Page:United States Statutes at Large Volume 123.djvu/127

 123STA T . 1 07PUBLIC LA W 111 – 3 —FE B. 4, 200 9(f)PIPETOBAC CO .—Section5701 (f) of su c hC o d eis am ended by st r i k in g‘ ‘ $ 1.0 96 9 cents (95.67 cents on p ipe tobacco remo v ed during 2 000 or 2001) ’ ’ and inserting ‘‘$2. 83 11 cents’’. (g) R O L L -Y O UR - OWN TOBACCO.—Section 5701(g) of such Code is amended by striking ‘‘$1.0969 cents (95.67 cents on ro l l-your- o w n tobacco removed during 2000 or 2001)’’ and inserting ‘‘$2 4 .78’’. (h) F LOOR S T OC KS TA X ES.— (1) IM POSITION O F TAX.—On tobacco products (other than cigars described in section 5701(a)(2) of the Internal Revenue Code of 1986) and cigarette papers and tubes manufactured in or imported into the U nited States which are removed before A pril 1 , 2009, and held on such date for sale by any person, there is hereby imposed a ta x in an amount e q ual to the excess of— (A) the tax which would be imposed under section 5701 of such Code on the article if the article had been removed on such date, over ( B ) the prior tax (if any) imposed under section 5701 of such Code on such article. (2) CRE D ITA G AINST TAX.— E ach person shall be allowed as a credit against the taxes imposed by paragraph (1) an amount equal to $500. Such credit shall not exceed the amount of taxes imposed by paragraph (1) on April 1, 2009, for which such person is liable. (3) L IABILIT Y FOR TAX AND MET H OD OF PAYMENT.— (A) LIABILITY FOR TAX.—A person holding tobacco prod- ucts, cigarette papers, or cigarette tubes on April 1, 2009, to which any tax imposed by paragraph (1) applies shall be liable for such tax. (B) M ETHOD OF PAYMENT.—The tax imposed by para- graph (1) shall be paid in such manner as the Secretary shall prescribe by regulations. (C) TIME FOR PAYMENT.—The tax imposed by para- graph (1) shall be paid on or before August 1, 2009. (4) ARTICLES IN FOREIGN TRADE Z ONES.— N otwithstanding the Act of J une 18, 1934 (commonly known as the Foreign Trade Z one Act, 48 Stat. 998, 19 U.S.C. 81a et seq.) or any other provision of law, any article which is located in a foreign trade z one on April 1, 2009, shall be sub j ect to the tax imposed by paragraph (1) if— (A) internal revenue taxes have been determined, or customs duties liquidated, with respect to such article before such date pursuant to a request made under the 1st proviso of section 3(a) of such Act, or (B) such article is held on such date under the super- vision of an officer of the United States Customs and Border Protection of the D epartment of H omeland Security pursu- ant to the 2d proviso of such section 3(a). (5) DEFINITIONS.—For purposes of this subsection— (A) IN GENERAL.—Any term used in this subsection which is also used in section 5702 of the Internal Revenue Code of 1986 shall have the same meaning as such term has in such section. (B) SECRETARY.—The term ‘‘Secretary’’ means the Sec- retary of the Treasury or the Secretary’s delegate. Regulations.26USC5701 note.