119 STAT. 1958
PUBLIC LAW 109–59—AUG. 10, 2005
‘‘(1) IN GENERAL.—For purposes of this section, the average tax-financing cost per case for any calendar year is the amount of interest which would accrue at the deemed financing rate during a 60-day period on an amount equal to the deemed Federal excise tax per case. ‘‘(2) DEEMED FINANCING RATE.—For purposes of paragraph (1), the deemed financing rate for any calendar year is the average of the corporate overpayment rates under paragraph (1) of section 6621(a) (determined without regard to the last sentence of such paragraph) for calendar quarters of such year. ‘‘(3) DEEMED FEDERAL EXCISE TAX PER CASE.—For purposes of paragraph (1), the deemed Federal excise tax per case is $25.68. ‘‘(d) OTHER DEFINITIONS AND SPECIAL RULES.—For purposes of this section— ‘‘(1) CASE.—The term ‘case’ means 12 80-proof 750-milliliter bottles. ‘‘(2) NUMBER OF CASES IN LOT.—The number of cases in any lot of distilled spirits shall be determined by dividing the number of liters in such lot by 9.’’. (b) CREDIT TREATED AS PART OF GENERAL BUSINESS CREDIT.— Section 38(b) (relating to current year business credit) is amended by striking ‘‘plus’’ at the end of paragraph (18), by striking the period at the end of paragraph (19), and inserting ‘‘, plus’’, and by adding at the end the following new paragraph: ‘‘(20) the distilled spirits credit determined under section 5011(a).’’. (c) CONFORMING AMENDMENT.—The table of sections for subpart A of part I of subchapter A of chapter 51 is amended by adding at the end the following new item: ‘‘Sec. 5011. Income tax credit for average cost of carrying excise tax.’’. 26 USC 38 note.
(d) EFFECTIVE DATE.—The amendments made by this section shall apply to taxable years beginning after September 30, 2005. SEC. 11127. QUARTERLY EXCISE TAX FILING FOR SMALL ALCOHOL EXCISE TAXPAYERS.
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VerDate 14-DEC-2004
13:51 Oct 26, 2006
(a) IN GENERAL.—Subsection (d) of section 5061 (relating to time for collecting tax on distilled spirits, wines, and beer) is amended by redesignating paragraphs (4) and (5) as paragraphs (5) and (6), respectively, and by inserting after paragraph (3) the following new paragraph: ‘‘(4) TAXPAYERS LIABLE FOR TAXES OF NOT MORE THAN $50,000.— ‘‘(A) IN GENERAL.—In the case of any taxpayer who reasonably expects to be liable for not more than $50,000 in taxes imposed with respect to distilled spirits, wines, and beer under subparts A, C, and D and section 7652 for the calendar year and who was liable for not more than $50,000 in such taxes in the preceding calendar year, the last day for the payment of tax on withdrawals, removals, and entries (and articles brought into the United States from Puerto Rico) under bond for deferred payment shall be the 14th day after the last day of the calendar quarter during which the action giving rise to the imposition of such tax occurs. ‘‘(B) NO APPLICATION AFTER LIMIT EXCEEDED.— Subparagraph (A) shall not apply to any taxpayer for any
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