SIMPLIFICATION OF EXCISE TAX IMPOSED ON BOWS AND ARROWS.

SEC. 332. SIMPLIFICATION OF EXCISE TAX IMPOSED ON BOWS AND ARROWS. (a) Bows.—Paragraph (1) of section 4161(b) (relating to bows) is amended to read as follows:“(1) Bows.—“(A) In general.—There is hereby imposed on the sale by the manufacturer, producer, or importer of any bow which has a peak draw weight of 30 pounds or more, a tax equal to 11 percent of the price for which so sold.“(B) Archery equipment.—There is hereby imposed on the sale by the manufacturer, producer, or importer—“(i) of any part or accessory suitable for inclusion in or attachment to a bow described in subparagraph (A), and“(ii) of any quiver or broadhead suitable for use with an arrow described in paragraph (2), a tax equal to 11 percent of the price for which so sold.”.(b) Arrows.—Subsection (b) of section 4161 (relating to bows and arrows, etc.) is amended by redesignating paragraph (3) as paragraph (4) and inserting after paragraph (2) the following:“(3) Arrows.—“(A) In general.—There is hereby imposed on the sale by the manufacturer, producer, or importer of any arrow, a tax equal to 12 percent of the price for which so sold. “(B) Exception.—In the case of any arrow of which the shaft or any other component has been previously taxed under paragraph (1) or (2)—“(i) section 6416(b)(3) shall not apply, and“(ii) the tax imposed by subparagraph (A) shall be an amount equal to the excess (if any) of—“(I) the amount of tax imposed by this paragraph (determined without regard to this subparagraph), over118 STAT. 1478“(II) the amount of tax paid with respect to the tax imposed under paragraph (1) or (2) on such shaft or component.“(C) Arrow.—For purposes of this paragraph, the term ‘arrow’ means any shaft described in paragraph (2) to which additional components are attached.”.(c) Conforming Amendments.—Section 4161(b)(2) is amended—(1) by inserting “(other than broadheads)” after “point”, and(2) by striking “Arrows.—” in the heading and inserting “Arrow components.—”.(d) Effective Date.—The amendments made by this section shall apply to articles sold by the manufacturer, producer, or importer after the date which is 30 days after the date of the enactment of this Act.