (73 Stat. 214; Public Law 86-91; 5 U.S.C. 2353(c)) is amended to read as follows: "(c) The Secretary of each military department shall fix the basic compensation for teachers and teaching positions in his military department at rates equal to the average of the range of rates of basic compensation for similar positions of a comparable level of duties and responsibilities in urban school jurisdictions in the United States of 100,000 or more population.". (c) Section 5 of such Act (73 Stat. 214; Public Law 86-91; 5 U.S.C. 2353) is amended by adding at the end thereof the following new subsection: "(c) On or before the 15th day of January in each calendar year ^^l°^^^°^°^1 beginning after the date of enactment of this subsection, the Secretary mut^^es"^ of Defense shall report to the respective Committees on Post Office and Civil Service of the Senate and the House of Representatives the following information— "(1) the number of teachers separated from teaching positions subsequent to the close of the immediately preceding full school year; "(2) the number of such separated teachers who returned to the United States; "(3) the number of such separated teachers placed in positions as teachers in the United States following such separation; "(4) the number of such separated teachers returned to positions as teachers in the United States under voluntary reciprocal interchange agreements with school jurisdictions in the United States; " (5) the number of such separated teachers placed in positions as teachers in the United States through special placement assistance programs of the Department of Defense and the military departments; " (6) the number of such separated teachers who (A) were separated at their own request and (B) were separated involuntarily; "(7) the number of such separated teachers who had served in teaching positions (A) three years or more and (B) five years or more; "(8) the number of new teachers appointed to teaching positions at the beginning of the school year current at time of the report; and

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Effective date.

PUBLIC LAW 89-392-APRIL 14, 1966

[80

STAT.

"(9) the number of such new teachers obtained through voluntary reciprocal interchange agreements with school jurisdictions in the United States." SEC. 2. The amendments made by the first section of this Act shall become effective on the first day of the first pay period which begins after the date of enactment of this Act. Approved April 14, 1966.

Public Law 89-392 April 14, 1966 [H. R. 7723]

AN ACT To amend the Tariff Schedules of the United States to suspend the duty on certain tropical hardwoods.

Be it enacted by the Senate and House of Representatives of the Tropical hard United States of America in Congress assembled, That subpart B of woods Duty suspension, part 1 of the appcudix to title I of the Tariff Act of 1930 (Tariff Schedules of the United States; 28 F.R., part II, Aug. 17, 1963; 77A 77A Stat. 434. Stat.; 19 U.S.C., sec. 1202) is amended by adding at the end thereof the following new items: 916.20

916. 21

916.22

916.23

Effective date.

Hardwood lumber, rough, dressed, or worked, provided for in item 202,36

Free

Hardwood lumber, rough, dressed, or worked, provided for in item 202.39

$3 per 1,000 ft., board measure

Free

$3.10 per 1,000 ft., board measure

Hardwood lumber, rough, dressed, or worked, provided for in item 202.41, except Boxwood (Buxus spp.), Japanese maple (Acer spp.), and Japanese white oak (Quercus spp.).., Free Hardwood lumber, rough, dressed, or worked, provided for in item 202.43, except Alder (Alnusspp.), Almon (Shorea almon). Ash (Fraxinus spp.), Aspen and Cottonwood (populus spp.), Bagtikan (Parashorea plicata), Basswood (Tilia spp.). Beech (Fagus spp.). Birch (Betulaspp.), Black or lupelo gum (Nyssa spp.), Buckeye (Aesculusspp.), Cherry (Prunusspp.), Elm (Ulraus spp.). Eucalyptus (Eucalyptus spp.), Hickory (Carya spp.), Lauan, red (Shorea negrosensis), Lauan, white (Pentacme contorta and P. mindanensis), Magnolia (Magnolia spp.), Maple (Acer spp.), Mayapis (Shorea squamata), Meranti (Shorea spp.). Oak (Quercus spp.). Sen (Kalopanax spp.), Seraya, red (Shorea spp.), Seraya, white (Parashorea spp.). Sweet (red or sap) gum (Liquidamber spp.). Sycamore (Platanusspp.), Tangile (Shorea polysperma), Tiaong (Shoreaspp.). Walnut (Juglansspp.), Willow (Salix spp.), and Yellow poplar (Liriodendron spp.), Free

15% ad val.

On or before 12/31/67 On or before 12/31/67 On or before 12/31/67 On or before 12/31/67

$3perl,000ft., board measure

SEC. 2. The amendment made by the first section of this Act shall apply to articles entered, or withdrawn from warehouse, for consumption after the date of the enactment of this Act. Approved April 14, 1966. '

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119

Public Law 89-393 AN ACT To provide for the striking of medals in commemoration of the one hundredth anniversary of the purchase of Alaska by the United States from Russia.

April 14, 1966 [s. 2719]

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That in commemora- ^QO^**^' tion of the one hundredth anniversary of the purchase of Alaska by the sary medTiT.'^'^ United States from Russia (which anniversary will be celebrated in 1967), the Secretary of the Treasury is authorized and directed to strike and furnish to the Alaska Centennial Commission not more than two hundred thousand medals with suitable emblems, devices, and inscriptions to be determined by the Alaska Centennial Commission subject to the approval of the Secretary of the Treasury. The medals shall be made and delivered at such times as may be required by the Commission in quantities of not less than two thousand, but no medals shall be made after December 31, 1967. The medals shall be considered to be national medals within the meaning of section 3551 of the Revised Statutes. ^ ^' "^^ ^^^ • SEC. 2. The Secretary of the Treasury shall cause such medals to Cost. be struck and furnished at not less than the estimated cost of manufacture; including labor, materials, dies, use of machinery, and overhead expenses; and security satisfactory to the Director of the Mint shall be furnished to indemnify the United States for full payment of such costs. S SEC. 3. The medals authorized to be issued pursuant to this Act shall r i a lisz.e s, matebe of such size or sizes and of such metals as shall be determined by the Secretary of the Treasury in consultation with such (Commission. Approved April 14, 1966.

Public Law 89-394 AN ACT

Ap^.j j4_ jyg^

To authorize the disposal, without regard to the six-month waiting period, of approximately one hundred twenty-six thousand three hundred long calcined tons of refractory grade bauxite from the national stockpile.

[S- 1488]

Be it enacted by the Senate and House of Representatives of the United States of America in Conqress assembled, That the Adminis- ^ Refractory grade „y~

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i

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trator 01 General Services is hereby authorized to dispose 01, by negotiation or otherwise, at the fair market value thereof, approximately one hundred twenty-six thousand three hundred long calcined tons of refractory grade bauxite now held in the national stockpile. Such disposition may be made without regard to the provisions of section 3 of the Strategic and Oitical Materials Stock Piling Act, relating to disl^ositions on the basis of a revised determination pursuant to section '2 of said Act, to the effect that no such dispositions shall be made until Six months after publication in the Federal Register and transmission to the Congress and to the Armed Services Committees thereof of a notice of the proposed disposition, but in such disposition the Administrator of General Services shall comply with the provisions of such section 3, which require that the plan and the date of disposition shall be fixed with due regard to the protection of producers, processors, and consumers against avoidable disruption of their usual markets. Approved April 14, 1966.

bauxite.

Disposal.

^° ^*|^- |g^^'50 USC 98a. Federal Register. Publication in

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PUBLIC LAW 89-395-APRIL 14, 1966

Public Law 89-395 April 14, 1966 [H. R. 3349]

Uniformed services. Certain retired officers, relief.

'

[80 STAT.

• ^'' ^ = ^

AN ACT For the n'Mt-f of cfM'tiiiii n-iiivd nfflcers of thf Army. Navy, find Air Force.

Be 'it ("iMcted by the Setuite. and Hou^^c of Repref^enfuthei^ of the United Stdtefi of Americn in Conqfe><x, aHxemhled^ That the limitation f)f time, prescribed by the Aot of October I). 1940 (54 Stat. 1061; ai U.S.C. 237), is hereby waived with respect to chiims for increased retired pay by any retired officer of the.Vrmy, Navy, Air Foiv«, Marine Corps. Coast (inard, Coast and (leodetic Survey, or Public Health Service, if (1) he served iji any capacity as a member of the military or naval forces of the United States prior to November 12, 1918; (2) he was retired under any provision of law prior to June 1, 1942, and was subsecpjently callec^ to active duty; and (8) he was returned to an inactive status on a retire<l list after May HI, 1942: Provided, That a claim for such retired pay shall be filed with the General Accountinir Office by each such officer or by his designated beneficiarv, within one year following the date of enactment of this Act. Approved April 14, 1966.

Public Law 89-396 April 14, 1966 [S.2573]

Yosemite National Park. Employees, leave year exten-

AN ACT To validate the action of the Acting Superintendent, Yosemite National Park, in extending the 1955 leave year for certain Federal employees, and for other purposes. Be it enacted 6y the Senate and House of Representatives of the United States of America in Congress assembled, That, inasmuch as the administrative order issued by the Acting Superintendent of Yosemite National Park recalling to duty certain Federal employees to assist in meeting the storm and flood emergency which existed in late 1955 and early 1956 was in the public interest, his action purporting to extend to March 15, 1956, the time within which leave available for the 1955 leave year could be used is hereby validated. Approved April 14, 1966.

Public Law 89-397 April 16, 1966 [H. J. R e s. 837]

State and Municipal Bond Week. Proclamation.

JOINT RESOLUTION To authorize the I'resident to proclaim the week beginning April 17, 1966, as •'State and Municipal Bond Week".

Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the President is hereby authorized and requested to issue a proclamation designating the week beginning April 17, 1966, as "State and Municipal Bond Week", in recognition of the role that State and municipal bonds play in building a better community. Approved A p r i r i 6, 1966.

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PUBLIC LAW 89-399-APRIL 16, 1966

121

Public Law 89-398 AN ACT

To authorize the loan of naval vessels to China. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That notwithstanding section 7307 of title 10, United States Code, or any other law, the President may lend one destroyer and one destroyer escort from the reserve fleet to the Republic of China on such terms and conditions as he deems appropriate. SEC. 2. All expenses involved in the activation, rehabilitation, and outfitting (including repairs, alterations, and logistic support) of vessels transferred under this Act, shall be charged to funds programed for the recipient government as grant military assistance, or as reimbursable, under the provisions of the Foreign Assistance Act of 1961, as amended, or successor legislation. SEC. 3. Loans executed under this Act shall be for periods not exceeding five years, but the President may in his discretion extend such loans for an additional period of not more than five years. All loans shall be made on the condition that they may be terminated at an earlier date if necessitated by the defense requirements of the United States. SEC. 4. No loan may be made under this Act unless the Secretary of Defense, after consultation with the Joint Chiefs of Staff, determines that such loan is in the best interest of the United States. The Secretary of Defense shall keep the Congress currently advised of all extensions or loans made under authority of this Act. SEC. 5. The President may promulgate such rules and regulations as he deems necessary to carry out the provisions of this Act. SEC. 6. The authority of the President to lend naval vessels under this Act terminates on December 31, 1967. Approved April 16, 1966.

Apj.ij ig_ j g g g

f - ^- 78i3]^ " Naval v e s s e l s. Loan to China.

T^OA "statr'Js^

^^^ ^'^* '*24, 22 USC 2151 "°te

Notice to c^ng^ess. au^ho™!"^""" °^

Public Law 89-399 AN ACT

To amend the Fire and Casualty Act regulating the business of fire, marine, and casualty insurance in the District of Columbia.

..,,^,„^^ April 16, 1966

[H. R. 959]

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That (a) section 13 ^•^- fi^^^iity of chapter II of the Fire and Casualty Act (D.C. Code, sec. 35-1316) ""stock'r^quireis amended by striking out the period at the end of the first sentence ments. and inserting in lieu thereof a comma and the following: "except that ^^ ^'^^^' ^ " every domestic stock company authorized to do a fidelity or surety business in the District shall have and shall at all times maintain a paid-up capital stock of not less than $500,000, and a surplus of not less than $250,000.". (b) Section 715 of the Act entitled "An Act to establish a code of law for the District of Columbia", approved March 3, 1901 (D.C. Code, sec. 26-301), is amended by inserting after "one million dollars" ^^ ^*^* ^^°'the following: "except as otherwise provided in section 13 of chapter II of the Fire and Casualty Act (D.C. Code, sec. 35-1316)". Approved April 16, 1966.

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