HR 3652 RFS
H. R. 3652
IN THE SENATE OF THE UNITED STATES
December 9, 2003
December 9, 2003
Received; read twice and referred to the Committee on Finance
To amend the Internal Revenue Code of 1986 to modify the taxation of imported archery products.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ‘Archery Revenue Reform and Opportunity for Workers Act’.
SEC. 2. MODIFIED TAXATION OF IMPORTED ARCHERY PRODUCTS.
(a) BOWS- Paragraph (1) of section 4161(b) of the Internal Revenue Code of 1986 (relating to bows) is amended to read as follows:
‘(A) IN GENERAL- There is hereby imposed on the sale by the manufacturer, producer, or importer of any bow which has a peak draw weight of 30 pounds or more, a tax equal to 11 percent of the price for which so sold.
‘(B) ARCHERY EQUIPMENT- There is hereby imposed on the sale by the manufacturer, producer, or importer--
‘(i) of any part or accessory suitable for inclusion in or attachment to a bow described in subparagraph (A), and
‘(ii) of any quiver or broadhead suitable for use with an arrow described in paragraph (2),
a tax equal to 11 percent of the price for which so sold.’.
(b) ARROWS- Subsection (b) of section 4161 of the Internal Revenue Code of 1986 (relating to bows and arrows, etc.) is amended by redesignating paragraph (3) as paragraph (4) and inserting after paragraph (2) the following:
‘(A) IN GENERAL- There is hereby imposed on the sale by the manufacturer, producer, or importer of any arrow, a tax equal to 12 percent of the price for which so sold.
‘(B) EXCEPTION- In the case of any arrow of which the shaft or any other component has been previously taxed under paragraph (1) or (2)--
‘(i) section 6416(b)(3) shall not apply, and
‘(ii) the tax imposed by subparagraph (A) shall be an amount equal to the excess (if any) of--
‘(I) the amount of tax imposed by this paragraph (determined without regard to this subparagraph), over
‘(II) the amount of tax paid with respect to the tax imposed under paragraph (1) or (2) on such shaft or component.
‘(C) ARROW- For purposes of this paragraph, the term ‘arrow’ means any shaft described in paragraph (2) to which additional components are attached.’.
(c) CONFORMING AMENDMENTS- Section 4161(b)(2) of the Internal Revenue Code is amended--
(1) by inserting ‘(other than broadheads)’ after ‘point’, and
(2) by striking ‘ARROWS- ’ in the heading and inserting ‘ARROW COMPONENTS- ’.
(d) EFFECTIVE DATE- The amendments made by this section shall apply to articles sold by the manufacturer, producer, or importer after February 15, 2004.
Passed the House of Representatives December 8, 2003.