Section 2
SEC. 2. — A new subsection is hereby added to Section 24 of the National Internal Revenue Code to contain the former provisions of Subsection (d) of the same Section amended to read as follows: "(e) The provisions of existing special or general laws to the contrary notwithstanding, all corporate taxpayers not specifically exempt under Sections 24(c) (1) and (d) and 27 of this Code shall pay the rates provided in this Section. All corporations, agencies, or instrumentalities owned or controlled by the Government, including the Government Service Insurance System and the Social Security System but excluding educational institutions, shall pay such rate of tax upon their taxable net income as are imposed by this Section upon associations or corporations engaged in a similar business or industry."