The text of the bill below is as of Jun 8, 1974 (Passed Congress).
You are reading a bill enacted 18,011 days ago. In the intervening time subsequent legislation may have amended or repealed the provisions below.
88 STAT. ] PUBLIC LAW 93-310-JUNE 8, 1974 235
Public Law 93-310
AN ACT June 8, 1974
To provide for the suspension of duty on certain copying slioe lathes until [H. R. 8215]
the close of June 30,1976, and for other purposes.
Be it enacted hy the Senate and House of Representatives of the
United States of Anienca in Congress assemhled^ That item 911.70 of copying shoe
the Appendix to the Tariff Schedules of the United States (19 U.S.C. ^^DutV suspen-
1202) is amended by striking out "6/30/72" and inserting in lieu sion, extension.
thereof "6/30/76".
SEC. 2. (a) The amendment made by the first section of this Act ^^ "^*^ '^02
shall apply with respect to articles entered, or withdrawn from ware-
house, for consumption after the date of the enactment of this Act.
(b) Upon request therefor filed with the customs officer concerned
on or before the one hundred and twentieth day after the date of the
enactment of this Act, the entry or withdrawal of any article—
(1) which was made after June 30, 1972, and on or before the
date of the enactment of this Act, and
(2) with respect to which there would have been no duty if the
amendment made by the first section of this Act applied to such
entry or withdrawal,
shall, notwithstanding the provisions of section 514 of the Tariff Act
of 1930 or any other provision of law, be liquidated or reliquidated 19 u s e 1514.
as though such entry or withdrawal had been made on the day after
the date of the enactment of this Act.
Exempt organi-
SEC. 3. (a) Section 501 of the Internal Kevenue Code of 1954 (relat- z a t i o n s .
ing to exemption from tax on corporations, etc.), is amended by 26 use 501
redesignating subsection (f) as ( g ) , and by inserting after subsection
(e) the following new subsection:
"(f) COOPERATIVE SERVICE ORGANIZATIONS OF OPERATING EDUCA-
TIONAL ORGANIZATIONS.—For purposes of this title, if an organiza-
tion is—
"(1) organized and operated solely to hold, commingle, and
collectively invest and reinvest (including arranging for and
supervising the performance by independent contractors of invest-
ment services related thereto) in stocks and securities, the moneys
contributed thereto by each of the members of such organization,
and to collect income therefrom and turn over the entire amount
thereof, less expenses, to such members,
"(2) organized and controlled by one or more such members,
and
"(3) comprised solely of members that are organizations
described in clause (ii) or (iv) of section 1 7 0 ( b ) ( 1 ) ( A ) — 26 use 170.
" ( A ) which are exempt from taxation under subsection
(a), or
" ( B ) the income of which is excluded from taxation under
section 115(a), 26 use 115.
then such organization shall be treated as an organization organized
and operated exclusively for charitable purposes.".
(b) EFFECTIVE DATE.—The amendments made by this section shall 26 use 501
note
apply to taxable years ending after December 31, 1973.
Approved June 8, 1974.
