As the U.S. Senate debates the 451 page financial bailout bill this evening, watch for extended discussion of Section 503.
SEC. 503. EXEMPTION FROM EXCISE TAX FOR CERTAIN WOODEN ARROWS DESIGNED FOR USE BY CHILDREN.
(a) IN GENERAL.””Paragraph (2) of section 4161(b) is amended by redesignating subparagraph (B) as subparagraph (C) and by inserting after subparagraph (A) the following new subparagraph:
“˜”˜(B) EXEMPTION FOR CERTAIN WOODEN ARROW SHAFTS.””Subparagraph (A) shall not apply to any shaft consisting of all natural wood with no laminations or artificial means of enhancing the spine of such shaft (whether sold separately or incorporated as part of a finished or unfinished product) of a type used in the manufacture of any arrow which after its assembly””
“˜”˜(i) measures 5â„16 of an inch or less in diameter, and
“˜”˜(ii) is not suitable for use with a bow described in paragraph (1)(A).”.
(b) EFFECTIVE DATE.””The amendments made by this section shall apply to shafts first sold after the date of enactment of this Act.
So now we know: This bill is FOR THE CHILDREN.