ACCELERATION OF DEPOSIT REQUIREMENTS FOR AIRLINE TICKET TAX.

SEC. 7502. ACCELERATION OF DEPOSIT REQUIREMENTS FOR AIRLINE TICKET TAX. (a) In General.—Section 6302 (relating to mode or time of collection) is amended by redesignating subsection (e) as subsection (f) and by inserting after subsection (d) the following new subsection: “(e) Time for Deposit of Taxes on Airline Tickets.—If, under regulations prescribed by the Secretary, a person is required to make deposits of any tax imposed by subsection (a) or (b) of section 4261 with respect to amounts considered collected by such person during any semimonthly period, such deposit shall be made not later than the 3rd day (not including Saturdays, Sundays, or legal holidays) after the close of the 1st week of the 2nd semimonthly period following the period to which such amounts relate.” (b) Effective Date.—The amendment made by subsection (a) shall apply to payments of taxes considered collected for semi-monthly periods beginning after June 30, 1990.