Sugar Act Extension

Sugar Act Extension - Amends the Sugar Act of 1948 to reinvest, effective January 1, 1978, the Secretary of Agriculture with the powers granted by such Act, which expired December 31, 1974. Reinstates, as of October 1, 1977, the Secretary's authority to determine an annual estimate of sugar consumption requirements for the continental United States and his authority to establish domestic marketing quotas and foreign import quotas in accordance with such estimate. Sets the new termination date for the Sugar Act as March 31 of the year of termination of the sugar tax imposed by the Internal Revenue Code.

Amends the Internal Revenue Code to reinstate the tax on the manufacture or use of sugar or sugar articles as of December 31, 1977, and sets the termination date of such reinstated tax as June 30 of the first year commencing after the effective date of any law (enacted after the enactment of this Act) which limits Federal payments to sugar producers, or which limits payments with respect to unsold sugar held by a manufacturer on such date or articles composed in chief value of sugar held in customs custody or control on such date.