CAP ON EXCISE TAX ON CERTAIN FISHING EQUIPMENT.

SEC. 11117. CAP ON EXCISE TAX ON CERTAIN FISHING EQUIPMENT.(a) In General.—Paragraph (1) of section 4161(a) (relating to sport fishing equipment) is amended to read as follows:“(1) Imposition of tax.—“(A) In general.—There is hereby imposed on the sale of any article of sport fishing equipment by the manufacturer, producer, or importer a tax equal to 10 percent of the price for which so sold.“(B) Limitation on tax imposed on fishing rods and poles.—The tax imposed by subparagraph (A) on any fishing rod or pole shall not exceed $10.”.(b) Conforming Amendments.—Section 4161(a)(2) is amended by striking “paragraph (1)” both places it appears and inserting “paragraph (1)(A)”.(c) Effective Date.—The amendments made by this section shall apply to articles sold by the manufacturer, producer, or importer after September 30, 2005.