Page:United States Statutes at Large Volume 111 Part 1.djvu/960

 Ill STAT. 936 PUBLIC LAW 105-34—AUG. 5, 1997 26 USC 4081 (g) FLOOR STOCK TAXES.— note. (1) IMPOSITION OF TAX.— In the case of kerosene which is held on July 1, 1998, by any person, there is hereby imposed a floor stocks tax of 24.4 cents per gallon. (2) LIABILITY FOR TAX AND METHOD OF PAYMENT. — (A) LIABILITY FOR TAX.— A person holding kerosene on July 1, 1998, to which the tax imposed by paragraph (1) applies shall be liable for such tax. (B) METHOD OF PAYMENT.—The tax imposed by paragraph (1) shall be paid in such manner as the Secretary shall prescribe. (C) TIME FOR PAYMENT.— The tax imposed by paragraph (1) shall be paid on or before August 31, 1998. (3) DEFINITIONS. —For purposes of this subsection— (A) HELD BY A PERSON. —Kerosene shall be considered as "held by a person" if title thereto has passed to such person (whether or not delivery to the person has been made). (B) SECRETARY.—The term "Secretary" means the Secretary of the Treasury or his delegate. (4) EXCEPTION FOR EXEMPT USES.—The tax imposed by paragraph (1) shall not apply to kerosene held by any person exclusively for any use to the extent a credit or refund of the tax imposed by section 4081 of the Internal Revenue Code of 1986 is allowable for such use. (5) EXCEPTION FOR FUEL HELD IN VEHICLE TANK.— N O tax shall be imposed by paragraph (1) on kerosene held in the tank of a motor vehicle or motorboat. (6) EXCEPTION FOR CERTAIN AMOUNTS OF FUEL. — (A) IN GENERAL. —No tax shall be imposed by paragraph (1) on kerosene held on July 1, 1998, by any person if the aggregate amount of kerosene held by such person on such date does not exceed 2,000 gallons. The preceding sentence shall apply only if such person submits to the Secretary (at the time and in the manner required by the Secretary) such information as the Secretary shall require for purposes of this paragraph. (B) EXEMPT FUEL. —For purposes of subparagraph (A), there shall not be taken into account fuel held by any person which is exempt from the tax imposed by paragraph (1) by reason of paragraph (4) or (5). (C) CONTROLLED GROUPS.— For purposes of this paragraph— (i) CORPORATIONS.— (I) IN GENERAL. —Al l persons treated as a controlled group shall be treated as 1 person. (II) CONTROLLED GROUP.— The term "controlled group" has the meaning given to such term by subsection (a) of section 1563 of such Code; except that for such purposes the phrase "more than 50 percent" shall be substituted for the phrase "at least 80 percent" each place it appears in such subsection. (ii) NONINCORPORATED PERSONS UNDER COMMON CONTROL.— Under regulations prescribed by the Secretary, principles similar to the principles of clause (i) shall apply to a group of persons under common

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