[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5394 Engrossed in House (EH)]

  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
108th CONGRESS
  2d Session
                                H. R. 5394

_______________________________________________________________________

                                 AN ACT


 
 To amend the Internal Revenue Code of 1986 to modify the taxation of 
                           arrow components.

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

SECTION 1. EXCISE TAX ON ARROWS.

    (a) Repeal.--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hereby repealed; and the Internal Revenue Code of 1986 shall be applied 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.
    (b) 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:
            ``(2) Arrows.--
                    ``(A) In general.--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--
                            ``(i) measures 18 inches overall or more in 
                        length, or
                            ``(ii) measures less than 18 inches overall 
                        in length but is suitable for use with a bow 
                        described in paragraph (1)(A),
                a tax equal to 39 cents per shaft.
                    ``(B) Adjustment for inflation.--
                            ``(i) In general.--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--
                                    ``(I) such amount, multiplied by
                                    ``(II) the cost-of-living 
                                adjustment determined under section 
                                1(f)(3) for such calendar year, 
                                determined by substituting `2004' for 
                                `1992' in subparagraph (B) thereof.
                            ``(ii) Rounding.--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.''.
    (c) Arrow Points.--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''.
    (d) Effective Date.--The amendments made by subsections (b) and (c) 
shall apply to articles sold by the manufacturer, producer, or importer 
after March 31, 2005.

            Passed the House of Representatives December 6, 2004.

            Attest:

                                                                 Clerk.
108th CONGRESS

  2d Session

                               H. R. 5394

_______________________________________________________________________

                                 AN ACT

 To amend the Internal Revenue Code of 1986 to modify the taxation of 
                           arrow components.