STATUTE OF LIMITATIONS ON ASSESSMENT AND COLLECTION OF EXCISE TAXES.

SEC. 810. STATUTE OF LIMITATIONS ON ASSESSMENT AND COLLECTION OF EXCISE TAXES. (a) Return Deemed Filed.— Subsection (b) of section 6501 (relating to time return deemed filed) is amended by adding at the end thereof the following new paragraph: “(4) Return of excise taxes.—For purposes of this section, the filing of a return for a specified period on which an entry has been made with respect to a tax imposed under a provision of subtitle D (including a return on which an entry has been made showing no liability for such tax for such period) shall constitute the filing of a return of all amounts of such tax which, if properly paid, would be required to be reported on such return for such period.” (b) Substantial Omission of Tax on Return.— (1) In general.—Subsection (e) of section 6501 (relating to limitations on assessment and collection where there is an omission from gross income) is amended by adding at the end thereof the following new paragraph: “(3) Excise taxes.—In the case of a return of a tax imposed under a provision of subtitle D, if the return omits an amount of such tax properly includible thereon which exceeds 25 percent of the amount of such tax reported thereon, the tax may be assessed, or a proceeding in court for the collection of such tax may be begun without assessment, at any time within 6 years after the return is filed.” (2) Clerical amendment.— The heading for subsection (e) of section 6501 is amended by striking out “Omission From Gross Income” and inserting in lieu thereof “Substantial Omission of Items”. (c) Effective Date.— The amendments made by subsections (a) and (b) shall apply with respect to returns filed on or after July 1, 1965.