PASSENGER AUTOMOBILES.

SEC. 201. PASSENGER AUTOMOBILES. (a) Postponement of Rate Reductions.— Subparagraph (A) of section 4061(a)(2) (relating to imposition of tax) is amended to read as follows: “(A) Articles enumerated in subparagraph (B) are taxable at whichever of the following rates is applicable: “7 percent for the period beginning with the day after the date of the enactment of the Tax Adjustment Act of 1966 through March 31, 1968. “2 percent for the period April 1, 1968, through December 31, 1968. “1 percent for the period after December 31, 1968.” 80 Stat. 66 (b) Conforming Amendment.— Section 6412(a)(1) (relating to floor stocks refunds on passenger automobiles, etc.) is amended by striking out “January 1, 1966, 1967, 1968, or 1969,” and inserting in lieu thereof “January 1, 1966, April 1, 1968, or January 1, 1969,”. (c) Effective Date.— The amendment made by subsection (a) shall apply with respect to articles sold after the date of the enactment of this Act.