A bill to amend the Internal Revenue Code of 1954 to adjust the excise tax on tires, and for other purposes.

Summary

Amends the Internal Revenue Code to reduce the rate of excise tax on: (1) highway vehicle tires from $.10 to $.0975 (and on or after October 1, 1984, to $.04875); and (2) other tires (except laminated tires) from $.05 to $.04875. Requires determination of any overpayment of such tax arising by reason of an adjustment for such reduction after the original sale pursuant to warranty, in accordance with principles set forth in regulations and rulings in effect on March 31, 1978. Applies this requirement to the adjustment of any tire between March 31, 1978 and January 1, 1983. Prohibits any credit or refund for adjustments after December 31, 1982.

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1 official file

• Introduced in Senate

  summary · EN · 30 June 1980

  Open at official source

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