ONE-YEAR EXTENSION OF CERTAIN EXCISE TAX RATES.

SEC. 601. ONE-YEAR EXTENSION OF CERTAIN EXCISE TAX RATES. (a) Extension of Rates.—The following provisions are hereby amended by striking out “April 1, 1954” each place it appears and inserting in lieu thereof “April 1, 1955”: (1) The second sentence of section 2800 (a) (1) (relating to distilled spirits generally). (2) The last sentence of section 2800 (a) (3) (relating to imported perfumes containing distilled spirits). (3) Section 3030 (a) (1) (A) (relating to tax on still wines). (4) Section 3030 (a) (2) (relating to tax on sparkling wines, liqueurs, and cordials). (5) The second sentence of section 3150 (a) (relating to tax on fermented malt liquors). (6) The second sentence of section 3412 (a) (relating to tax on gasoline). (7) Section 2000 (c) (2) (relating to tax on cigarettes). (8) Section 3403 (relating to tax on automobiles, etc.). (b) Technical Amendments.— 68 Stat. 46 (1) Section 1656 (relating to floor stocks refunds on distilled spirits, wines and cordials, and fermented malt liquors) is hereby amended by striking out “April 1, 1954” each place it appears and inserting in lieu thereof “April 1, 1955”, and by striking out “May 1, 1954” and inserting in lieu thereof “May 1, 1955”. (2) Section 3412 (g) (relating to floor stocks refunds on gasoline) is hereby amended by striking out “April 1, 1954” each place it appears and inserting in lieu thereof “April 1, 1955”. and by striking out “July 1, 1954” and inserting in lieu thereof “July 1, 1955”. (3) Section 2000 (g) (relating to floor stocks refunds on cigarettes) is hereby amended by striking out “April 1, 1954” each place it appears and inserting in lieu thereof “April 1, 1955”, and by striking out “July 1, 1954” and inserting in lieu thereof “July 1, 1955”. (4) Section 3250 (1) (5) (relating to drawback in the case of distilled spirits used in the manufacture of certain non beverage products) is hereby amended by striking out “March 31, 1954” and inserting in lieu thereof “March 31, 1955”. (5) Section 497 of the Revenue Act of 1951 (relating to refunds on articles from foreign trade zones) is hereby amended by striking out “April 1, 1954” each place it appears and inserting in lieu thereof “April 1, 1955”. (c) Floor Stocks Refunds on Automobiles, Etc.—Section 3403 (relating to tax on automobiles, etc.) is hereby amended by adding at the end thereof the following new subsection: “(f) Floor Stocks Refunds.— “(1) Where before April 1, 1955, any article subject to the tax imposed by subsection (a) or (b) has been sold by the manufacturer, producer, or importer, and is on such date held by a dealer and has not been used and is intended for sale, there shall be credited or refunded (without interest) to the manufacturer, producer, or importer an amount equal to the difference between the tax paid by such manufacturer, producer, or importer on his sale of the article and the amount of tax made applicable to such article on and after April 1, 1955. “(2) As used in this subsection, the term ‘dealer’ includes a wholesaler, jobber, distributor, or retailer. For the purposes of this subsection, an article shall be considered as ‘held by a dealer’ if title thereto has passed to such dealer (whether or not delivery to him has been made), and if for purposes of consumption title to such article or possession thereof has not at any time been transferred to any person other than a dealer. “(3) Under regulations prescribed by the Secretary, the refund provided by this subsection may be made to the dealer instead of the manufacturer, producer, or importer, if the manufacturer, producer, or importer waives any claim for the amount so to be refunded. “(4) When the credit or refund provided for in this subsection has been allowed to the manufacturer, producer, or importer, he shall remit to the dealer to whom was sold the article in respect of which the credit or refund was allowed so much of that amount of the tax corresponding to the credit or refund as was included in or added to the price paid or agreed to be paid by the dealer. “(5) No person shall be entitled to credit or refund under this subsection unless (A) he has in his possession such evidence of the inventories with respect to which the credit or refund is claimed as may be required by regulations prescribed under this 68 Stat. 47 subsection, and (B) claim for such credit or refund is filed with the Secretary before July 1, 1955. “(6) All provisions of law, including penalties, applicable in respect of the tax imposed under subsections (a) and (b) shall, insofar as applicable and not inconsistent with this subsection, be applicable in respect of the credits and refunds provided for in this subsection.”