[Congressional Bills 103th Congress]
[From the U.S. Government Publishing Office]
[H.R. 373 Introduced in House (IH)]

103d CONGRESS
  1st Session
                                H. R. 373

To amend the Internal Revenue Code of 1986 to repeal the luxury tax on 
  boats and to offset the revenue loss from that repeal by repealing 
  certain changes in the percentage depletion provisions of such Code.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            January 5, 1993

  Ms. Snowe 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 repeal the luxury tax on 
  boats and to offset the revenue loss from that repeal by repealing 
  certain changes in the percentage depletion provisions of such Code.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. REPEAL OF LUXURY TAX ON BOATS.

    (a) General Rule.--Subpart A of part I of subchapter A of chapter 
31 of the Internal Revenue Code of 1986 (relating to luxury taxes) is 
amended by striking section 4002 and by redesignating sections 4003 and 
4004 as sections 4002 and 4003, respectively.
    (b) Conforming Amendments.--
            (1) The table of sections for such subpart A is amended by 
        striking the last 3 items and inserting the following:

                              ``Sec. 4002. Aircraft.
                              ``Sec. 4003. Rules applicable to subpart 
                                        A.''
            (2) Subparagraph (B) of section 4003(b)(2) of such Code, as 
        redesignated by subsection (a), is amended by striking ``, 
        $100,000 in the case of a boat,''.
            (3) Paragraph (2) of section 4011(c) of such Code is 
        amended--
                    (A) by striking ``, BOATS,'' in the heading,
                    (B) by striking ``, boat,'' in subparagraph (A), 
                and
                    (C) by striking ``a boat or'' in subparagraph 
                (B)(i).
            (4) Subsections (c) and (d) of section 4221 of such Code 
        are each amended by striking ``4002(b), 4003(c), 4004(a)'' and 
        inserting ``4002(c), 4003(a)''.
    (c) Effective Date.--The amendments made by this section shall take 
effect on the date of the enactment of this Act.

SEC. 2. REPEAL OF CERTAIN CHANGES IN PERCENTAGE DEPLETION PROVISIONS.

    (a) In General.--Part III of subtitle E of title XI of the Omnibus 
Budget Reconciliation Act of 1990 (and the amendments made by such 
part) are hereby repealed, and the Internal Revenue Code of 1986 shall 
be applied and administered as if such part (and amendments) had never 
been enacted.
    (b) Effective Date.--
            (1) In general.--Except as provided in paragraph (2), the 
        provisions of subsection (a) shall apply to taxable years 
        beginning after the date of the enactment of this Act.
            (2) Transfers.--The provisions of subsection (a), to the 
        extent related to section 11521 of the Omnibus Budget 
        Reconciliation Act of 1990, shall apply to transfers after the 
        date of the enactment of this Act.

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