By authority of the United States, be it enacted by the Philippine Commission, that:
Section 1. The special tax of one per centum on the assessed value of undeclared property, established by subsection (c) of section three of Act Numbered Fourteen hundred and fifty-five, as amended, is hereby abolished.
Section 2. This Act shall have retroactive effect, in such manner that the special tax collectible on property covered by the laws cited in the preceding section and still pending payment shall be remitted, as provided for in this Act.
Section 3. This Act shall take effect on its passage.