PUBLIC L A W 98-369—JULY 18, 1984
98 STAT. 1003
(B) transfers before January 1, 1986, any portion of its property to a FSC in a transaction described in section 351 or 368(a)(l), then, subject to such rules as the Secretary of the Treasury or his delegate may prescribe based on principles similar to the principles of section 505(a) and (h) of the Revenue Act of 1971, 26 USC 970 note. no income, gain, or loss shall be recognized on such transfer or on the distribution of any stock of the FSC received (or treated |g|,| «> •, ^ £ as received) in connection with such transfer. >: •.: (3) EXPORT TRADE CORPORATION.—For purposes of this subsection, the term "export trade corporation" has the meaning given such term by section 971 of the Internal Revenue Code of
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1954. W^'^
TITLE IX—HIGHWAY REVENUE S;::,:,,,^...,,^^ PROVISIONS
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Subtitle A—Provisions Relating to Heavy Vehicle Use Tax •! SEC. 901. REDUCTION OF HEAVY VEHICLE USE TAX. (a) GENERAL RULE.—Subsection (a) of section 4481 (as amended by 26 USC 4481.
section 513(a) of the Highway Revenue Act of 1982) is amended to read as follows:
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"(a) IMPOSITION OF TAX.—A tax is hereby imposed on the use of
any highway motor vehicle which (together with the semitrailers and trailers customarily used in connection with highway motor vehicles of the same type as such highway motor vehicle) has a taxable gross weight of at least 55,000 pounds at the rate specified in the following table: "Taxable gross weight: Rate of tax: "At least 55,000 pounds, but not $100 per year plus $22 for each 1,000 over 75,000 pounds. pounds (or fraction thereof) in excess of 55,000 pounds. Over 75,000 pounds $550." (b) SPECIAL RULES IN THE CASE OF CERTAIN OWNER-OPERATORS.— 26 USC 4481 (1) SPECIAL RULE FOR TAXABLE PERIOD BEGINNING ON JULY i, note.
1984.—In the case of a small owner-operator, the amount of the tax imposed by section 4481 of the Internal Revenue Code of 1954 on the use of any highway motor vehicle subject to tax under section 4481(a) of such Code (as amended by subsection (a)) for the taxable period which begins on July 1, 1984, shall be the lesser of— (A) $3 for each 1,000 pounds of taxable gross weight (or fraction thereof), or (B) the amount of the tax which would be imposed under such section 4481(a) without regard to this paragraph. (2) EXEMPTION FOR VEHICLES USED FOR LESS THAN 5,OOO MILES (AND CERTAIN OTHER AMENDMENTS) TO TAKE EFFECT ON JULY 1,
1984.—In the case of a small owner-operator, notwithstanding subsection (f)(2) of section 513 of the Highway Revenue Act of 1982, the amendments made by subsections (b), (c), and (d) of 26 USC 4481 such section shall take effect on July 1, 1984. note. t
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