H.R. 5394 (ih) To amend the Internal Revenue Code of 1986 to modify the taxation of arrow components. [Introduced in House] ...

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        H.R.5394

                       One Hundred Eighth Congress

                                 of the

                        United States of America


                          AT THE SECOND SESSION

          Begun and held at the City of Washington on Tuesday,
           the twentieth day of January, two thousand and four


                                 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hereby repealed; and the Internal Revenue Code of 1986 shall be applied 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.

                               Speaker of the House of Representatives.

                            Vice President of the United States and    
                                               President of the Senate.

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