FLOOR STOCKS TAXES.

SEC. 207. FLOOR STOCKS TAXES. (a) Imposition of Taxes.—Subchapter F of chapter 32 (special provisions applicable to manufacturers excise taxes) is amended by renumbering section 4226 as 4227 and by inserting after section 4225 the following new section: “SEC. 4226. FLOOR STOCKS TAXES. “(a) In General.— “(1) 1956 tax on trucks, truck trailers, buses, etc.—On any article subject to tax under section 4061 (a) (1) (relating to tax on trucks, truck trailers, buses, etc.) which, on July 1, 1956, is held by a dealer for sale, there is hereby imposed a floor stocks tax at the rate of 2 percent of the price for which the article was purchased by such dealer. If the price for which the article was sold by the manufacturer, producer, or importer is established to the satisfaction of the Secretary or his delegate, then in lieu of the amount specified in the preceding sentence, the tax imposed by this paragraph shall be at the rate of 2 percent of the price for which the article was sold by the manufacturer, producer, or importer. “(2) 1956 tax on tires of the type used on highway vehicles.—On tires subject to tax under section 4071 (a) (1) (as amended by the Highway Revenue Act of 1956) which, on July 1, 1956, are held— “(A) by a dealer for sale, “(B) for sale on, or in connection with, other articles held by the manufacturer, producer, or importer of such other articles, or 70 Stat. 392 “(C) for use in the manufacture or production of other articles, there is hereby imposed a floor stocks tax at the rate of 3 cents a pound. The tax imposed by this paragraph shall not apply to any tire which is held for sale by the manufacturer, producer, or importer of such tire or which will be subject under section 4218 (a) (2) or 4219 to the manufacturers excise tax on tires. “(3) 1956 tax on tread rubber.—On tread rubber subject to tax under section 4071 (a) (4) (as amended by the Highway Revenue Act of 1956) which, On July 1, 1956, is held by a dealer, there is hereby imposed a floor stocks tax at the rate of 3 cents a pound. The tax imposed by this paragraph shall not apply in the case of any person if such person establishes, to the satisfaction of the Secretary or his delegate, that all tread rubber held by him on July 1, 1956, will be used otherwise than in the recapping or retreading of tires of the type used on highway vehicles (as defined in section 4072 (c)). “(4) 1956 tax on gasoline.—On gasoline subject to tax under section 4081 which, on July 1, 1956 is held by a dealer for sale, there is hereby imposed a floor stocks tax at the rate of 1 cent a gallon. The tax imposed by this paragraph shall not apply to gasoline in retail stocks held at the place where intended to be sold at retail, nor to gasoline held for sale by a producer or importer of gasoline. “(b) Overpayment of Floor Stocks Taxes.— Section 6416 shall apply in respect of the floor stocks taxes imposed by this section, so as to entitle, subject to all provisions of section 6416, any person paying such floor stocks taxes to a credit or refund thereof for any of the reasons specified in section 6416. “(c) Meaning of Terms.—For purposes of subsection (a), the terms ‘dealer’ and ‘held by a dealer’ have the meaning assigned to them by section 6412 (a) (3). “(d) Due Date of Taxes.—The taxes imposed by subsection (a) shall be paid at such time after September 30, 1956, as may be prescribed by the Secretary or his delegate.” (b) Technical Amendment.— The table of sections for subchapter F of chapter 82 is amended by striking out “Sec. 4716. Cross references.” and inserting in lieu thereof “Sec. 4226. Floor stocks taxes. “Sec. 4227. Cross references.”