An Act to provide a 1-year extension of the existing corporate normal tax rate and of certain excise tax rates
PL 87-72 (H.R.7446), enacted 06/30/1961

75 S T A T . ] 
PUBLIC LAW 87-72-JUNE 30, 1961 
198 
Public Law 87-72 
AN ACT 
^ 
,„ .,„^, 
J»ine 30, :1961 
To provide a one-year extension of the existing corporate normal-tax rate and 
[H. R. 7446] 
of certain excise-tax rates. 
Tax Rate Exten-
lon Act of 1961. 
26 u s e 11, 821. 
m 
Be it enacted hy the Senate and House of Representatives 
of the 
United States of America in Congress a^sermled^ That this Act may 
be cited as the "Tax Rate Extension Act of 1961". 
SEC. 2. ONE-YEAR EXTENSION OF CORPORATE NORMAL-TAX RATE. 
Section 11(b) (relating to corporate normal tax), section 821(a) 
(1)(A) 
(relating to mutual insurance companies other than in-
terinsurers), and section 821(b) (1) (relating to interinsurers) of the 
Internal Revenue Code of 1964 are amended as follows: 
74 stat. 290. 
(1) By striking out "JULY 1, i96i" each place it appears and 
inserting in lieu thereof "JULY 1,1962"; 
(2) By striking out "July 1, 1961" each place it appears and 
inserting in lieu thereof "July 1,1962"; 
(3) By striking out "JUNE 30, i96i" each place it appears and 
inserting in lieu thereof "JUNE 30,1962"; 
(4) By striking out "June 30, 1961" each place it appears and 
inserting in lieu thereof "June 30,1962". 
SEC. 3. ONE-YEAR EXTENSION OF CERTAIN EXCISE-TAX RATES. 
(a) EXTENSION or RATES.—The following provisions of the In-
ternal Revenue Code of 1954 are amended by striking out "July 1, 
1961" each place it appears and inserting in lieu thereof "July 1, 
1962"-
section 4061 (relating to motor vehicles) ; 
5701 "^^ '*°^** 
section 4251(b)(2) 
(relating to termination of tax on 
general telephone service); 
(3) section 4261 (relating to tax on transportation of persons); 
^4) section 5001(a) (1) (relating to distilled spirits); 
(5) section 5001(a) ('3) (relating to imported perfumes con-
taining distilled spirits); 
(6) section 5022 (relating to cordials and liqueurs containing 
wine); 
(7) section 5041(b) (relating to wines); 
(8) section 5051(a) (relating to beer^; and 
(9) section 5701(c) (1) (relating to cigarettes). 
(b) TECHNICAL AMENDMENTS.—The following provisions of the 
Internal Revenue Code of 1954 are amended as follows: 
(1) Section 5063 (relating to floor stocks refunds on distilled 
^^ "^^ *o^3. 
spirits, wines, cordials, and beer) is amended by striking out 
"July 1,1961" each place it appears and inserting in lieu thereof 
"July Ij 1962", and by striking out "October 1, 1961" and in-
serting m lieu thereof "October 1, 1962". 
(2) Subsections (a) and (b) of section 5707 (relating to floor 26 use 5707. 
stocks refunds on cigarettes) are amended by striking out "July 
1, 1961" each place it appears and inserting in lieu thereof "July 
1, 1962", and Iby striking out "October 1, 1961" and inserting in 
lieu thereof "October 1 1962". 
(3) Section 6412(a) (1) (relating to floor stocks refunds on 
26use64i2. 
automobiles) is amended by striking out "July 1, 1961" each 
place it appears and inserting in lieu thereof "July 1, 1962", by 
striking out "October 1, 1961" and inserting in lieu thereof "Oc-
tober 1, 1962", and by striking out "November 10, 1961" each 
place it appears and inserting in lieu thereof "November 10, 
1962". 
194 
PUBLIC LAW 87-73-JUNE 30, 1961 
[75 ST A T . 
74 Stat. 291. 
26 u s e 
5 7 0 1 
note. 
Section 497 of the Revenue Act of 1951 (relating to refunds on arti-
cles from foreign trade zones) as amended, is amended by striking 
out "July 1, 1961" each place it appears and inserting in lieu thereof 
"July 1, 1962". 
Approved June 30, 1961. 
June 30, 1961 
[H. J. Res. 384] 
Public Law 87-73 
JOINT RESOLUTION 
Providing for acceptance by the United States of America of the Agreement 
for the Establishment of the Caribbean Organization signed by the Govern-
ments of the Republic of France, the Kingdom of the Netherlands, the United 
Kingdom of Great Britain and Northern Ireland, and the United States of 
America. 
Car i b b e an Or-
ganization Agree-
ment. 
Acceptance. 
U. S. observer. 
Appointment. 
Whereas representatives of the Governments of the Republic of 
France, the Kingdom of the Netherlands, the United Kingdom of 
Great Britain and Northern Ireland, and the United States of 
America signed at Washington on June 21, 1960, the "Agreement 
for the Establishment of the Caribbean Organization" to replace 
the agreement signed at Washington on October 30,1946, establish-
ing the Caribbean Commission in which the Government of the 
United States of America participates by authority of the joint 
resolution of March 4,1948 (62 Stat. 65; 22 U.S.C. 280h) ; and 
Whereas these four Governments have reviewed the work of the 
Caribbean Commission, have recognized that the Commission has 
rendered valuable services to the Caribbean area, and have con-
sidered statements from the local governments calling for a review 
of the Caribbean Commission Agreement in the light of new con-
stitutional relationships; and 
Whereas the purposes and functions of the Caribbean Organization 
are similar to those of the Caribbean Commission, that is, to con-
sult and to advise with respect to social, cultural, and economic co-
operation in the area; and 
Whereas since the establishment of the Caribbean Commission sig-
nificant constitutional and economic changes have taken place in 
the area, and the Governments of the Commonwealth of Puerto 
Rico and the Virgin Islands have indicated their willingness to 
accept increased responsibility in consulting and advising with re-
spect to social, cultural, and economic problems in the area: There-
fore be it 
Resolved hy the Senate and House of Representatives 
of the United 
States of America in Congress assermibled^ That the President is here-
by authorized to accept on behalf of the Government of the United 
States of America the "Agreement for the Establishment of the Carib-
bean Organization" signed at Washington on June 21,1960, by repre-
sentatives of the Governments of the Republic of France, the King-
dom of the Netherlands, the United Kingdom of Great Britain and 
Northern Ireland, and the United States of America; that the partici-
pation of the Commonwealth of Puerto Rico and the Virgin Islands of 
the United States in the Caribbean Organization is hereby aaithorized; 
that the Caribbean Organization shall, upon promulgation by the 
President of an Executive order to this effect, be entitled to the privi-
leges, exemptions, and immunities conferred by the International Or-
ganizations Immunities Act (59 Stat. 669; 22 U.S.C. 288) ; and that 
the Secretary of State is hereby authorized to appoint or designate a 
United States observer to the Caribbean Organization. 
Approved June 30, 1961.