(EXTRACT FROM) Public Law 86-30 AN ACT Making supplemental appropriations for the fiscal year ending June 30, 1959, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the following Second Supplesums are appropriated, out of any money in the Treasury not other- mental Appropriwise appropriated, to supply supplemental appropriations (this Act ation Act, 1959. may be cited as the "Second Supplemental Appropriation Act, 1959") 73 Stat. 33. for the fiscal year ending June 30, 1959, and for other purposes, 73 Stat. 34. namely: TITLE I INDEPENDENT OFFICES Small Business Administration: "Salaries and expenses", $225,000, and in addition there may be transferred to this appropriation $630,000 from the revolving fund and $64,800 from the fund for liquidation of Reconstruction Finance Corporation loans; Approved May 20, 1959. (57) Making appropriations for the Department of Commerce and related agencies for the fiscal year ending June 30, 1960, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the following sums are appropriated, out of any money in the Treasury not otherwise appropriated, for the Department of Commerce and related agencies for the fiscal year ending June 30, 1960, namely: TITLE III-INDEPENDENT AGENCIES SMALL BUSINESS ADMINISTRATION SALARIES AND EXPENSES For necessary expenses, not otherwise provided for, of the Small Business Administration, including hire of passenger motor vehicles, $4,940,000, and in addition there may be transferred to this appropriation not to exceed $14,755,500 from the revolving fund, Small Business Administration, and not to exceed $750,000 from the fund for liquidation of Reconstruction Finance Corporation loans, Small Business Administration, for administrative expenses in connection with activities financed under said funds: Provided, That the amount authorized for transfer from the revolving fund, Small Business Administration, may be increased, with the approval of the Director of the Bureau of the Budget, by such amount (not exceeding $500,000) as may be required to finance administrative expenses incurred in the making of disaster loans: Provided further, That 10 per centum of the amount authorized to be transferred from the revolving fund, Small Business Administration, shall be apportioned for use, pursuant to section 3679 of the Revised Statutes, as amended, only in such amounts and at such times as may be necessary to carry out the business loan program. Approved July 13, 1959. (58) (EXTRACT FROM) Public Law 86-166 AN ACT 73 STAT. 366. Making appropriations for the Department of Defense for the fiscal year ending Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the following Department sums are appropriated, out of any money in the Treasury not other of Defense wise appropriated, for the fiscal year ending June 30, 1960, for mili- Appropriation tary functions administered by the Department of Defense, and for Act, 1960. other purposes, namely: TITLE IV RESEARCH, DEVELOPMENT, TEST, AND EVALUATION SEC. 608. Insofar as practicable, the Secretary of Defense shall assist American small business to participate equitably in the furnishing of commodities and services financed with funds appropriated under this Act by making available or causing to be made available to suppliers in the United States, and particularly to small independent enterprises, information, as far in advance as possible, with respect to purchases proposed to be financed with funds appropriated under this Act, and by making available or causing to be made available to purchasing and contracting agencies of the Department of Defense information as to commodities and services produced and furnished by small independent enterprises in the United States, and by otherwise helping to give small business an opportunity to participate in the furnishing of commodities and services financed with funds appropriated by this Act. Approved August 18, 1959. (59) Public Law 86-367 86th Congress, H. R. 8599 September 22, 1959 AN ACT To amend the Small Business Act, and for other purposes. 73 STAT. 647. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That subsection 72 Stat. 690. (c) of the Small Business Act is amended (1) by striking out "$900,000,000" in two places and inserting in lieu thereof "$975,000,000"; and (2) by striking out "$500,000,000" and inserting in lieu thereof "$575,000,000". 15 USC 633. SEC. 2. Subsection 7(d) of the Small Business Act is amended by 72 Stat. 698. striking out the last sentence thereof: Provided, however, That noth- 15 USC 636. ing in this section shall prevent the use of the funds made to remain available for grants for research and management counseling during the fiscal year ending June 30, 1960, by title III of Public Law 86-88. Ante, p. 209. Approved September 22, 1959. (60) 86th Congress, H. R. 47 AN ACT To amend the Internal Revenue Code of 1954 to provide a personal exemption for children placed for adoption and to clarify certain provisions relating to the election of small business corporations as to taxable status. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That (a) section 152(b) (2) of the Internal Revenue Code of 1954 (relating to the definition of the term "dependent") is amended by striking out "a legally adopted child of an individual" and inserting in lieu thereof the following: "a legally adopted child of an individual (and a child who is a member of an individual's household, if placed with such individual by an authorized placement agency for legal adoption by such individual)”. (b) The amendment made by subsection (a) shall apply to taxable years beginning after December 31, 1958. Internal amendment. SEC. 2. (a) Section 1371 of the Internal Revenue Code of 1954 72 Stat. 1650. (relating to definitions applicable to certain small business corpora tions) is amended by adding at the end thereof the following new subsection: "(c) STOCK OWNED BY HUSBAND AND WIFE.-For purposes of subsection (a) (1) stock which 66 (1) is community property of a husband and wife (or the income from which is community income) under the applicable community property law of a State, or "(2) is held by a husband and wife as joint tenants, tenants by the entirety, or tenants in common, shall be treated as owned by one shareholder." (b) Section 1374 (b) of the Internal Revenue Code of 1954 (relat- 72 Stat. 1653. ing to allowance of net operating loss to shareholders of electing small business corporations) is amended by inserting after "the taxable year of the corporation ends" the following: "(or for the final taxable year of a shareholder who dies before the end of the corporation's taxable year)". (c) Section 1504 (b) of the Internal Revenue Code of 1954 (relating 68A Stat. 369; to definition of includible corporation) is amended by striking out 72 Stat. 1657. paragraph (8) thereof. (d) The amendment made by subsection (a) shall apply to taxable years beginning after December 31, 1959. The amendments made by subsections (b) and (c) shall take effect on the day after the date of the enactment of this Act. SEC. 3. (a) Section 542 (c) of the Internal Revenue Code of 1954 (relating to exceptions from definition of a personal holding company) is amended — (a) by inserting "," in lieu of "." at the end thereof and 73 STAT. 699. 73 STAT. 700. 68A Stat. 182. "(11) A small business investment company which is Small business licensed by the Small Business Administration and operating investment under the Small Business Investment Act of 1958 and which company. 15 USC 661 note. is actively engaged in the business of providing funds to 72 Stat. 689. |