An Act to amend the Internal Revenue Code of 1954 to provide for a maximum manufacturers excise tax on the leases of certain automobile utility trailers
PL 84-317 (H.R.3437), enacted 08/09/1955

69 S T A T . ] 
PUBLIC LAW 317-AUG. 9, 1955 
613 
by an independent appraiser selected by such city and tlie Veterans' 
Administration and paid jointly by such city and the Veterans' Admin-
istration. 
SEC. 2. The exact lej>al description of the land to be conveyed under 
this Act is to be determined by a survey to be made under the super-
vision of the Veterans' Administration. 
Approved August 9, 1955. 
Public Law 316 
CHAPTER 676 
AN ACT 
Grautinji' the consent of the Congress to the negotiation of a compact relating 
to the waters of the Klamath River by the States of Oregon and Califoi-nia. 
August 9,1955 
[H. R, 3587] 
Re it enacted by the /Seriate and House of Repre-HentativeH of the 
United States of America in (congress assemhled^ That the consent 
of the Congress is hereby given to the States of Oregon and California 
to negotiate and enter into a compact, providing for an ec^uitable 
apportionment between the said States of the waters of the Klamath 
River and its tributaries, including Lost River which is not naturally 
tributary to the Klamath River but which is an interstate stream 
within the Klamath Basin Avhich has become tributary to Klamath 
River by virtue of a diversion canal constructed by the Bureau of 
Reclamation, United States Department of the Interior, and for mat-
ters incidental thereto, upon the condition that one qualified person, 
not a resident of either Oregon or California, who shall be appointed 
by the President of the laiited States, shall participate in said nego-
tiations as a representative of the United States and shall make a 
report to the President and the (^ongress of the proceedings and of 
any compact so negotiated. 
Said compact shall not be binding or 
obligatory upon any of the parties thereto unless and until the same 
shall have been ratified by the legislature of each of the States afore-
said and consented to by the Congress of the United States. 
Approved August 9, 1955. 
Klamath River. 
Consent of Con-
gress to interstate 
compact. 
Public Law 317 
CHAPTER 677 
AN ACT 
To amend the Internal Revenue Code of 1954 to provide for a maximum manu-
facturers' excise tax on the leases of certain automobile utility trailers. 
August 9,1955 
[H. R. 3437] 
Be it enacted hy the Senate and House of Representatives 
of the 
United States of America in Congress assembled^ That section 4216 
(c) (1) of the Internal Revenue Code of 1954 is amended by inserting 
after "lease" the following: "(other than a lease to wdiich subsection 
(d) applies)". 
SEC. 2. Section 4216 of the Internal Revenue Code of 1954 is amended 
by adding at the end thereof the following: 
"(d) LEASES OF CERTAIN TRAILERS.—In the case of any lease of a 
trailer or semitrailer taxable under section 4061 (a) and suitable for 
use in connection with passenger automobiles, there shall be paid, at 
the election of the taxpayer— 
"(1) upon the initial lease a tax at the applicable rate specified 
in section 4061 (a) based upon the fair market value on the date 
of such lease, or 
"(2) upon each lease payment with respect to such trailer or 
semitrailer, a percentage of such payment equal to the rate of tax 
Leases of certain 
trailers. 
68A Stat. 493. 
26 use 4216. 
26 use 4061.