An Act to provide a 1-year extension of the existing corporate normal tax rate and of certain excise tax rates
PL 88-52 (H.R.6755), enacted 06/29/1963

72 
PUBLIC LAW 88-52-JUNE 29, 1963 
[77 STAT. 
Public Law 88-52 
June 29, 1963 
^^ 
A C T 
[H. R. 6755] 
']•>(, provide a one-year extension of the existing corporate nornial-tnx rate and 
of certain excise-tax ra-tes. 
Be it enacted hy the Senate <ind Hmise of RepTe.se7itathei^ of the 
Tax Rate Ex- 
United Stdtes of Afnerica in Congress assembled, That this Act may 
tension Act of 
^e cited as the "Tax Rate Extension Act of 1963". 
1963. 
SEC. 2. ONE-YEAR EXTENSION OF CORPORATE NORMAL-TAX RATE. 
Section 11(b) (relating to corporate normal tax), section 821(a) (1) 
(relating to normal tax on certain mutual insurance companies), and 
section 821(c) (1) (A) (relating to alternative normal tax for certain 
small mutual insurance companies) of the Internal Revenue Code of 
1954 are amended as follows: 
(1) By striking out "JULY i, i9(i;v- each place it appears and 
inserting in lieu thereof "JULY i, i9(?4"; 
(2) By striking out "July 1, 1963" each place it appears and 
inserting in lieu thereof "July 1,1964"; 
(3) By striking out "JUNE 3O, IQOS" each place it appears and 
inserting in lieu thereof "JUNE SO, 19fi4''; and 
(4) By striking out "June 30, 1963" each place it appears and 
inserting in lieu thereof "June 30,1964". 
SEC. 3. ONE-YEAR EXTENSION OF CERTAIN EXCISE-TAX RATES. 
(a) EXTENSION" or RATES.—The following provisions of the Internal 
Revenue Code of 1954 are amended by striking out "July 1, 1963" 
each place it appears and inserting in lieu thereof "July 1, 1964"— 
(1) section 4061 (relating to motor vehicles) ; 
(2) section 4251(b)(2) (relating to termination of tax on 
general telephone service) ; 
(3) section 4261 (relating to transportation of persons by air) ; 
(4) section 5001(a) (1) (relating to distilled spirits) ; 
(5) section 5001 (a) (3) (relating to imported perfumes contain-
ing 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.— 
(1) The following provisions of the Internal Revenue Code 
of 1954 are amended as follows: 
26 use 5063. 
(A) Subsectious (a) and (b) of section 5063 (relating to 
floor stocks refunds on distilled spirits, wines, cordials, and 
beer) are amended by striking out "July 1, 1963" each place 
it appears and inserting in lieu thereof "July 1, 1964", and 
by striking out "October 1,1963" and inserting in lieu thereof 
"October 1, 1964". 
26 use 5707. 
(B) Subsectioiis (a) and (b) of section 5707 (relating 
to floor stocks refunds on cigarettes) are amended by striking 
out "July 1,1963" each place it appears and inserting in lieu 
thereof "July 1, 1964", and by striking out "October 1, 1963" 
and inserting in lieu thereof "October 1,1964". 
26 use 6412. 
(C) Section 6412(a) (1) (relating to floor stocks refunds on 
automobiles) is amended by striking out "July 1, 1963" each 
place it appears and inserting in lieu thereiof "July 1, 1964", 
by striking out "October 1,1^3" and inserting in lieu thereof 
"October 1, 1964", and by striking out "November 10, 1963" 
each place it appears and inserting in lieu thereof "November 
10, 1964". 
26 u s e 4261 
note. 
77 STAT. ] 
PUBLIC L\W 88-54-JUNE 29, 1963 
73 
(2) SectioJi 497 of the K^veime Act of 1951 (relating to refunds 
26 use 5701 
on arti(;]es from foreign trade zones), as amended, is amended by "ot^-
striking" out "July 1, 1968"' each place it appears and inserting in 
lieu thereof "July 1,1964". 
(3) Section 5 (e) of the Tax Kat« Extension Act of 1962 (relat- 
76 stat. 119. 
ing to special credit or refund of transportation tax) is amended 
by striking out "July 1, 1963" eacli place it appears and inserting 
in lieu thereof "Jiily'l, 1964''. 
Approved June 29, 1963. 
Public Law 88-53 
AN ACT 
j
_ 
,,, ,,,3 
To coiitinne for two years the existing reduction of the exemption from duty 
[H. R. 6791] 
enjoyed by returning residents, and for other puri)oses. 
Be it enacted hy the l^eymite (ii\d House of Rep'resentatives of the 
United i^tateii of America in Congress assembled^ That (a) paragraph 
Returning resi-
1798(c)(2) of the Tariff Act of 1930, as amended (19 TT.S.C, sec. ^ents. 
1201, par. 1798(c) (2)), is amended— 
Exemptions from 
(1) by striking out "July 1, 1963" each place it appears in sub- duty .^extension. 
divisions (A) and (1^) and inserting in lieu thereof "July 1, 75 state's35^^' 
1965"'; and 
(2) by striking out "$200 in the case of persons arriving directly 
or indirectly from the Virgin Islands of the United States," in 
subdivisi(m (A) and inserting in lieu thereof "$200 in the case 
of persons arriving before April 1, 1964, directly or indirectly 
from the Virgin Islands of the United States,". 
(b) Section 2 of the Act entitled "An Act to amend paragraph 1798 
(c) (2) of the Tariff Act of 1930 to reduce temporarily the exemption 
from duty enjoyed by returning residents, and for other purposes", 
approved August 10, 1961 (Public Law 87-132; 75 Stat. 335), is 
amended by striking out "June 30, 1963" and inserting in lieu thereof 
1
9 use 1201, 
"March 31, 1964". 
p^^-- 1798 note. 
Approved June 29, 1963. 
Public Law 88-54 
JOINT RESOLUTION 
june 29, 1963 
Amending se<-tion 221 of the National Housing Act to extend for twi) years the 
[H- J. Res. 467] 
broadened eligibility presently provided for mortgage insurance thereunder. 
Resoh'ed hy the Semite and House of Rep'resentatives of the United 
States of America In Congress assemhled^ That the fifth sentence of 
section 221 (f) of the National Housing Act is amended by striking out 
75 stat. 152. 
"1963" and inserting in lieu thereof "1965". 
1
2 use 1715L 
Approved June 29, 1963.