Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
(a) Repeal.--Subsection (b) of section 332 of the American Jobs Creation Act of 2004, and the amendments made by such subsection, are hereby repealed; and the Internal Revenue Code of 1986 shall be applied as if such subsection and amendments had never been enacted.
(b) Tax on Arrow Shafts.--Paragraph (2) of section 4161(b) of the Internal Revenue Code of 1986 (relating to arrows) is amended to read as follows: ``(2) Arrows.-- ``(A) In general.--There is hereby imposed on the first sale by the manufacturer, producer, or importer of any shaft (whether sold separately or incorporated as part of a finished or unfinished product) of a type used in the manufacture of any arrow which after its assembly-- ``(i) measures 18 inches overall or more in length, or ``(ii) measures less than 18 inches overall in length but is suitable for use with a bow described in paragraph (1)(A), a tax equal to 39 cents per shaft. ``(B) Adjustment for inflation.-- ``(i) In general.--In the case of any calendar year beginning after 2005, the 39-cent amount specified in subparagraph (A) shall be increased by an amount equal to the product of-- ``(I) such amount, multiplied by ``(II) the cost-of-living adjustment determined under section 1(f)(3) for such calendar year, determined by substituting `2004' for `1992' in subparagraph (B) thereof. ``(ii) Rounding.--If any increase determined under clause (i) is not a multiple of 1 cent, such increase shall be rounded to the nearest multiple of 1 cent.''.
(c) Arrow Points.--Clause (ii) of section 4161(b)(1)(B) (relating to archery equipment) of such Code is amended by striking ``quiver or broadhead'' and inserting ``quiver, broadhead, or point''.
(d) Effective Date.--The amendments made by subsections (b) and (c) shall apply to articles sold by the manufacturer, producer, or importer after March 31, 2005.
Approved December 23, 2004.
LEGISLATIVE HISTORY--H.R. 5394: ---------------------------------------------------------------------------
CONGRESSIONAL RECORD, Vol. 150 (2004): Dec. 6, considered and passed House. Dec. 8, considered and passed Senate.
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