Page:United States Statutes at Large Volume 118.djvu/1507

 118 STAT. 1477 PUBLIC LAW 108–357—OCT. 22, 2004 ‘‘(ii) the securities (other than the securities of other regulated investment companies) of two or more issuers which the taxpayer controls and which are determined, under regulations prescribed by the Sec retary, to be engaged in the same or similar trades or businesses or related trades or businesses, or ‘‘(iii) the securities of one or more qualified publicly traded partnerships (as defined in subsection (h)).’’. (g) APPLICATION OF SPECIAL PASSIVE ACTIVITY RULE TO REGU LATED INVESTMENT COMPANIES.—Subsection (k) of section 469 (relating to separate application of section in case of publicly traded partnerships) is amended by adding at the end the following new paragraph: ‘‘(4) APPLICATION TO REGULATED INVESTMENT COMPANIES.— For purposes of this section, a regulated investment company (as defined in section 851) holding an interest in a qualified publicly traded partnership (as defined in section 851(h)) shall be treated as a taxpayer described in subsection (a)(2) with respect to items attributable to such interest.’’. (h) EFFECTIVE DATE.—The amendments made by this section shall apply to taxable years beginning after the date of the enact ment of this Act. 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 para graph (determined without regard to this subpara graph), over 26 USC 469 note.

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