REDUCTION OF TAX ON REFRIGERATORS AND QUICK-FREEZE UNITS AND ON ELECTRIC, GAS, AND OIL HOUSE-HOLD APPLIANCES.

SEC 305. REDUCTION OF TAX ON REFRIGERATORS AND QUICK-FREEZE UNITS AND ON ELECTRIC, GAS, AND OIL HOUSE-HOLD APPLIANCES. (a) Reduction of Tax.—Section 3405 (relating to manufacturers’ excise tax on refrigerators, quick-freeze units, and self-contained air conditioning units) is hereby amended by striking out “10 per centum” and inserting in lieu thereof the following: “5 per centum (10 per centum in the case of articles subject to tax under subsection (c))”; and section 3406 (a) (3) (relating to manufacturers’ excise tax on electric, gas, and oil appliances) is hereby amended by striking out “10 per centum” and inserting in lieu thereof “5 per centum”. (b) Floor Stocks Refund.—Subchapter A of chapter 29 (relating to manufacturers’ excise taxes) is hereby amended by adding at the end thereof a new section as follows: “SEC. 3416. FLOOR STOCKS REFUND ON REFRIGERATORS, QUICK-FREEZE UNITS, AND ELECTRIC, GAS, AND OIL HOUSE-HOLD APPLIANCES. “(a) In General.—Where before April 1, 1954, any article subject to the tax imposed by section 3405 (a), section 3405 (b), or section 3406 (a) (3) has been sold by the manufacturer, producer, or importer, and on such date is held by a dealer and has not been used and is intended for sale, there shall be credited or refunded (without interest) to the manufacturer, producer, or importer an amount equal to the difference between the tax paid by such manufacturer, producer, or importer on his sale of the article and the tax made applicable to such article on and after April 1, 1954, if such manufacturer, producer, or importer— “(1) has paid such amount as reimbursement to the dealer who held such article on April 1, 1954; and “(2) files claim for such credit or refund before August 1, 1954. “(b) Definition of Dealer.—As used in this section, the term ‘dealer’ includes a wholesaler, jobber, distributor, or retailer. For the purposes of this section, an article shall be considered as ‘held by a dealer’ if title thereto has passed to such dealer (whether or not deliv-68 Stat. 41ery to him has been made), and if for purposes of consumption title to such article or possession thereof has not at any time been transferred to any person other than a dealer. “(c) Limitation on Eligibility.—No person shall be entitled to credit or refund under this section unless he has in his possession such evidence of the inventories with respect to which he has made the reimbursements described in subsection (a) as may be required by regulations prescribed under this section. “(d) Penalties and Administrative Procedures.—All provisions of law, including penalties, applicable in respect of the taxes imposed under sections 3405 (a), 3405 (b), and 3406 (a) (3) shall, insofar as applicable and not inconsistent with this section, be applicable in respect of the credits and refunds provided for in this section to the same extent as if such credits or refunds constituted credits or refunds of such taxes.”