22 U.S.C. § 1355 — Suspension of processing tax on coconut oil
submitted 80 years ago by ch. 244 to r/title-22-FOREIGN-RELATIONS-AND-INTERCOURSE · 88 words · no verdicts yet
The President must suspend a specified coconut-oil processing tax when Philippine copra and coconut oil are not adequately available. The suspension ends 30 days after the President finds adequate supplies available again.
If, after consulting the Philippines' President, the President finds that adequate Philippine copra and coconut oil are not readily available for United States processing, the President must proclaim that finding. Section 2470(a)(2) of the Internal Revenue Code is then suspended until 30 days after the President proclaims, after the same consultation, that adequate supplies are readily available.
Whenever the President, after consultation with the President of the Philippines, finds that adequate supplies of neither copra nor coconut oil, the product of the Philippines, are readily available for processing in the United States, he shall so proclaim, and after the date of such proclamation the provisions of section 2470(a)(2) of the Internal Revenue Code shall be suspended until the expiration of 30 days after he proclaims that, after consultation with the President of the Philippines, he has found that such adequate supplies are so readily available.
Source credit: (Apr. 30, 1946, ch. 244, title V, § 505(b), 60 Stat. 157.)
- 1946Enacted · Act of Apr. 30, 1946, ch. 244 · 60 Stat. 157
A history note hasn’t been published yet. The record shows enactment by ch. 244 on 1946-04-30.
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