[Congressional Bills 103th Congress]
[From the U.S. Government Publishing Office]
[S. 69 Introduced in Senate (IS)]

103d CONGRESS
  1st Session
                                 S. 69

To amend the Internal Revenue Code of 1986 to repeal the luxury tax on 
                                 boats.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

             January 21 (legislative day, January 5), 1993

   Mr. Breaux (for himself, Mr. Chafee, Mr. Mitchell, Mr. Pell, Mr. 
 Bradley, Mr. Cohen, Mr. Hollings, Mr. Johnston, Mr. Mack, Mr. Graham, 
 Mr. Levin, Mr. Durenberger, Mr. Shelby, Ms. Mikulski, Mr. Helms, Mr. 
  Lieberman, Mr. Gorton, and Mr. Dodd) introduced the following bill; 
     which was read twice and referred to the Committee on Finance

_______________________________________________________________________

                                 A BILL


 
To amend the Internal Revenue Code of 1986 to repeal the luxury tax on 
                                 boats.

    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) In General.--Subpart A of part I of subchapter A of chapter 31 
of the Internal Revenue Code of 1986 (relating to retail excise taxes) 
is amended by striking section 4002 and by redesignating sections 4003 
and 4004 as sections 4002 and 4003, respectively.
    (b) Conforming Amendments.--
            (1) Paragraph (2) of section 4003(b) of the Internal 
        Revenue Code of 1986, as redesignated by subsection (a), is 
        amended--
                    (A) by striking ``vehicle, boat,'' in subparagraph 
                (A)(iii) and inserting ``vehicle'', and
                    (B) by striking ``vehicle, $100,000 in the case of 
                a boat,'' in subparagraph (B) and inserting 
                ``vehicle''.
            (2) Paragraph (2) of section 4011(c) of such Code is 
        amended--
                    (A) by striking ``vehicle, boat,'' in subparagraph 
                (A) and inserting ``vehicle'',
                    (B) by striking ``a boat or'' in subparagraph 
                (B)(i),
                    (C) by striking ``section 4004(c)'' in subparagraph 
                (C)(iii) and inserting ``section 4003(c)'', and
                    (D) by striking ``vehicles, boats,'' in the heading 
                thereof and inserting ``vehicles''.
            (3) Subsection (c) of section 4221 of such Code is amended 
        by striking ``4002(b), 4003(c), 4004(a)'' and inserting 
        ``4002(c), 4003(a)''.
            (4) Subsection (d) of section 4222 of such Code is amended 
        by striking ``4002(b), 4003(c), 4004(a)'' and inserting 
        ``4002(c), 4003(a)''.
            (5) The table of sections for subpart A of part I of 
        subchapter A of chapter 31 of such Code is amended--
                    (A) by striking the item relating to section 4002, 
                and
                    (B) by striking ``4003'' and ``4004'' and inserting 
                ``4002'' and ``4003'', respectively.
            (6) The heading for subpart A of part I of subchapter A of 
        chapter 31 of such Code is amended by striking ``Vehicles, 
        Boats,'' and inserting ``Vehicles''.
            (7) The table of subparts for part I of subchapter A of 
        chapter 31 of such Code is amended by striking ``vehicles, 
        boats,'' in the item relating to subpart A and inserting 
        ``vehicles''.
    (c) Effective Date.--The amendments made by this section shall 
apply to sales after December 31, 1991.

                                 <all>