H.R. 2488 – Reading Mode

110th CONGRESS

1st Session

H. R. 2488

IN THE HOUSE OF REPRESENTATIVES

May 24, 2007

Ms. Berkley (for herself, Mr. Lewis of Kentucky, Mr. Berry, Mr. Burton of Indiana, Mr. Cantor, Mr. Cardoza, Mr. Chandler, Mr. Crowley, Mr. Culberson, Mr. Davis of Kentucky, Mr. Lincoln Davis of Tennessee, Mr. Doyle, Mr. Hensarling, Mr. Hill, Mr. Larson of Connecticut, Mr. Meeks of New York, Mr. Miller of Florida, Mr. Nunes, Mr. Paul, Mr. Radanovich, Mr. Rogers of Kentucky, Mr. Rogers of Michigan, Mr. Terry, Mr. Towns, and Mr. Wilson of South Carolina) introduced the following bill; which was referred to the Committee on Ways and Means

A BILL

To amend the Internal Revenue Code of 1986 to reduce the rate of tax on distilled spirits to its pre-1985 level.

Reduction in rate of tax on distilled spirits to pre-1985 levels

(a)

In general

Paragraph (1) of section 5001(a) of the Internal Revenue Code of 1986 (relating to imposition, rate, and attachment of tax) is amended by striking $13.50 and inserting $10.50.

(b)

Conforming amendments

(1)

Subsection (a) of section 5010 of such Code is amended by striking $13.50 each place it appears and inserting $10.50.

(2)

Subsection (f) of section 7652 of such Code is hereby repealed.

(c)

Effective date

The amendments made by this section shall take effect on the first date that the Director of the Office of Management and Budget projects that—

(1)

there is a Federal budget surplus (determined without regard to the income and expenditures of the social security trust funds) for the fiscal year that includes such date, and

(2)

such surplus is not less than the aggregate revenue reductions during such period resulting from the amendments made by this Act.