Page:United States Statutes at Large Volume 85.djvu/564

 534 26u*sc64iV'

PUBLIC LAW 92-178-DEC. 10, 1971 (^^ '^l^® heading of section 6416(g) exports) is amended to read as follows: "(g)

^^p^^^' ?5 USC Ust, Effective date.

[85 STAT.

(relating to certain

TRUCKS, BUSES, TRACTORS, E T C. — ".

(7)(A) Section 304 of the Excise, Estate, and Gift Tax AdjustV^^^^ ^^^ ^* 1^'^^' Public Law 91-614 (relating to new car labels), is hereby repealed. (B) Subparagraph (A) shall apply to acts (or failures to act) after the date of the enactment of this Act. (h) EFFECTIVE DATE.—

26^sc^446V'

79sttT\4^^''

(1) Except as otherwise provided in this section, the amendments made by subsections (a), (f), and (g) of this section shall apply with respect to articles sold on or after the day after the date of the enactment of this Act. (2) For purposes of paragraph (1), an article shall not be considered sold before the day after the date of the enactment of this Act unless possession or right to possession passes to the purchaser before such day. (3) In the case of— (A) a lease, (B) a contract for the sale of an article where it is provided that the price shall be paid by installments and title to the article sold does not pass until a future date notwithstanding partial payment by installments, (C) a conditional sale, or (D) a chattel mortgage arrangement wherein it i s provided that the sale price shall be paid in installments, entered into on or before the date of the enactment of this Act, payments made after such date with respect to the article leased or sold shall, for purposes of this subsection, be considered as payments made with respect to an article sold after such date, if the lessor or vendor establishes that the amount of payments payable after such date with respect to such article has been reduced by an amount equal to that portion of the tax applicable with respect to the lease or sale of such article which is due and payable after such date. If the lessor or vendor does not establish that the payments have been so reduced, they shall be treated as payments made in respect of an article sold before the day after the date of the enactment of this Act. SEC. 402. CREDIT AGAINST TAX ON COIN-OPERATED GAMING DEVICES. (a) ALLOWANCE OF CREDIT FOR STATE TAXES.—Subchapter B of chap^^^ ^^ (relating to occupational tax on coin-operated devices) is amended by adding at the end thereof the following new section: "SEC. 4464. CREDIT FOR STATE-IMPOSED TAXES. " (a) IN GENERAL.—There shall be allowed as a credit against the ^^^ imposed by section 4461 with respect to any coin-operated gaming device for any j^ear an amount equal to the amount of State tax paid for such year with respect to such device by the person liable for the tax imposed by section 4461, if such State tax (1) is paid under a law of the State in which the place or premises on which such device is maintained or used is located, and (2) is similar to the tax imposed by section 4461 (including a tax, other than a general personal property tax, imposed on such device). "(b)

LIMITATIONS.— "(1) DEVICES MUST BE LEGAL UNDER STATE LAW.—Credit

shall be allowed under subsection (a) for a tax imposed by a State only if the maintenance of the coin-operated gaming device by the person liable for the tax imposed by section 4461 on the place or premises occupied by him does not violate any law of such State.

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