SALES AT RETAIL UNDER REVOLVING CREDIT PLANS.

SEC. 222. SALES AT RETAIL UNDER REVOLVING CREDIT PLANS. (a) Treatment Under Installment Method.—Section 453 (relating to installment method of accounting) is amended by adding at the end thereof the following new subsection: “(e) Revolving Credit Type Plans.—For purposes of subsection (a), the term ‘installment plan’ includes a revolving credit type plan which provides that the purchaser of personal property at retail may 78 Stat. 76pay for such property in a series of periodic payments of an agreed portion of the amounts due the seller under the plan, except that such term does not include any such plan with respect to a purchaser who uses his account primarily as an ordinary charge account.” (b) Effective Date.—The amendment made by subsection (a) shall apply in respect of sales made during taxable years beginning after December 31, 1963.