An Act to provide an extension of the interest equalization tax, and for other purposes
PL 91-128 (H.R.12829), enacted 11/26/1969

83 STAT.] 
PUBLIC LAW 91-128-NOV. 26, 1969 
261 
SEC. 508. Xoiie of the funds in tliis Act shall be available to tinance 
interdepartmental boards, conmiissions, councils, committees, or 
similar groups under sec. 214 of the Independent Offices Appropriation 
Act, 1946 (31 U.S.C. 691) which do not have prior and specific Con-
gressional approval of such method of financial support. 
SEC. 509. No part of the funds appropriated under this Act shall 
be used to pay salaries of any Federal employee who is convicted in 
any Federal, State, or local court of competent jurisdiction, of in-
citing, promoting, or carrying on a riot, or any group activity result-
ing in material damage to property or injury to persons, found to be 
in violation of P^ederal, State, or local laws designed to protect pei'-
sons or property in the community concerned. 
SEC. 510, Positions in the agencies covered by this Act, whether 
financed from funds contained in this Act or from other sources, may 
be filled during the fiscal year 1970 without regard to the provisions 
of section 201 of Public Law 90-364, and such positions shall not be 
taken into consideration in determining inimbers of employees under 
subsection (a) of that section or numbers of vacancies under subsec-
tion (b) of that section. 
This Act may be cited as the "Department of Agriculture and 
Related Agencies Appropriation Act, 1970*'. 
Approved November 26, 1969. 
Interdepart-
mental groups, 
expenses. 
59 Stat. 134. 
Payments to 
convicted 
rioters, 
prohibition. 
Ante, p. 83. 
Short title. 
Public Law 91-128 
AN A C T 
November 26, 1969 
To provide an extension of the interest e(iualization tax, and for other purposes. 
[H. R. 12829] 
Be it enacted hy the Seriate and Hou>ie of Representatives 
of the 
United States of America in Congress assembled, 
SECTION 1. SHORT TITLE, ETC. 
(a) SHORT TITLE.—This Act may be cited as the '"Interest Equali-
zation Tax Extension Act of 1969". 
(b) 
AMENDMENT OF 1954 CODE.—Whenever in this Act an 
amendment is expressed in terms of an amendment to a section or other 
))rovision, the reference is to a section or other provision of the Internal 
Kevenue Code of 1954. 
SEC. 2. EXTENSION OF INTEREST EQUALIZATION TAX. 
Section 4911(d) is amended, effective with respect to acquisitions 
made after September 30, 1969, by striking out "September 30, 1969" 
and inserting in lieu thereof "March 31, 1971". 
Interest 
Equalization 
Tax Extension 
Act of 1969. 
68A Stat. 3. 
26 u s e 1 et 
seq. 
78 Stat. 809; 
Ante, p. 105. 
262 
PUBLIC LAW 91-128-NOV. 26, 1969 
[83 STAT. 
SEC. 3. MODIFICATION OF TAX RATES BY EXECUTIVE ORDER. 
(a) MODIFICATIONS PROVIDING LOWER RATES FOR ORIGINAL OR N E W 
26 vscigii. 
I«'SUES.—Section 4911(b) (2) (A) is amended to read as follows: 
"(A) I N GENERAL.—If the President of the United States 
determines that the rates of tax imposed by parag-raph (1), 
or provided in any prior Executive order issued pursuant to 
this paragraph, are lower or hio-lier than the rates of tax 
necessary to limit the total acquisitions by United States 
persons of stock of foreign issuers and debt obligations of 
foreign obligors within a range consistent with the balance-
of-payments objectives of the United States 
(including 
achieving a minimum reliance on the tax), he may by Execu-
tive order (effective as provided in subparagraph (C)(ii)) 
increase or decrease such rates of tax. To the extent specified 
in such Executive order, the rates applicable to acquisitions 
of stock or debt obligations which are part of an original or 
new issue may be lower than the rates applicable to acquisi-
tions of stock or debt obligations which are- not part of an 
original or new issue. An I^xecutive order which has the 
effect of establishing lower rates for original or new issues 
may be applicable to all original or new issues or to any 
aggregate amount or classification thereof and to acquisitions 
occurring during such period of time as may be stated therein, 
and may provide for other limitations and implementing pro-
cedures. In determining whether stock or a debt obligation 
shall be treated as part of an 'original or new issue' for pur-
78 Stat. 831. 
poses of this subparagraph, the provisions of section 4917(c) 
shall apply." 
81 Stat. 146. 
(b) TECHNICAL 
AMENDMENT.—Section 
4911(b) (2) (C) (i) 
is 
amended by striking out "Each increase"" and inserting in lieu thereof 
''Subject to the authorization to establish lower rates with respect to 
acquisitions of stock or debt obligations which are part of an original 
or new issue, each increase". 
SEC. 4. OTHER AMENDMENTS. 
(a) 
TRANSFERS TO FOREIGN TRUSTS.— 
(1) Section 4912(b) (1) is amended to read as follows: 
"(1) 
CERTAIN TRANSFERS TO FOREIGN TRUSTS.— 
" (A) EXTENT OF TAX LIABILITY.—Any transfer (other than 
in a sale or exchange for full and adequate consideration) of 
78 Stat. 810. 
83 STAT. ] 
PUBLIC LAW 91-128-NOV. 26, 1969 
263 
money or other property to a foreign trust slnill, if such trust 
acquires stock or debt obligations (of one or more foreign 
issuers or obligors) the direct acquisition of which by the 
transferor would be subject to the tax imposed by section 
4911, be deemed an acquisition by the transferor (as of the g/lj^^'^'i'/s"''* 
time of such transfer) of stock of a foreign issuer in an 
26 use 4911. 
amount equal to the actual value of the money or property 
transferred or, if less, the actual value of the stock or debt 
obligations so acquired by such trust. Contributions made 
by an employer to a foreign pension or profit-sharing trust 
established by such employer for the exclusive benefit of 
employees (who are not owner-employees as defined in sec-
tion 401(c)(3)) who i:>erform perscmal services for such 
76 stat. 812. 
employer on a full-time basis in a foreign country, and con- 
^ ^^^ 
tributions to a foreign pension or profit-sharing trust estab-
lished by an employer, made by an employee who performs 
personal services for suc'h employer on a full-time basis in a 
foreign country (and is not an owner-employee as defined in 
section 401(c)(3)), shall not he considered under the pre-
ceding sentence as transfers which may be deemed acquisi-
tions of stock of a foreig'n issuer. 
"(B) PRESUMPTION OF AcQUisrnoN or FOREIGN SECURI-
TIES.—^Whenever money or other property is transferred to 
a foreign trust in the manner described in the first sentence 
of subparagraph (A), it shall be presumed, with respect to 
the calendar quarter in which the transfer took place and 
each succeeding calendar quarter beginning prior to the 
termination date specified in section 4911(d), that such trust 
^"t^' P- 261. 
subsequently acquired stock or debt obligations the direct 
acquisition of which by the transferor would be subject to 
- 
the tax imposed by section 4911, in an amount equal to the 
I' 
actual value of the money or other property transferred. The 
transferor may rebut this presumption with respect to each 
such calendar quarter by submittmg, on or before the 30th 
day following the close of such quarter, documents or other 
proof which will establish to the satisfaction of the Secretary 
or his delegate that, during such quarter, liability for such 
tax has not been incurred or any liability which has been 
incurred has been paid." 
(2) The amendment made by paragraph (1) of this subsection 
Effective date. 
shall apply with respect to transfers made after June 9,1969. 
(b) 
FOREIGN MINERAL FACILITIES.— 
(1) Section 4914(c) (5) (B) is amended by adding at the end g/stJt^'i'sV^' 
thereof the following new sentence: 'Tf the proceeds of the loan 
by such United States person constitute only a part of the cost of 
the installation, maintenance, or improvement of such facilities, 
the substantial portion requirement in the preceding sentence shall 
be satisfied if the percentage of the total capacity of such facilities 
which will be used in connection with ores or minerals (or deriva-
tives thereof) extracted or obtained in the specified manner is more 
than one-half of the percentage of the cost of such facilities repre-
sented by the amount of such loan and in no event is less than 10 
percent of such total capacity." 
(2) The amendment made by paragraph (1) of this subsection 
Effective date. 
shall apply with respect to acquisitions made after the date of the 
enactment of this Act. 
264 
PUBLIC LAW 91-128-NOV. 26, 1969 
[83 STAT. 
78 Stat. 823. 
26 u s e 4914. 
76 Stat. 969. 
81 Stat. 158. 
78 Stat. 835. 
(c) 
TRANSFERS OF EXI'ORT CREDIT PAPER.— 
(1) Section 4914(j) (1) (A) is amended by redesignating clauses 
(iii) and (iv) as clauses (iv) and (v), respectively, and by insert-
ing after clause (ii) the following new clause: 
"(iii) to an includible corporation in an affiliated 
group (as defined in section 48 (c) (3) (C)) of which such 
person is a member;''. 
(2) Section 4914(c)(7) is amended by striking out "(j)(l) 
(A) (iii)" and inserting in lieu thereof "(j) (1) (A) (iv)". 
Effective date. 
^3^ -pj^g ameudmeuts made by this subjection shall apply with 
respect to subsequent transfers (within the meaning of section 
4914(]') (1) (A) of the Internal Revenue Code of 1954) occurring 
after the date of the enactment of this Act. 
(d) DEALER RESALE EXEMPTION.— 
(1) Section 4919(c) is amended by striking out "and" at the 
end of paragraph (1), by striking out the period at the end of 
paragraph (2) and inserting in lieu thereof "; and", and by 
adding at the end thereof the following new paragraph: 
"(3) the term 'persons other than United States persons' 
includes any foreign branch whose acquisition of stock or a debt 
obligation of a foreign issuer or obligor from an underwriter or 
78 Stat. 809; 
dealer is excluded from the tax imposed by section 4911 by reason 
78 Stat. 814; 
^f the last sentence of section 4914(b)(2)(B), but only with 
79 Stat. 958. 
rBspect to the acquisition of stock or debt obligations to which such 
exclusion applies." 
Effective date. 
^2) Tile amendments made by paragraph (1) of this subsection 
shall apply with respect to acquisitions made by foreign branches 
after the date of the enactment of this Act. 
(e) 
CERTAIN FINANCING COMPANIES.— 
81 Stat. 161. 
(1) Section 4920 (a) (3B) is amended to read as f 
ollow^s: 
"(3B) CERTAIN DOMESTIC FINANCING COMPANIES.—The terms 
'foreign issuer*, 'foreign obligor', and 'foreign issuer or obligor' 
also mean a domestic corporation to the extent provided in sub-
section (d)." 
79^stat^*96^3^^' 
^^^ Sectioii 4920 is amended by redesignating subsection 
(d) 
as subsection (e) and by inserting after subsection (c) the follow-
ing new section: 
" ( d ) 
CERTAIN DOMESTIC FINANCING COMPANIES.—For purposes of 
this chapter, the terms 'foreign issuer', 'foreign obligor', and 'foreign 
issuer or obligor' include a domestic corporation if— 
"(1) such corporation is exclusively engaged in the trade or 
business of— 
" (A) acquiring, servicing, or acquiring and servicing— 
" (i) debt obligations arising out of the sale of tangible 
personal property produced, manufactured, assembled, 
or extracted by one or more includible corporations in an 
affiliated group (as defined in section 48(c)(3)(C)) of 
which such corporation is a member, 
"(ii) debt obligations arising out of the sale of tan-
gible personal property received as part or all of the 
consideration in sales of property described in clause (i), 
"(iii) debt obligations arising out of the sale of tan-
gible personal property received as part or all of the con-
sideration in sales of property described in clause (ii), 
"(iv) debt obligations arising out of the sale or lease 
of tangible personal property or the performance of 
83 STAT. ] 
PUBLIC LAW 91-128-NOV. 26, 1969 
265 
services (or both), if not less tlian 85 percent of the pur-
chase price is attributable to the sale (or not less than 85 
percent of the value of the property subject to the lease 
IS attributable to the use) of property manufactured, 
produced, grown, or extracted in the United States or 
the performance of services by any United States person 
(or both), 
"(v) debt obligations arising out of loans to dealers 
or distributors primarily engaged in the business of 
selling property described in clauses (i), (ii), and (iii), 
the proceeds of which are used by such dealers or dis-
tributors in such business, 
" (vi) debt obligations arising out of loans to an includ-
ible corporation in an affiliated group (as defined in sec-
tion 48(c) (3) (C)) of which such corporation is a mem- 
76 stat. 969. 
ber, if such obligations are secured by debt obligations 
described in clauses (i) through (v),or 
"(vii) any combination of the foregoing, 
"(B) acquiring, servicing, or acquiring and servicing debt 
obligations otherwise arising out of sales of tangible personal 
property, 
"(C) carrying on other incidental activities in connection 
with its sales finance business, or 
"(D) any combination of the foregoing, 
" (2) except for debt obligations arising out of deposits in com-
mercial banks having at tlie time of the deposit a period remaining 
to maturity of less than one year, and debt obligations of one or 
more includible corporations in an affiliated group (as defined in 
section 48(c)(3)(C)) of which such corporation is a member 
acquired as payment for stock, or as a contribution to the capital, 
of such corporation— 
" (A) at least 90 percent of the face value of the debt obli-
gations owned by such corporation at all times during the 
taxable year consists of debt obligations described in para-
graph (1) (A), and 
"(B) all debt obligations owned by such corporation at all 
times during the taxable year are debt obligations described 
in paragraph (1) (A) or (1)(B), or are debt obligations 
acquired in carrying on the trade or business described in 
paragraph (1), 
"(3) all debt obligations acquired by such corporation (whether 
or not described in paragraph (1)) are acquired solely out of— 
"(A) the proceeds of the sale (including a sale in a trans-
action described in section 4919(a) (1)) by such corporation 
^^ ^*^'- ^^''• 
(or by a domestic corporation described in section 4912(b) 
(3) which owns all of the stock of such corporation) of debt 
^^ ^
*
^
*
* ^^^' 
obligations of such corporation (or such other domestic cor-
poration) to persons other than— 
"(i) a United States person (not including a foreign 
branch of a domestic corporation or of a domestic part-
nership, if such branch is engaged in the commercial 
banking business and acquires such debt obligations in the 
ordinary course of such commercial banking business), 
"(ii) a foreign partnership in which such corporation 
(or one or more includible corporations in an affiliated 
group, as defined in section 1504, of which such corpora- 
^^^ ^'^'' ^''^' 
266 
PUBLIC LAW 91-128-NOV. 26, 1969 
[83 STAT. 
tion is a member) owns directly or indirectly (within 
II fr'co'fo^^' 
the meaning of section 4915(a) (1)) 10 percent or more 
01 the prohts mterest, or 
"(iii) a foreign corporation, if such corporation (or 
one or more includible corporations in an affiliated ^roup, 
6
8
A Stat. 369. 
^s defined in section 1504, of which such corporation is 
a member) owns directly or indirectly (wdthin the mean-
ing of section 4915 (a) (1)) 10 percent or more of the total 
combined voting power of all classes of stock of such 
foreign corporation, except to the extent such foreign 
corporation has, after having given advance notice to 
the Secretary or his delegate, sold its debt obligations 
to persons other than persons described in clauses (i) 
and (ii) and this clause and is using the proceeds of the 
sale of such debt obligations to acquire the debt obliga-
tions of such corporation (or such other domestic corpo-
ration), 
"(B) the proceeds of payment for stock, or a contribution 
to the capital of such corporation, if the payment or contri-
bution was derived from the sale of debt obligations by one 
or more includible corporations in an affiliated group (as 
76 Stat. 969. 
defined in section 48(c) (3) (C)) of which such corporation 
is a member to persons other than persons described in 
clauses (i), (ii), and (iii) of subparagraph (A) and such 
debt obligations, if acquired by United States persons, would 
78 Stat. 809; 
\)Q subject to the tax imposed by section 4911, 
"(C) retained earnings and reserves of such corporation, 
or 
"(D) trade accounts and accrued liabilities which are pay-
able by such corporation within 1 year (3 years in the case of 
tax liabilities) from the date they were incurred or accrued, 
and which arise in the ordinary course of the trade or busi-
ness of the corporation otherwise than from borrowing, 
"(4) such corporation does not acquire any stock of foreign 
issuers or of domestic corporations or domestic partnerships other 
than stock of one or more includible corporations in an affiliated 
group (as defined in section 48 (c) (3) (C)) of which such corpora-
tion is a member acquired as payment for stock, or as a contribu-
tion to capital, of such corporation, 
"(5) such corporation, in a manner satisfactory to the Secre-
tary or his delegate, identifies the certificates representing its stock 
and debt obligations, and maintains such records and accounts 
and submits such reports and other documents as may be neces-
sary to establish that the requirements of the foregoing para-
graphs have been met, and 
"(6) such corporation elects to be treated as a foreign issuer 
or obligor for purposes of this chapter. 
The election under paragraph (6) shall be made, under regulations 
prescribed by the Secretary or his delegate, on or before the 60th day 
after the organization of the corporation or the 60th day after the 
date of the enactment of the Interest Equalization Tax Extension Act 
of 1969, whichever day is the later. Any such election shall be effective 
as of the date thereof and shall remain in effect until revoked. If, at 
any time, the corporation ceases to meet any requirement of paragraph 
(1), (2), (3), (4), or (5), the election shall thereupon be deemed 
revoked. When an election is revoked, no further election may be made. 
83 STAT. ] 
PUBLIC LAW 91-128-NOV. 26, 1969 
267 
If an election is revoked, the ('ori>oration shall incur liability at the 
time of such revocation for the tax imposed by section 4911 Avith g/lj^J^^/g*'^' 
respect to all stock or debt obligations which were acquired by it dur- 
26 use 49ii. 
ino- the period for which the election was in effect and which are held 
by it at the time of such revocation; and the amount of such tax shall 
be equal to the amount of tax for which the corporation would be liable 
under such section if it had acquired such stock or debt obligations 
jnnnediately after such revocation. For purposes of sections 491:2 and 
^^ stat. sio. 
4915, a corporation which has made an election under paragraph (B) 
shall, during the i>eriod for which such election is in effect, be treated 
with respect to acquisitions from such corporation as a foreign cor-
l)oration which is not formed or availed of for the principal purpose 
described in section 4915(c) (1)." 
78 stat. 826. 
(8) Section 4915(c) (3) is amended to read as follows: 
si stat. i63. 
"(3) FOREIGN FINANCING COMPANY.—A foreign corporation^— 
"(A) 50 percent or more of the voting i)ower of all classes 
of stock of which is owned directly or indirectly (within the 
meaning of subsection (a)) by a domestic corporation (or by 
one or more includible corporations in an affiliated group, as 
defined in section 48(c) (3) (C), of which such domestic cor- 
76 stat. 969. 
poration is a member), 
"(B) which, if it were a domestic corporation, would be 
eligible to make an election under section 4920(d), and 
^"'^' P- ^^'^• 
" (C) gives notice to the Secretary or his delegate within the 
period for making an election under such section, 
shall, during the period after the date of such notice during which 
it would, if it were a domestic corporation, meet the requirements 
of paragraphs (1), (2), (3), (4), and (5) of section 4920(d), be 
treated as not formed or availed of for the i)rinci))al purpose 
described in paragraph (1) of this subsection. IJF such coriwration 
ceases to meet such requirements, such corporation shall be treated 
as having been availed of for the principal purpose described in 
paragraph (1) of this subsection at the time of such cessation."' 
(4) The amendments made by this subsection shall take effect 
Effective date. 
on the date of the enactment of this Act. 
(f) TRANSACTION 
TAX RETURNS.—Section 
6011 (d) (1) (I^) 
is 
si stat. iss. 
amended by inserting after "subparagraph (A)*' the folk)wing: 
"(unless such disposition is made under circumstances which entitle 
such person to a credit under the provisions of section 4919)*'. 
78 stat. 833. 
(g) REPORTING REQUIREMENTS OF XONPARTICIPATING FIRMS.—Sec-
tion 6011(d) (3) is amended to read as folloAvs: 
78 stat. 844. 
"(3) REPORTING 
REQUIREMENTS FOR CERTAIN 
MEMBERS OF 
EXCHANGES AND ASSOCIATIONS.—Every meml)er or member orga-
nization of a national .securities exchange or of a national securi-
ties association registered with the Securities and Exchange (\)m-
mission, which is not subject to the provisions of secti(m 4918(c), 
si stat. 149. 
sihall keep such records and file such information as the Secretary 
or his delegate may by forms or regulations prescribe in connec-
tion with acquisitions and sales effected by such member or mem-
ber organization, as a broker or for his own account, of stock of a 
foreign issuer or debt obligations of a foreign obligor— 
"(A) with resi>ect to which a validation 
cei-tificate 
described in section 4918(b)(1)(A) has lj>een received by 
si stat. 149. 
such member or member organization; or 
"(B) with respect to which an acquiring United States 
l)erson is subject to the tax imposed by section 4911."' 
68A Stat. 851. 
il Stat. 154. 
268 
PUBLIC LAW 91-128-NOV. 26, 1969 
[83 STAT. 
(h) FAILURE OF NoNrARxiciPATiNO FIRMS TO FILE CERTAIN INFOR-
MATION RETURNS.— 
78 Stat. 845. 
(1) Scctioii 6680 is amended to read as follows: 
26 u s e 6680. 
^ ^ 
"SEC 6680. FAILURE TO FILE INTEREST EQUALIZATION TAX RETURNS. 
"•In addition to the penalty imposed by section 7203 (relating to 
willful failure to file return, supply information, or pay tax) — 
" (1) RETURN REQUIRED UNDER SECTION 6 O 11 (d) (i).—Any person 
who is required under section 6011(d)(1) (relating to interest 
equalization tax returns) to file a return for any period in respect 
81 Stat. 148. 
of which, by reason of the provisions of section 4918, he incurs no 
^stat?\'45°^' 
liability for payment of the tax imposed by section 4911 and who 
81 Stat. 155. 
fails to file such return within the time prescribed by section 6076, 
shall pay a penalty of $10 or 5 percent of the amount of tax for 
which he would incur liability for payment under section 4911 but 
for the provisions of section 4918, whichever is the greater, for 
each such failure unless it is shown that the failure is due to 
reasonable cause. The penalty imposed by this paragraph shall not 
exceed $1,000 for each failure to file a return. 
"(2) RETURN REQUIRED UNDER SECTION eon (d) (3).—Any person 
Ante, p. 267. 
required to file a return under section 6011 (d) (3) who fails to file 
such return at the time prescribed by the Secretary or his delegate, 
or who files a return which does not show the information re-
quired, shall pay a penalty of $1,000, unless it is show^n that such 
failure is due to reasonable cause." 
Effective date. 
^2) The amendment made by paragraph (1) of this subsection 
shall apply with respect to returns required to be filed after the 
date of the enactment of this Act. 
(i) 
CERTAIN LEASE TRANSACTIONS.— 
79 Stat. 956. 
(1) Scction 4914(c) (6) (relating to certain export leases) is 
amended— 
(A) by inserting "tangible*' before "personal property" in 
the matter preceding subparagraph (A), 
(B) by inserting " ( i ) " after "(A)", by striking out " ( B ) " 
and inserting in lieu thereof "(ii)", and by striking out the 
period at the end of such section and inserting in lieu thereof 
"; or", and 
(C) by adding at the end of such section the following new 
subparagraph: 
"(B) (i) payment of such debt obligation (or of any 
related debt obligation arising out of such lease) is guaran-
teed or insured, in whole or in part, by an agency or wholly 
owned instrumentality of the United States, or 
" (ii) the lease is entered into with such foreign obligor and 
the United States person acquiring such debt obligation 
enters into the lease in the ordinary course of his trade or 
business and not less than 85 percent of the value of the 
property subject to the lease is attributable to the use of 
tangible personal property which was manufactured, pro-
duced, grown, or extracted in the United States, or to the 
performance of services pursuant to the terms of the lease by 
such United States person (or by one or more includible cor-
porations in an affiliated group, as defined in section 1504, of 
which such person is a member) with respect to such personal 
property, or to both." 
(2) Section 4914(j) (relating to loss of entitlement to exclu-
sion) is amended by striking "or (6)" each place it appears 
78 Stat. 823. 
83 STAT. ] 
PUBLIC LAW 91-129-NOV. 26, 1969 
269 
therein and inserting in lieu thereof "(6) (A), or (6) (B) (ii)"'. 
(3) Section 4920(a)(1)(A) 
(rehiting to definition of debt 
IH'^^: ^^'^^ 
obligation) is amended by adding at the end thereof the following 
new sentence: 
"For purposes of the preceding sentence, the term 'indebted-
ness' includes obligations arising under a lease w^iicli is 
entered into principally as a financing transaction."' 
(4) The amendments made by this section shall apply with 
"ective date, 
respect to acquisitions of debt obligations made after the date of 
the enactment of this Act. 
SEC. 5. AMMUNITION RECORDKEEPING REQUIREMENTS. 
Section 4182 (relating to exemptions from tax on certain firearms 
^^^ ^'^*- '*^°-
and ammunition) is amended by adding at the end thereof the follow-
ing new subsection: 
"(c) EECORDS.—Notwithstanding the provisions of sections 922(b) 
(5) and 923(g) of title 18, United States Code, no person holding 
a Federal license under chapter 44 of title 18, United States Code, shall 
be required to record the name, address, or other information about the 92k 
purchaser of shotgun ammunition, ammunition suitable for use only 
in rifles generally available in commerce, or component parts for the 
aforesaid types of ammunition." 
Approved November 26, 1969. 
Public Law 91-129 
AN A C T 
November 26, 1969 
To establish a Commission on Government Procurement. 
[H. R. 474] 
82 Stat. 1214. 
18 u s e 921-
Be It enacted hy the Senate and House of Representatices 
of the 
r nited States of America in Congress assembled. 
^ commission on 
. •' 
" 
' 
Government Pro-
curement. 
DECLARATION OF POLICY 
Establishment. 
SECTION 1. It is hereby declared to be the policy of Congress to pro-
mote economy, efficiency, and effectiveness in the procurement of goods, 
services and facilities by and for the executive branch of the Federal 
Government by— 
(1) establishing policies, procedures, and practices which will 
require the Government to acquire goods, services, and facilities of 
the requisite quality and within the time needed at the low^est rea-
sonable cost, utilizing competitive bidding to the maximum extent 
practicable; 
(2) improving the quality, efficiency, economy, and performance 
of Government procurement organizations and personnel; 
(3) avoiding or eliminating unnecessary overlapping or dupli-
cation of procurement and related activities; 
(4) avoiding or eliminating unnecessary or redundant require-
ments placed on contractor and Federal procurement officials; 
(5) identifying gaps, omissions, or inconsistencies in procure-
ment laws, regulations, and directives and in other law^s, regula-
tions, and directives, relating to or affecting procurement; 
(6) achieving greater uniformity and simplicity whenever ap-
propriate, in procurement procedures; 
(7) coordinating procurement policies and programs of the 
several departments and agencies; 
(8) conforming procurement policies and programs, whenever 
appropriate, to other established Government policies and pro-
grams ;