Page:United States Statutes at Large Volume 98 Part 1.djvu/557

 PUBLIC LAW 98-369—JULY 18, 1984 "' '•

98 STAT. 509

(C) PERSON.—The term "person" includes any State or political subdivision thereof, or any agency or instrumentality of a State or political subdivision thereof. (D) SECRETARY.—The term "Secretary" means the Secretary of the Treasury or his delegate. (E) TREATMENT OF IMPORTED PERFUMES CONTAINING DISTILLED SPIRITS.—Any article described in section 5001(a)(3)

'

of such Code shall be treated as distilled spirits; except that the tax imposed by paragraph (1) shall be imposed on a wine gallon basis in lieu of a proof gallon basis. To the extent provided in regulations prescribed by the Secretary, the preceding sentence shall not apply to any article held on October 1, 1985, on the premises of a retail establishment.

(c) REQUIREMENT OF ELECTRONIC FUNDS TRANSFER FOR ALCOHOL AND TOBACCO EXCISE TAXES.— (1) ALCOHOL TAXES.—Section 5061 (relating to method of col-

26 USC 5061.

lecting tax on distilled spirits) is amended by adding at the end thereof the following new subsection: "(e) PAYMENT BY ELECTRONIC FUND TRANSFER.—

"(1) IN GENERAL.—Any person who in any 12-month period ending December 31, was liable for a gross amount equal to or exceeding $5,000,000 in taxes imposed on distilled spirits, wines, or beer by sections 5001, 5041, and 5051 (or 7652), respectively, shall pay such taxes during the succeeding calendar year by electronic fund transfer to a Federal Reserve Bank. "(2) ELECTRONIC FUND TRANSFER.—The term 'electronic fund transfer' means any transfer of funds, other than a transaction originated by check, draft, or similar paper instrument, which is initiated through an electronic terminal, telephonic instrument, or computer or magnetic tape so as to order, instruct, or authorize a financial institution to debit or credit an account." (2) TOBACCO TAXES.—Subsection (b) of section 5703 (relating to method of payment of tobacco taxes) is amended by adding at the end thereof the following new paragraph: "(3) PAYMENT BY ELECTRONIC FUND TRANSFER.—Any person who in any 12-month period, ending December 31, was liable for a gross amount equal to or exceeding $5,000,000 in taxes imposed on tobacco products and cigarette papers and tubes by section 5701 (or 7652) shall pay such taxes during the succeeding calendar year by electronic fund transfer (as defined in section 5061(e)(2)) to a Federal Reserve Bank." (d) EFFECTIVE DATES.— (1) IN GENERAL.—Except as provided in paragraph (2), the amendments made by this section shall take effect on October 1, (2) ELECTRONIC TRANSFER PROVISIONS.—The amendments made by subsection (c) shall apply to taxes required to be paid on or after September 30, 1984.
 * 1985.

26 USC 5703.

Supra. 26 USC 500i note.

Subtitle B—Tax-Exempt Entity Leasing SEC. 31. DENIAL OF TAX INCENTIVES FOR PROPERTY LEASED TO GOV"^^.k ERNMENTS AND OTHER TAX-EXEMPT ENTITIES. (a) GENERAL RULE.—Section 168 (relating to accelerated cost re- 26 USC 168. covery system) is amended by redesignating subsection (j) as subsec-

�