H. R. 5394
IN THE HOUSE OF REPRESENTATIVES
November 19, 2004
Mr. Ryan of Wisconsin (for himself and Mr. Matheson) introduced the following bill; which was referred to the Committee on Ways and Means
To amend the Internal Revenue Code of 1986 to modify the taxation of arrow components.
Excise tax on arrows
Subsection (b) of section 332 of the American Jobs Creation Act of 2004, and the amendments made by such subsection, are hereby repealed; and the Internal Revenue Code of 1986 shall be applied as if such subsection and amendments had never been enacted.
Tax on arrow shafts
Paragraph (2) of section 4161(b) of the Internal Revenue Code of 1986 (relating to arrows) is amended to read as follows:
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—
measures 18 inches overall or more in length, or
measures less than 18 inches overall in length but is suitable for use with a bow described in paragraph (1)(A),
Adjustment for inflation
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—
such amount, multiplied by
the cost-of-living adjustment determined under section 1(f)(3) for such calendar year, determined by substituting
1992 in subparagraph (B) thereof.
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.
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.
The amendments made by subsections (b) and (c) shall apply to articles sold by the manufacturer, producer, or importer after March 31, 2005.