§ 1355. — Suspension of processing tax on coconut oil.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 22USC1355]
TITLE 22--FOREIGN RELATIONS AND INTERCOURSE
CHAPTER 15--THE REPUBLIC OF THE PHILIPPINES
SUBCHAPTER IV--GENERAL PROVISIONS RELATING TO TRADE RELATIONS
Sec. 1355. Suspension of processing tax on coconut oil
Whenever the President, after consultation with the President of the
Philippines, finds that adequate supplies of neither copra nor coconut
oil, the product of the Philippines, are readily available for
processing in the United States, he shall so proclaim, and after the
date of such proclamation the provisions of section 2470(a)(2) of the
Internal Revenue Code shall be suspended until the expiration of 30 days
after he proclaims that, after consultation with the President of the
Philippines, he has found that such adequate supplies are so readily
available.
(Apr. 30, 1946, ch. 244, title V, Sec. 505(b), 60 Stat. 157.)
Suspension of Provisions
Section not applicable during such time as the revised agreement
between the United States and the Philippines is in effect, see section
1373 of this title.
References in Text
Section 2470(a)(2) of the Internal Revenue Code, referred to in
text, is a reference to section 2470(a)(2) of the Internal Revenue Code
of 1939. Section 2470 was repealed by section 7851 of the Internal
Revenue Code of 1954, Title 26, and was reenacted as sections 4511 and
4513 of Title 26. The Internal Revenue Code of 1954 was redesignated the
Internal Revenue Code of 1986 by Pub. L. 99-514, Sec. 2, Oct. 22, 1986,
100 Stat. 2095. Sections 4511 and 4513 of Title 26 were repealed by Pub.
L. 87-456, title III, Sec. 302(d), May 24, 1962, 76 Stat. 77, effective
Aug. 31, 1963.
Termination of Suspension of Additional Rate on Coconut Oil
By Proc. No. 2847, July 28, 1949, 14 F.R. 4773, 63 Stat. 1279, the
President found that ``adequate supplies of copra and coconut oil, the
product of the Philippines, are readily available for processing in the
United States'' and that upon the expiration of 30 days from July 28,
1949, the suspension of the provisions of section 2470(a)(2) of the
Internal Revenue Code of 1939 will be terminated.
Suspension Proclamation
By Proc. No. 2693, June 28, 1946, 11 F.R. 7255, 60 Stat. 1349, the
President found that ``adequate supplies of neither copra nor coconut
oil, the product of the Philippines, are readily available for
processing in the United States,'' and therefore the provisions of
section 2470(a)(2) of the Internal Revenue Code of 1939 are suspended.
Section Referred to in Other Sections
This section is referred to in section 1373 of this title.
