, 1954-08-16

T0IdCIS -Uy PdyMg IISI 81 UT MCUIIE U6IIVGU LIOm al
sources both within and outside the Virgin Islands into the
treasury Of the Virgin Islands; Provided further, That moth
ing in this Act shall be construed to apply to any tax speci-
fled in section 1911 Of the Internal Revenue Code.
() S~ubchapter 3 of chapter % Of the Internal Revenue
Code is amended by adding to section $3.50 thereof the follow
ing subsection:
"1cl DISPOSITION OF NTERNAL d.
LECTIONS: Beginning with the fiscal year ending June
l30, 1854 and annually thereafter, the Secretary Of the Urea
sury shall determine the amount Of all taxes imposed by,
and collected during the fiscal year under, the internal reve-
nue. laws of the United States on articles produced in the
Virgin Islands and transported to the United States. The
amount SO determined less / per centum and less the estimat-
ed amount of refunds or credits shall be subject to DISPOSE
ton as follows:
20 There shall be transferred and paid over to the
government of the Virgin Islands from the amounts so de-
termined a sum equal to the total amount Of the revenue
collected by the government of the Virgin Islands during the
fiscal year, as certified by the Government Comptroller Of
the Virgin Islands. The moneys so transferred and paid over
shall constitute a separate fund in the treasury Of the Virgin
Islands and may be expended as the legislature may deter
mine: Provided, That the approval of the President or his
designated representative shall be obtained before such
moneys may be obligated or expended.
"GD There shall also be transferred and paid over to
the government of the Virgin Islands during each of the fs-
cal years ending June 80, 1855, and June 80, 1856, the sum
of $1,0O0000, or the balance of the internal revenue collec-
tons available under this subsection 0) after payments are
made under the preceding paragraphs q, whichever amount
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deposited in the separate funds established by the preceding
paragraph ID, but shall be obligated or expended for emer-
gency purposes and essential public projects only, with the
prior approval Of the President or his designated represen-
Itative.
"(i) Any amounts remaining shall be deposited in the
Treasury of the United States as miscellaneous receipts.
IF at the end Of any fiscal year the total Of the Federal
contribution made under CD above at the beginning of that
fiscal year has not been obligated or expended for an approx
led purpose, the balance shall continue available. for expendi-
Iture during any succeeding fiscal year, but only for approved
emergency relief purposes and essential public projects as
provided in (D above. The aggregate amount of moneys avail
able for expenditure for emergency relief purposes and es-
sential public projects only, including payments under G)
above, shall not exceed the sum Of $5yOOO,OOO at the end Of
any fiscal year. Any u~nobligated or u~nexpended balance of
the Federal contribution remaining at the end of a fiscal
which would cause the moneys available for emergency
relief purposes and essential public projects only to exceed
the sum Of $5OO0,0O0 shall thereupon be transferred and paid
lover to the Treasury Of the United States as miscellaneous
receipts