[United States Statutes at Large, Volume 118, 108th Congress, 2nd Session]
[From the U.S. Government Publishing Office, www.gpo.gov]

118 STAT. 3984

Public Law 108-493
108th Congress

An Act


 
To amend the Internal Revenue Code of 1986 to modify the taxation of
arrow components. NOTE: Dec. 23, 2004 -  [H.R. 5394]

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) NOTE: Applicability. of section 332
of the American Jobs Creation Act of 2004, NOTE: Ante, p. 1477. 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the amendments made by such subsection, are hereby repealed; and the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 NOTE: 26 USC 4161. (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''.

[[Page 3985]]
118 STAT. 3985

(d) Effective Date.--The NOTE: 26 USC 4161 note. amendments made
by subsections (b) and (c) shall apply to articles sold by the
manufacturer, producer, or importer after March 31, 2005.

Approved December 23, 2004.

LEGISLATIVE HISTORY--H.R. 5394:
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CONGRESSIONAL RECORD, Vol. 150 (2004):
Dec. 6, considered and passed House.
Dec. 8, considered and passed Senate.