A bill to amend the Internal Revenue Code of 1954 to impose a temporary manufacturers excise tax on passenger elevators and escalators and to use the revenues from such tax to finance an earthquake engineering research center.

Summary

Amends the Internal Revenue Code to impose a manufacturers excise tax on passenger elevators and escalators. Sets the amount of such tax at five percent of the sales price. Applies such tax to sales after December 31, 1985, and before January 1, 1991. Establishes in the Treasury the Earthquake Research Center Trust Fund. Appropriates to such trust fund revenues raised by such tax. Amends the Earthquake Hazards Reduction Act of 1977 to establish a center for earthquake engineering research. Authorizes appropriations.

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1 official file

• Introduced in House

  summary · EN · 19 February 1985

  Open at official source

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