EXTENSION AND PHASEDOWN OF LUXURY PASSENGER AUTOMOBILE TAX.

SEC. 1607. EXTENSION AND PHASEDOWN OF LUXURY PASSENGER AUTOMOBILE TAX. (a) Extension.— Subsection (f) of section 4001 is amended by striking “1999” and inserting “2002”. (b) Phasedown.— Section 4001 is amended by redesignating subsection (f) (as amended by subsection (a) of this section) as subsection (g) and by inserting after subsection (e) the following new subsection: “(f) Phasedown.— For sales occurring in calendar years after 1995 and before 2003, subsection (a) shall be applied by substituting for ‘10 percent’ the percentage determined in accordance with the following table: “If the calendar year is: The percentage is: 1996 9 percent 1997 8 percent 1998 7 percent 1999 6 percent 2000 5 percent 2001 4 percent 2002 3 percent.”. 110 STAT. 1840 (c) Effective Date.— The amendments made by this section shall apply with respect to sales occurring after the date which is 7 days after the date of the enactment of this Act.