CUTTING OILS.

SEC. 304. CUTTING OILS.Section 3413 (relating to tax on lubricating oils) is hereby amended— (a) by inserting after “6 cents a gallon” the following: “(except that, in the case of cutting oils, the tax shall not exceed 10 per centum of the price for which so sold)” ; and (b) by adding at the end of such section a new sentence as fol-lows: “For the purposes of this section, the term ‘cutting oils’ means oils used primarily in cutting and machining operations (including forging, drawing, rolling, shearing, punching, and stamping) on metals and known commercially as cutting oils.”