Page:United States Statutes at Large Volume 75.djvu/167

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[75 Stat. 127]
[75 Stat. 127]
PUBLIC LAW 87-000—MMMM. DD, 1961

75 S T A T. ]

PUBLIC LAW 87-61-JUNE 29, 1961

127

SEC. 206. FLOOR STOCKS TAXES AND REFUNDS. (a) IMPOSITION ON CERTAIN TIRES, TUBES, AND TREAD RUBBER.—

Subsection (a) of section 4226 of the Internal Revenue Code of 1954: g^jo f^f- ^^i; 7 (relating to floor stocks taxes) is amended by adding at the end 26 USC 4226. thereof the following new paragraphs: " (6) 1961 TAXES ON CERTAIN TIRES AND INNER TUBES. On tirCS subject to tax under section 4071(a)(1), and on inner tubes 26 us°c 40*71. subject to tax under section 4071(a)(3), which, on July 1, 1961, are held— " (A) by a dealer for sale, " (B) for sale on, or in connection with, other articles held by the manufacturer, producer, or importer of such other articles, or " (C) for use in the manufacture or production of other articles, there is hereby imposed a floor stocks tax at the rate of 2 cents a pound in the case of such tires, and a floor stocks tax at the rate of 1 cent a pound in the case of such inner tubes. The taxes imposed by this paragraph shall not apply to any tire or inner tube which is held for sale by the manufacturer, producer, or importer of such tire or tube, or which will be subject under section 4218(b) or 4219 to the manufacturers excise tax on tires 43^1^"^^ 4 2 1 8, or inner tubes. The tax on inner tubes imposed by this paragraph shall not apply to inner tubes for bicycle tires (as defined in section 4221(e)(4)(B)). 74 Stat. 38. "(7) 1961 TAX ON TREAD RUBBER.—On tread rubber subject to tax under section 4071(a)(4) which, on July 1, 1961, is held by a 26 USC 407i. dealer, there is hereby imposed a floor stoclfs tax at the rate of 2 cents a pound. The tax imposed by this paragraph shall not apply in the case of any person if such person establishes, to the satisfaction of the Secretary or his delegate, that all tread rubber held by him on July 1, 1961, will be used otherwise than in the recapping or retreading of tires of the type used on highway vehicles (as defined in section 4072(c))." ^e use 4072. (b) D U E DATE or TAXES.—Subsection (d) of section 4226 of such 26 USC 4226. Code is amended by striking out the period at the end thereof and inserting in lieu thereof a comma and "and except that the taxes imposed by paragraphs (6) and (7) shall be paid at such time after September 30, 1961, as may be prescribed by the Secretary or his delegate." (c) FLOOR STOCKS REFUNDS I N 1972.—Paragraph (2) of section

6412(a) of such Code (relating to floor stocks refunds on trucks and buses, tires, tread rubber, and gasoline) is amended— (1) by inserting "TUBES," after "TIRES," in the heading; (2) by striking out "4071(a)(1) or (4)," and inserting in lieu thereof "4071(a)(1), (3), or (4),"; (3) by striking out "July 1, 1972" each place it appears and inserting in lieu thereof "October 1, 1972"; (4) by striking out "November 10, 1972" each place it appears and inserting in lieu thereof "February 10, 1973"; (5) by striking out "October 1, 1972" and inserting in lieu thereof "January 1, 1973"; and (6) by adding at the end thereof the following new sentence: "No credit or refund shall be allowable under this paragraph with respect to inner tubes for bicycle tires (as defined in section 4221(e)(4)(B))." (d) REPEAL OF 1961 FLOOR STOCKS REFUND ON GASOLINE.—Para-

graph (3) of section 6412(a) (relating to 1961 floor stocks refund on gasoline) is hereby repealed.

26 USC 64i2.

74 Stat. ss. Repeal.

73 Stat. 6i4.