An Act to prevent double taxation in the case of certain tobacco products exported and returned unchanged to the United States for delivery to a manufacturer's bonded factory
PL 88-342 (H.R.8268), enacted 06/30/1964

234 
PUBLIC LAW 88-342-JUNE 30, 1964 
[78 STAT. 
improvements thereon offered as security and the loan shall be made 
upon such terms and conditions as to assure that at no time shall the 
loan balance exceed 60 per centum of the original appraised total value 
of the property then remaining. No such loan shall be made for a 
longer term than three years; except that any such loan may be made 
for a term not longer than fifteen years if the loan is secured by an 
amortized mortgage, deed of trust, or other such instrument under the 
terms of which the installment payments are sufficient to amortize the 
[principal of the loan within a period of not more than fifteen years 
and at a rate of at least 6% per centum per annum. All such loans 
secured by first liens upon forest tracts shall be included in the per-
missible aggregate of all real estate loans prescribed in the preceding 
paragraph, but no national banking association shall make forest-
tract loans in an aggregate sum in excess of 50 per centum of its 
capital stock paid in and unimpaired plus 50 per centum of its unim-
paired surplus fund." 
Approved June 30, 1964. 
June 30, 1964 
[H. R. 8268] 
Public Law 88-342 
AN ACT 
To prevent dovible taxation in the case of certain tobacco products exported and 
returned unchanged to the United States for delivery to a manufacturer's 
bonded factory. 
Tobacco prod-
ucts exported and 
returned. 
Double taxation, 
prevention. 
77A Stat. 405, 
406. 
19 u s e 1202. 
Internal revenue 
tax, exemption. 
68A Stat. 708. 
26 u s e 5704. 
77A Stat. 406. 
19 u s e 1202. 
Effective date. 
Be it enacted by the Senate amd House of Representatives 
of the 
Vnlted States of America In Congress assembled, That (a) headnote 
2 to subpart A of part 1 of schedule 8 of title I of the Tariff Act of 
1930 (Tariff Schedules of the United States; 28 F.R., part II, Aug. 17, 
1963) is amended by striking out "and" at the end of paragraph (a), 
by relettering paragraph (b) as paragraph (c), and by inserting after 
paragraph (a) the following new paragraph: 
"(b) tobacco products and cigarette papers and tubes classifiable 
under such item may be released from customs custody, without pay-
ment of that part of the duty attributable to the internal-revenue tax, 
for return to internal-revenue bond as provided by section 5704(e) of 
the Internal Revenue Code of 1954; and". 
(b) Section 5704 of the Internal Revenue Code of 1954 (relating to 
exemption from tobacco tax) is amended by adding at the end thereof 
the following new subsection: 
"(e) 
TOBACCO PRODUCTS AND CIGARETTE PAPERS AND TUBES EXPORTED 
AND RETURNED.—Tobacco products and cigarette papers and tubes 
classifiable under item 804.00 of title I of the Tariff Act of 1930 
(relating to duty on certain articles previously exported and returned) 
may be released from customs custody, without payment of that part 
of the duty attributable to the internal revenue tax for delivery to a 
manufacturer of tobacco products or cigarette papers and tubes, in 
accordance with such regulations and mider such bond as the Secre-
tary or his delegate shall prescribe. Upon such release such products, 
papers, and tubes shall be subject to this chapter as if they had not been 
exported or otherwise removed from internal-revenue bond." 
SEC. 2. The amendments made by the first section of this Act shall 
apply with respect to articles entered, or withdrawn from warehouse, 
for consumption after the date of the enactment of this Act. 
Approved June 30, 1964.