PUBLIC LAW 109–59—AUG. 10, 2005
119 STAT. 1957
(C) Paragraph (2) of section 5733(c), as redesignated by subparagraph (A), is amended by striking ‘‘liquors’’ both places it appears and inserting ‘‘tobacco products and cigarette papers and tubes’’. (D) The table of sections for subchapter D of chapter 52 is amended by adding at the end the following: ‘‘Sec. 5732. Payment of tax. ‘‘Sec. 5733. Provisions relating to liability for occupational taxes. ‘‘Sec. 5734. Application of State laws.’’.
(E) Section 5731 is amended by striking subsection (c) and by redesignating subsection (d) as subsection (c). (21) Subsection (c) of section 6071 is amended by striking ‘‘section 5142’’ and inserting ‘‘section 5732’’. (22) Paragraph (1) of section 7652(g) is amended— (A) by striking ‘‘subpart F’’ and inserting ‘‘subpart B’’, and (B) by striking ‘‘section 5131(a)’’ and inserting ‘‘section 5111’’. (c) EFFECTIVE DATE.—The amendments made by this section shall take effect on July 1, 2008, but shall not apply to taxes imposed for periods before such date.
26 USC 5002 note.
SEC. 11126. INCOME TAX CREDIT FOR DISTILLED SPIRITS WHOLESALERS AND FOR DISTILLED SPIRITS IN CONTROL STATE BAILMENT WAREHOUSES FOR COSTS OF CARRYING FEDERAL EXCISE TAXES ON BOTTLED DISTILLED SPIRITS.
(a) IN GENERAL.—Subpart A of part I of subchapter A of chapter 51 (relating to gallonage and occupational taxes) is amended by adding at the end the following new section: ‘‘SEC. 5011. INCOME TAX CREDIT FOR AVERAGE COST OF CARRYING EXCISE TAX.
‘‘(a) IN GENERAL.—For purposes of section 38, the amount of the distilled spirits credit for any taxable year is the amount equal to the product of— ‘‘(1) in the case of— ‘‘(A) any eligible wholesaler, the number of cases of bottled distilled spirits— ‘‘(i) which were bottled in the United States, and ‘‘(ii) which are purchased by such wholesaler during the taxable year directly from the bottler of such spirits, or ‘‘(B) any person which is subject to section 5005 and which is not an eligible wholesaler, the number of cases of bottled distilled spirits which are stored in a warehouse operated by, or on behalf of, a State or political subdivision thereof, or an agency of either, on which title has not passed on an unconditional sale basis, and ‘‘(2) the average tax-financing cost per case for the most recent calendar year ending before the beginning of such taxable year. ‘‘(b) ELIGIBLE WHOLESALER.—For purposes of this section, the term ‘eligible wholesaler’ means any person which holds a permit under the Federal Alcohol Administration Act as a wholesaler of distilled spirits which is not a State or political subdivision thereof, or an agency of either. ‘‘(c) AVERAGE TAX-FINANCING COST.—
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