Volume 74 · 81
Public Law 86–440
To amend section 4071 of the Internal Revenue Code of 1954 so as to fix a tax of 1 cent per pound of certain laminated tires produced from used tires.
Approved April 22, 1960
Statutory text
AN ACT
To amend section 4071 of the Internal Revenue Code of 1954 so as to fix a tax of 1 cent per pound of certain laminated tires produced from used tires.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
That
section 4071(a) of the Internal Revenue Code of 1954 (relating to tax on tires and tubes) is amended—
by inserting after “other tires” in paragraph (2) the following “(other than laminated tires to which paragraph (5) applies)”; and
by adding after paragraph (4) the following new paragraph:
“(5) Laminated tires (not of the type used on highway vehicles) which consist wholly of scrap rubber from used tire casings with an internal metal fastening agent, 1 cent a pound.”
The amendment made by subsection (a) shall apply with
Effective date.
respect to articles sold on or after the first day of the first month which begins more than 10 days after the date of the enactment of this Act.
Section 209(c)(1)(E) of the Highway Revenue Act of 1956
Highway trust fund.
(relating to transfer to the Highway Trust Fund of amounts equivalent to certain taxes) is amended by striking out “section 4071(a) (1), (2), and (3)” and inserting in lieu thereof “section 4071(a) (1), (2), (3), and (5)”.
Approved April 22, 1960.