The text of the bill below is as of Oct 26, 1974 (Passed Congress).
88 STAT. ] PUBLIC LAW 93-483-OCT. 26, 1974 1457 Public Law 93-483 AN ACT O c t o b e r 2 6 , 1974 To suspend until the close of June 30, 1!)75, the duty on certain carboxymethyl [H. R. 12035] cellulose salts, and for otlier purposes. Be It enacted hy the Senate and House of RepreHentatlces of flic United States of America in Congress assembled^ That subpart B of C a r b ox y m e t h y l cellulose salts, part 1 of the Appendix to the Tariff Schedules of the United States duty suspension; (19 IJ.S.C. 1202) is amended by insertintr immediately after item Internal Revenue C o d e of 1 9 5 4 , 905.31 the followinjr new item : amendments. 907. 60 C a r b o x y m e t h y l cellulose sodium salts of a p u r i t y not exceeding 98 percent nor less t h a n 95 percent b y weight on a d r y weight basis (provided for in item 465.87, p a r t 8A, schedule 4) Free N o change On or before 6/30/75. Effective date, SEC. 2. The amendment made by the first section of this Act shall 19 u s e 1 2 0 2 apply with respect to articles entered, or withdi-awn from warehouse, note. for consumption on or after the day after the date of the enactment of this Act. D i s a l l o w a n c e of SEC, 3. (a) Section 2055 (e) of the Internal Revenue Code of 1954 deductions. (relating to the disallowance of deductions in certain cases) is 26 u s e 2 0 5 5 . amended by adding at tlie end thereof the following new paragraph: ''(3) In the case of a will executed before September 21, 1974, or a trust created before such date, if a deduction is not allowable at the time of the decedent's death because of the failure of an interest in property which passes from the decedent to a person, or for a use, described in subsection (a), to meet the requirements of subparagraph (A) of paragraph (2) of this subsection, and if the governing instrument is amended or conformed on or before December 31, 1975, or, if later, on or before the 30th day after the date on which judicial proceedings begun on or before Decem- ber 31, 1975 (which ai'e required to amend or conform the gov- erning instrument), become final, so that the interest is in a trust which is a charitable remainder annuity trust, a charitable 26 u s e 664. remainder unitrust (described in section ()64), or a pooled income fund (described in section 642(c)(5)), a deduction shall never- 26 u s e 642. theless be allowed. The Secretary or liis delegate may, by regula- tion, provide for the application of the provisions of this pai'agraph to trusts whose governing instruments are amended or conformed in accordance with this paragraph, and such regu- lations may provide for any adjustments in the application of the provisions of section 508 (relating to special rules with respect 26 u s e 508. to section 501(c)(3) organizations), subchapter J (relating to 26 u s e 5 0 1 , 26 u s e 6 4 1 . estates, trusts, beneficiaries, and decedents), and chapter 42 26 u s e 4 9 4 0 . (relating to private foundations), to such trusts made necessary by the application of this paragraph. If, by the due date for the filing of an estate tax return (including any extension thereof), the interest is in a charitable trust which, upon allowance of a deduction, would be described in section 4947(a) (1), or the inter- 26 u s e 4947. est passes directly to a person or for a use described in subsection (a), a deduction shall be allowed as if the governing instrument was amended or conformed under this paragraph. If the amend- ment or conformation of the governing instrument is made after the due date for the filing of the estate tax return (including any extension thereof), the deduction shall be allowed upon the filing of a timely claim for credit or refund (as provided for in section 6511) of an overpayment resulting from the application 26 u s e 6511. of this paragraph. In the case of a credit or refund as a result
1458 PUBLIC LAW 93-483-OCT. 26, 1974 [88 STAT. of an amendment or conformation made pursuant to this para- graph, no interest shall be allowed for the period prior to the expiration of the 180th day after the date on which the claim for credit or refund is filed." 26 use 2055 Q^^ rpj^g, amendment made by subsection (a) shall apply with note respect to estates of decedents dying after December 31.1969. SEC. 4. APPLICATION OF SECTION 117 TO CERTAIN EDU- CATION PROGRAMS FOR MEMBERS OF THE UNIFORMED SERVICES. 26 use 117 (a) I N GENERAL.—Any amount received from appropriated funds note. as a scholarship, including the value of contributed services and accom- modations, by a member of a uniformed service who is receiving train- ing under the Armed Forces Health Professions Scholarship Program (or any other program determined by the Secretary of the Treasury or his delegate to have substantially similar objectives) from an edu- cational institution (as defined in section 151(e) (4) of the Internal 26 use 151. Revenue Code of 1954) shall be treated as a scholarship under section 26 use 117. 117 of such Code, whether that member is receiving training while on active duty or in an off-duty or inactive status, and without regard to whether a period of active duty is required of the member as a condi- tion of receiving those payments. (b) DEFINITION OF UNIFORMED SERVICES.—For purposes of this section, the term "uniformed service" has the meaning given it by sec- tion 101 (3) of title 37, United States Code. (c) EFFECTIVE DATE.-—The provisions of this section shall apply with respect to amounts received during calendar years 1973, 1974, and 1975. 26 use 832. gj,^. 5. Section 832(e) of the Internal Revenue Code of 1954 (relat- ing to special deduction and income account in the case of certain insur- ance companies) is amended by inserting after paragraph (5) the following new paragraph: "(6) LEASE GUARANTY INSURANCE; INSURANCE OF STATE AND LOCAL OBLIGATIONS.—In the case of any taxable year beginning after December 31, 1970, the provisions of this subsection shall also apply in all respects tx) a company which writes lease guaranty insurance or insurance on obligations the interest on which is 26 u s e 103. excludable from gross income under section 103, I n applying this subsection to such a company, any reference to mortgage guar- anty insurance contained in this section shall be deemed to be a reference also to lease guaranty insurance and to insurance on obligations the interest on which is excludable from gross income under section 103; and in the case of insurance on obligations the interest on which is excludable from gross income under L o s s e s result- section 103. the references in paragraph (1) to 'losses result- ing from adverse economic cycles. ing from adverse economic cycles' include losses from declin- ing revenues related to such obligations (as well as losses resulting from adverse economic cycles), and the time specified in subparagraph (A) of paragraph (5) shall be the twentieth preceding taxable year.". 26 use 62. g^^ g (^^ Section 62 of the Internal Revenue Code of 1954 is amended by inserting after paragraph (10) the following new paragraph: " (11) PENALTIES FORFEITED BECAUSE OF PREMATURE WITHDRAWAL OF FUNDS FROM TIME SAVINGS ACCOUNTS OR DEPOSITS.—The deduc- 2 6 use 165. tions allowed by section 165 for losses incurred in any transaction entered into for profit, though not connected with a trade or busi- ness to the extent that such losses include amounts forfeited to a
88 STAT.] PUBLIC LAW 93-484-OCT. 26, 1974 1459 bank, mutual savings bank, savings and loan association, build- ing and loan association, cooperative bank or homestead associa- tion as a penalty for premature withdrawal of funds from a time savings account, certificate of deposit, or similar class of deposit." (b) The amendment made by this section applies to taxable years 26 u s e 62 note. beginning after December 31,1972. Approved October 26, 1974. Public Law 93-484 AN ACT October 26, 1974 To suspend for a temporary period the import duty on certain horses, and [H. R. 13631] for other purposes. Be it enacted hy the Senate and House of Rep7'esentatwes of the United States of America in Congress assembled, That subpart B of H o r s e s , duty s u s p e n s i o n ; Social part 1 of the appendix to the Tariff Schedules of the United States Security Act, (19 U.S.C. 1202) is amended by inserting immediately before item amendments. 903.90 the following new items: Horses, other than for Immediate slaughter (provided for in part 1, schedule 1): 903.50 Valued not over $150 per head (item 100.73) Free No change On or before 903.51 Valued over $150 per head (item 100.74). Free No change On or before 6/30/76 SEC. 2. The amendment made by the first section of this Act shall %^^\^sc\202^' apply with respect to articles entered, or withdrawn from warehouse, note. for consumption on or after the date of the enactment of this Act. Provider Reim- SEC. 3. (a) Section 1878(f) of the Social Security Act is amended bursement Review to read as follows: Board, d e c i s i o n s , review. " ( f ) (1) A decision of the Board shall be final unless the Secretary, 42 u s e 13950C). on his own motion, and within 60 days after the provider of services is notified of the Board's decision, reverses, affirms, or modifies the Board's decision. Providers shall have the right to obtain judicial review of any final decision of the Board, or of any reversal, affirm- ance, or modification by the Secretary, by a civil action commenced within 60 days of the date on which notice of any final decision by the Board or of any reversal, affirmance, or modification by the Secre- tary is received. Such action shall be brought in the district court of the United States for the judicial district in which the provider is located or in the District Court for the District of Columbia and shall be tried pursuant to the applicable provisions under chapter 7 of title 5, United States Code, notwithstanding any other provisions 5 u s e 701. in section 205. 42 u s e 405. " (2) Where a provider seeks judicial review pursuant to paragraph J u d i c i a l review. (1), the amount in controversy shall be subject to annual interest beginning on the first day of the first month beginning after the 180- day period as determined pursuant to subsection (a) (3) and equal to the rate of return on equity capital established by regulation pursuant to section 1861 (v) (1) (B) and in effect at the time the civil action 42 u s e 1395X. authorized under paragraph (1) is commenced, to be awarded by the reviewing court in favor of the prevailing party. "(3) No interest awarded pursuant to paragraph (2) shall be deemed income or cost for the purposes of determining reimbursement due providers under this Act." (b) The amendment made by subsection (a) shall be applicable to note. 42 u s e 139500 cost reports of providers of services for accounting periods ending on or after June 30,1973.