To amend the Internal Revenue Code of 1986 to reduce the occupational tax on retail dealers in liquors and beer, to limit the period during which such tax may be assessed.

Amends the Internal Revenue Code to reduce the occupational tax from $250 to $165 for retail dealers in liquors and in beer.

Limits assessments of underpayments with respect to taxable periods beginning after the date of enactment of this Act in connection with such tax. Abates assessments and mandates refund of overpayments of any post-1987 tax.