Rep. Schneebeli, Herman T. [R-PA-17] (Introduced 01/11/1973)
Summary: H.R.1921 — 93rd Congress (1973-1974)
There is one summary for this bill. Bill summaries are authored by CRS.
Shown Here:Introduced in House (01/11/1973)
Allows a tax credit or refund under the Internal Revenue Code of 1954 in the case of tread rubber for which a tax was paid and which is: (1) destroyed, scrapped, wasted, or rendered useless in the recapping or retreading process; (2) used in the recapping or retreading of tires the sale of which is later adjusted pursuant to a warranty or guaranty, in which case the overpayment shall be in proportion to the adjustment in the sales price; or (3) used in the recapping or retreading of a tire, if such tire is by any person exported, used or sold for use as supplies for vessels or aircraft, sold to a State or local government, or sold to a nonprofit educational organization for its exclusive use.
Provides that a tax payment on tread rubber used in further manufacturing shall be considered an overpayment if the rubber is sold, in connection with any other article produced, to a State or local government, nonprofit educational organization or used for supplies for vessels or aircraft.
Requires the credit or refund, in the case of a new tire the sale of which is later adjusted as the result of a warranty or guaranty, to be in proportion to the adjustment in the sales price of such tire. (Amends 26 U.S.C. 6416(b))
Summary: H.R.1921 — 93rd Congress (1973-1974)
There is one summary for this bill. Bill summaries are authored by CRS.
Shown Here:Introduced in House (01/11/1973)
Allows a tax credit or refund under the Internal Revenue Code of 1954 in the case of tread rubber for which a tax was paid and which is: (1) destroyed, scrapped, wasted, or rendered useless in the recapping or retreading process; (2) used in the recapping or retreading of tires the sale of which is later adjusted pursuant to a warranty or guaranty, in which case the overpayment shall be in proportion to the adjustment in the sales price; or (3) used in the recapping or retreading of a tire, if such tire is by any person exported, used or sold for use as supplies for vessels or aircraft, sold to a State or local government, or sold to a nonprofit educational organization for its exclusive use.
Provides that a tax payment on tread rubber used in further manufacturing shall be considered an overpayment if the rubber is sold, in connection with any other article produced, to a State or local government, nonprofit educational organization or used for supplies for vessels or aircraft.
Requires the credit or refund, in the case of a new tire the sale of which is later adjusted as the result of a warranty or guaranty, to be in proportion to the adjustment in the sales price of such tire. (Amends 26 U.S.C. 6416(b))
Summary: H.R.1921 — 93rd Congress (1973-1974)
There is one summary for this bill. Bill summaries are authored by CRS.
Shown Here:Introduced in House (01/11/1973)
Allows a tax credit or refund under the Internal Revenue Code of 1954 in the case of tread rubber for which a tax was paid and which is: (1) destroyed, scrapped, wasted, or rendered useless in the recapping or retreading process; (2) used in the recapping or retreading of tires the sale of which is later adjusted pursuant to a warranty or guaranty, in which case the overpayment shall be in proportion to the adjustment in the sales price; or (3) used in the recapping or retreading of a tire, if such tire is by any person exported, used or sold for use as supplies for vessels or aircraft, sold to a State or local government, or sold to a nonprofit educational organization for its exclusive use.
Provides that a tax payment on tread rubber used in further manufacturing shall be considered an overpayment if the rubber is sold, in connection with any other article produced, to a State or local government, nonprofit educational organization or used for supplies for vessels or aircraft.
Requires the credit or refund, in the case of a new tire the sale of which is later adjusted as the result of a warranty or guaranty, to be in proportion to the adjustment in the sales price of such tire. (Amends 26 U.S.C. 6416(b))
Summary: H.R.1921 — 93rd Congress (1973-1974)
There is one summary for this bill. Bill summaries are authored by CRS.
Shown Here:Introduced in House (01/11/1973)
Allows a tax credit or refund under the Internal Revenue Code of 1954 in the case of tread rubber for which a tax was paid and which is: (1) destroyed, scrapped, wasted, or rendered useless in the recapping or retreading process; (2) used in the recapping or retreading of tires the sale of which is later adjusted pursuant to a warranty or guaranty, in which case the overpayment shall be in proportion to the adjustment in the sales price; or (3) used in the recapping or retreading of a tire, if such tire is by any person exported, used or sold for use as supplies for vessels or aircraft, sold to a State or local government, or sold to a nonprofit educational organization for its exclusive use.
Provides that a tax payment on tread rubber used in further manufacturing shall be considered an overpayment if the rubber is sold, in connection with any other article produced, to a State or local government, nonprofit educational organization or used for supplies for vessels or aircraft.
Requires the credit or refund, in the case of a new tire the sale of which is later adjusted as the result of a warranty or guaranty, to be in proportion to the adjustment in the sales price of such tire. (Amends 26 U.S.C. 6416(b))
