Relief to Certain Banks and Bankers Incurring Delinquency Penalties
Act No. 2336, enacted on February 27, 1914, provides relief to certain banks and bankers from delinquency penalties related to tax payments as prescribed in a previous act. The law allows the Collector of Internal Revenue to remit penalties for banks that delayed tax payments due to previously granted extensions. It also confirms and approves the Collector's authority to extend deadlines for tax payments without penalties. Banks must pay their taxes by April 30, 1914, to avoid penalties. This Act took effect immediately upon its passage.
February 27, 1914
ACT NO. 2336
AN ACT TO AFFORD RELIEF TO CERTAIN BANKS AND BANKERS WHICH HAVE INCURRED THE DELINQUENCY PENALTIES PRESCRIBED IN SECTION ONE HUNDRED AND TWELVE OF ACT NUMBERED ELEVEN HUNDRED AND EIGHTY-NINE, AND CONFIRMING, RATIFYING, AND APPROVING THE ACTION OF THE COLLECTOR OF INTERNAL REVENUE IN EXTENDING THE TIME FOR THE PAYMENT OF CERTAIN TAXES WITHOUT PENALTY
SECTION 1. The Collector of Internal Revenue is hereby authorized to remit all penalties heretofore incurred by banks or bankers under section one hundred and twelve of Act Numbered Eleven hundred and eighty-nine for delinquency in the payment of the taxes imposed upon them by article ten of said Act, when it shall be shown that such delinquencies were incurred by reason of the fact that the Collector of Internal Revenue had previously granted an extension of time in which such taxes might be paid without penalty, and the taxes due were paid within the time authorized by the Collector of Internal Revenue.
SECTION 2. The action of the Collector of Internal Revenue in granting to banks and bankers a reasonable time in which to determine the amount of taxes due, and to permit the payment thereof without penalty within such time, and in extending by regulations the time in which persons subject to internal-revenue license and business taxes might pay same without penalty, is hereby confirmed, ratified, and approved.
SECTION 3. The Collector of Internal Revenue is hereby authorized to accept the taxes which under the provisions of section one hundred and twelve of Act Numbered Eleven hundred and eighty-nine were due and payable on the first day of February, nineteen hundred and fourteen, without penalty if same are paid on or before the thirtieth day of April, nineteen hundred and fourteen.
SECTION 4. This Act shall take effect upon its passage.
Enacted: February 27, 1914