Text: H.R.5394 — 108th Congress (2003-2004)All Bill Information (Except Text)

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Public Law No: 108-493 (12/23/2004)

 
[108th Congress Public Law 493]
[From the U.S. Government Printing Office]


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[DOCID: f:publ493.108]


[[Page 118 STAT. 3984]]

Public Law 108-493
108th Congress

                                 An Act


 
  To amend the Internal Revenue Code of 1986 to modify the taxation of 
        arrow components. <<NOTE: Dec. 23, 2004 -  [H.R. 5394]>> 

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. EXCISE TAX ON ARROWS.

    (a) Repeal.--Subsection (b) <<NOTE: Applicability.>> of section 332 
of the American Jobs Creation Act of 2004, <<NOTE: Ante, p. 1477.>> and 
the amendments made by such subsection, are hereby repealed; and the 
Internal Revenue Code of 1986 shall be applied as if such subsection and 
amendments had never been enacted.

    (b) Tax on Arrow Shafts.--Paragraph (2) of section 4161(b) of the 
Internal Revenue Code of 1986 <<NOTE: 26 USC 4161.>> (relating to 
arrows) is amended to read as follows:
            ``(2) Arrows.--
                    ``(A) In general.--There is hereby imposed on the 
                first sale by the manufacturer, producer, or importer of 
                any shaft (whether sold separately or incorporated as 
                part of a finished or unfinished product) of a type used 
                in the manufacture of any arrow which after its 
                assembly--
                          ``(i) measures 18 inches overall or more in 
                      length, or
                          ``(ii) measures less than 18 inches overall in 
                      length but is suitable for use with a bow 
                      described in paragraph (1)(A),
                a tax equal to 39 cents per shaft.
                    ``(B) Adjustment for inflation.--
                          ``(i) In general.--In the case of any calendar 
                      year beginning after 2005, the 39-cent amount 
                      specified in subparagraph (A) shall be increased 
                      by an amount equal to the product of--
                                    ``(I) such amount, multiplied by
                                    ``(II) the cost-of-living adjustment 
                                determined under section 1(f)(3) for 
                                such calendar year, determined by 
                                substituting `2004' for `1992' in 
                                subparagraph (B) thereof.
                          ``(ii) Rounding.--If any increase determined 
                      under clause (i) is not a multiple of 1 cent, such 
                      increase shall be rounded to the nearest multiple 
                      of 1 cent.''.

    (c) Arrow Points.--Clause (ii) of section 4161(b)(1)(B) (relating to 
archery equipment) of such Code is amended by striking ``quiver or 
broadhead'' and inserting ``quiver, broadhead, or point''.

[[Page 118 STAT. 3985]]

    (d) Effective Date.--The <<NOTE: 26 USC 4161 note.>> amendments made 
by subsections (b) and (c) shall apply to articles sold by the 
manufacturer, producer, or importer after March 31, 2005.

    Approved December 23, 2004.

LEGISLATIVE HISTORY--H.R. 5394:
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CONGRESSIONAL RECORD, Vol. 150 (2004):
            Dec. 6, considered and passed House.
            Dec. 8, considered and passed Senate.

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