[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3652 Referred in Senate (RFS)]
1st Session
H. R. 3652
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IN THE SENATE OF THE UNITED STATES
December 9, 2003
Received; read twice and referred to the Committee on Finance
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AN ACT
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:
``(1) Bows.--
``(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:
``(3) Arrows.--
``(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.
Attest:
JEFF TRANDAHL,
Clerk.