Page:United States Statutes at Large Volume 92 Part 3.djvu/557

 PUBLIC LAW 95-618—NOV. 9, 1978

92 STAT. 3189

such article or possession thereof has not at any time been transferred to any person other than a dealer. ^' (3) The term "tax-repealed article" means an article on which a tax was imposed by section 4061(a) of such Code (as in effect on 26 USC 4061. the day before the date of the enactment of this Act) and which is exempted from such tax by paragraph (6) of section 4063(a) of such Code (as amended by subsection (a) of this section). 26 USC 4063. (f) TECHNICAL AND CONFORMING AMENDMENTS.—

(1) The heading for paragraph (1) of section 6412(a) (relat- 26 USC 6412. ing to floor stocks refunds) is amended by striking out "AND BUSES".

(2) Subsection (d) of section 4222 (relating to registration in 26 USC 4222. case of certain other exemptions) is amended by striking out "4063(a)(6) or (7)" and inserting in lieu thereof "4063(a)(7)". (g) EFFECTIVE DATE.— 26 USC 4063 (1) The amendments made by subsections (a) and (f) shall "o*®apply with respect to articles sold after the date of the enactment of this Act., ^ >P: < y (2) For purposes of paragraph (1), an article shall not be considered sold on or before the date of the enactment of this Act unless possession or right to possession passes to the purchaser on or before such date. (3) In the case of— ',. '-(A) a lease, (B) a contract for the sale of an article providing 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 providing that the •,.. > i.c 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 ^.y j: f'; 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 on or before the date of the enactment of this Act. SEC. 232. REMOVAL OF EXCISE TAX ON BUS PARTS. (a) EXEMPT SALES.—Subsection (e) of section 4221 (relating to 26 USC 4221. special rules for certain tax-free sales) is amended by adding at the end thereof the following new paragraph: " (6) Bus PARTS AND ACCESSORIES.—Under regulations prescribed by the Secretary, the tax imposed by section 4061(b) shall not apply to any part or accessory which is sold for use by the purchaser on or in connection with an automobile bus." (b) REFUND FOR CERTAIN SALES OF BUS PARTS.—Subparagraph (I)

of section 6416(b)(2) (relating to refund for specified uses and 26 USC 6416. resales) is amended to read as follows: " (I) in the case of any article taxable under section 4061 (b), sold for use by the purchaser on or in connection with an automobile bus;".

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