Page:United States Statutes at Large Volume 70.djvu/448

 392

PUBLIC LAW 627-JUNE 29, 1956

[70 S T A T.

" (C) for use in the manufacture or production of other articles, there is hereby imposed a floor stocks tax at the rate of 3 cents a pound. The tax imposed by this paragraph shall not apply to any tire which is held for sale by the manufacturer, producer, or 42^19 " ^ ^ 42 18, importer of such tire or which will be subject under section 4218 (a)(2) or 4219 to the manufacturers excise tax on tires. "(3) 1956 TAX ON TREAD RUBBER.—On tread rubber subject to Ante, p. 389. tax under section 4071(a)(4) (as amended by the Highway ' Revenue Act of 1956) which, on July 1, 1956, is held by a dealer, there is hereby imposed a floor stocks tax at the rate of 3 cents a pound. The tax imposed by this paragraph shall not apply in the case of any person if such person establishes, to the satisfaction of the Secretary or his delegate, that all tread rubber held by him on July 1, 1956, will be used otherwise than in the recapping or retreading of tires of the type used on highway Ante, p. 389. vehicles (as defined in section 4072(c)). "(4) 1956 TAX ON GASOLINE.—On gasoliue subject to tax under Antti, p. 389. section 4081 which, on July 1, 1956, is held by a dealer for sale, there is hereby imposed a floor stocks tax at the rate of 1 cent a gallon. The tax imposed by this paragraph shall not apply to gasoline in retail stocks held at the place where intended to be sold at retail, nor to gasoline held for sale by a producer or importer of gasoline. Po«t, p. 393. «^^^ OVERPAYMENT OF FIJOOR STOCKS TAXES.—Section 6416 shall > '... apply in respect of the floor stocks taxes imposed by this section, so as g to entitle, subject to all provisions of section 6416, any person paying such floor stocks taxes to a credit or refund thereof for any of the reasons specified in section 6416. "(c) MEANING OF TERMS.—For purposes of subsection (a), the terms 'dealer' and 'held by a dealer' have the meaning assigned to them Intra. by section 6412(a)(3). " (d) D U E DATE OF TAXES.—The taxes imposed by subsection (a) shall be paid at such time after September 30, 1956, as may be prescribed by the Secretary or his delegate." (b) TECHNICAL AMENDMENT.—The table of sections for subchapter F of chapter 32 is amended by striking out "Sec. 4226. Cross references." and inserting in lieu thereof "Sec. 4226. Floor stocks taxes. "Sec. 4227. Cross references." SEC. 208. CREDIT OR REFUND OF TAX. 26 USC 6412. (a) FLOOR STOCKS KEFUNDS.—So much of section 6412 (relating to floor stocks refunds) as precedes subsection (d) is amended to read as follows: "SEC. 6412. FLOOR STOCKS REFUNDS. " (a) IN GENERAL.— " (1) PASSENGER AUTOMOBILES, ETC.—Where before April 1, 1957,

26 USC 4061.

any article subject to the tax imposed by section 4061(a)(2) has been sold by the manufacturer, producer, or importer and on such date is held by a dealer and has not been used and is intended for sale, there shall be credited or refunded (without interest) to the manufacturer, producer, or importer an amount equal to the difference between the tax paid by such manufacturer, producer, or importer on his sale of the article and the amount of tax made applicable to such article on and after April 1, 1957, if claim for such credit or refund is filed with the Secretary or his delegate on or before August 10, 1957, based upon a request submitted to

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