A bill to amend the Internal Revenue Code of 1954 to provide refunds in the case of certain uses of tread rubber, and for other purposes.

Summary

Allows a tax credit or refund under the Internal Revenue Code of 1954 in the case of tread rubber for which a tax was paid and which is: (1) destroyed, scrapped, wasted, or rendered useless in the recapping or retreading process; (2) used in the recapping or retreading of tires the sale of which is later adjusted pursuant to a warranty or guaranty, in which case the overpayment shall be in proportion to the adjustment in the sales price; or (3) used in the recapping or retreading of a tire, if such tire is by any person exported, used or sold for use as supplies for vessels or aircraft, sold to a State or local government, or sold to a nonprofit educational organization for its exclusive use. Provides that a tax payment on tread rubber used in further manufacturing shall be considered an overpayment if the rubber is sold, in connection with any other article produced, to a State or local government, nonprofit educational organization or used for supplies for vessels or aircraft. Requires the credit or refund, in the case of a new tire the sale of which is later adjusted as the result of a warranty or guaranty, to be in proportion to the adjustment in the sales price of such tire. (Amends 26 U.S.C. 6416(b))

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Documents

1 official file

• Introduced in House

  summary · EN · 11 January 1973

  Open at official source

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