Aircraft Industry Jobs Preservation Act of 1991

Aircraft Industry Jobs Preservation Act of 1991 - Amends the Internal Revenue Code to repeal the luxury excise tax on aircraft.

 
S 1239 IS
102d CONGRESS
1st Session
S. 1239
To preserve jobs in the aircraft industry by amending the Internal Revenue
Code of 1986 to repeal the luxury excise tax on aircraft.
IN THE SENATE OF THE UNITED STATES
June 6 (legislative day, JUNE 3), 1991
Mrs. KASSEBAUM introduced the following bill; which was read twice and
referred to the Committee on Finance
A BILL
To preserve jobs in the aircraft industry by amending the Internal Revenue
Code of 1986 to repeal the luxury excise tax on aircraft.
  Be it enacted by the Senate and House of Representatives of the United
  States of America in Congress assembled,
SECTION 1. SHORT TITLE.
  This Act may be cited as the `Aircraft Industry Jobs Preservation Act
  of 1991'.
SEC. 2. REPEAL OF LUXURY EXCISE TAX ON AIRCRAFT.
  (a) Section 4003 of the Internal Revenue Code of 1986 concerning luxury
  tax on aircraft is hereby repealed.
  (b) CORRESPONDING AMENDMENTS-
  (1) Section 4004(b)(2)(A)(III) of such Code is amended by striking `or
  aircraft' and inserting `or' before `boat,' and
  (2) Section 4004(b)(2)(B) of such Code is amended by striking `and $250,000
  in the case of an aircraft' and inserting `and' before `$100,000 in the
  case of a boat,' and
  (3) Section 4011(c)(2) is amended by striking `and aircraft' and inserting
  `and' before `boats,' and
  (4) Section 4011(c)(2)(A) of such Code is amended by striking `or aircraft'
  and inserting `or' before `boat,' and
  (5) Section 4011(c)(2)(B) of such Code is amended by striking `or an
  aircraft' and
  (6) Section 4012(d)(1) of such Code is amended by striking `4003(c),' and
  (7) Section 4012(d)(3) of such Code is amended by striking `4003(c).'
SEC. 3. EFFECTIVE DATE.
  The amendments made by this section shall take effect on January 1, 1991.