Sugar Act Extension

Summary

Sugar Act Extension - Amends the Sugar Act of 1948 to reinstate the powers vested in the Secretary of Agriculture under such Act on January 1, 1977. Reinstates the powers of the Secretary to set price objectives and quotas for sugar on October 1, 1976, and terminates such authority on March 31 of the year of termination of the manufacturer's excise tax on sugar which is reinstated under this Act. Amends the Internal Revenue Code to reinstate the excise tax on the manufacture or use of sugar after December 31, 1976. Terminates such tax on June 30 of the year following the effective date of any law which limits conditional payments under the Sugar Act of 1948 or payments with respect to unsold sugar or sugar products held by a manufacturer or in customs custody.

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1 official file

• Introduced in Senate

  summary · EN · 29 September 1976

  Open at official source

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