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

[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,


    (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the amendments made by such subsection, are hereby repealed; and the 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 
                          ``(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.


            Dec. 6, considered and passed House.
            Dec. 8, considered and passed Senate.