FLOOR STOCKS REFUNDS.

SEC. 454. FLOOR STOCKS REFUNDS. (a) Amendment of Section 1656 (a).—Section 1656 (a) (relating to floor stocks refunds on distilled spirits, etc.) is amended to read as follows: “(a) In General.—With respect to any article upon which tax is imposed under section 2800 (a). 3030 (a), or 3150 (a), upon which internal revenue tax (including floor stocks tax) at the applicable rate prescribed by such section has been paid, and which, on April 1, 1954, is held by any person and intended for sale or for use in the manufacture or production of any article intended for sale, there shall be credited or refunded to such person (without interest), subject to such regulations as may be prescribed by the Secretary, an amount equal to the difference between the tax so paid and the rate made applicable to such articles on and after April 1, 1954, by such section, if claim for such credit or refund is filed with the Secretary prior to May 1, 1954.” (b) Amendment of Section 1656 (b).—Section 1656 (b) (relating to limitations on eligibility for floor stocks refunds on distilled spirits, etc.) is amended by striking out “the rate reduction date” wherever it appears therein and inserting in lieu thereof “April 1, 1954”.