26Title 26The US tax code, read & explained

26 U.S.C. § 6412

§ 6412. Floor stocks refunds

446 words · amended 41 times · cited by 2 other sections

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History

Part of the code since 1954. Last changed November 15, 2021 by the Public Law 117-58.

Every change, newest first (46)
  1. November 15, 2021Public Law 117-58
  2. December 4, 2015Public Law 114-94
  3. July 6, 2012Public Law 112-141
  4. June 29, 2012Public Law 112-140
  5. March 30, 2012Public Law 112-102
  6. September 16, 2011Public Law 112-30
  7. August 10, 2005Public Law 109-59
  8. June 9, 1998Public Law 105-178
  9. August 10, 1993Omnibus Budget Reconciliation Act of 1993
  10. December 18, 1991Public Law 102-240
  11. November 5, 1990Omnibus Budget Reconciliation Act of 1990
  12. April 2, 1987Public Law 100-17
  13. July 18, 1984Deficit Reduction Act of 1984
  14. January 6, 1983Public Law 97-424
  15. November 9, 1978Public Law 95-618
  16. November 6, 1978Public Law 95-599
  17. October 4, 1976Tax Reform Act of 1976
  18. May 5, 1976Public Law 94-280
  19. December 10, 1971Public Law 92-178
  20. December 31, 1970Public Law 91-614
  21. December 31, 1970Public Law 91-605
  22. December 30, 1969Tax Reform Act of 1969
  23. June 28, 1968Public Law 90-364
  24. April 12, 1968Public Law 90-285
  25. March 15, 1966Public Law 89-368
  26. June 21, 1965Public Law 89-44
  27. June 30, 1964Public Law 88-348
  28. June 29, 1963Public Law 88-52
  29. July 13, 1962Public Law 87-535
  30. June 28, 1962Public Law 87-508
  31. May 24, 1962Public Law 87-456
  32. June 30, 1961Public Law 87-72
  33. June 29, 1961Public Law 87-61
  34. March 31, 1961Public Law 87-15
  35. July 6, 1960Public Law 86-592
  36. June 30, 1960Public Law 86-564
  37. September 21, 1959Public Law 86-342
  38. June 30, 1959Public Law 86-75
  39. September 2, 1958Technical Amendments Act of 1958
  40. June 30, 1958Public Law 85-475
  41. March 29, 1957Public Law 85-12
  42. June 29, 1956Internal Revenue Code of 1954 (original text)
  43. May 29, 1956Internal Revenue Code of 1954 (original text)
  44. March 29, 1956Internal Revenue Code of 1954 (original text)
  45. March 30, 1955Internal Revenue Code of 1954 (original text)
  46. August 16, 1954Internal Revenue Code of 1954 (original text)

The law as written

Current through Public Law 119-102. Amendment notes omitted.

Structure

  1. (a) In general
  2. (b) Limitation on eligibility for credit or refund
  3. (c) Other laws applicable
(a) In general
(1) Tires and taxable fuel

Where before October 1, 2028, any article subject to the tax imposed by section 4071 or 4081 has been sold by the manufacturer, producer, or importer and on such date is held by a dealer and has not been used and is intended for sale, there shall be credited or refunded (without interest) to the manufacturer, producer, or importer an amount equal to the difference between the tax paid by such manufacturer, producer, or importer on his sale of the article and the amount of tax made applicable to such article on and after October 1, 2028, if claim for such credit or refund is filed with the Secretary on or before March 31, 2029, based upon a request submitted to the manufacturer, producer, or importer before January 1, 2029, by the dealer who held the article in respect of which the credit or refund is claimed, and, on or before March 31, 2029, reimbursement has been made to such dealer by such manufacturer, producer, or importer for the tax reduction on such article or written consent has been obtained from such dealer to allowance of such credit or refund. No credit or refund shall be allowable under this paragraph with respect to taxable fuel in retail stocks held at the place where intended to be sold at retail, nor with respect to taxable fuel held for sale by a producer or importer of taxable fuel.

(2) Definitions

For purposes of this section—

(A)

The term “dealer” includes a wholesaler, jobber, distributor, or retailer.

(B)

An article shall be considered as “held by a dealer” if title thereto has passed to such dealer (whether or not delivery to him has been made), and if for purposes of consumption title to such article or possession thereof has not at any time been transferred to any person other than a dealer.

(b) Limitation on eligibility for credit or refund

No manufacturer, producer, or importer shall be entitled to credit or refund under subsection (a) unless he has in his possession such evidence of the inventories with respect to which the credit or refund is claimed as may be required by regulations prescribed under this section.

(c) Other laws applicable

All provisions of law, including penalties, applicable in respect of the taxes imposed by sections 4071 and 4081 shall, insofar as applicable and not inconsistent with subsections (a) and (b) of this section, apply in respect of the credits and refunds provided for in subsection (a) to the same extent as if such credits or refunds constituted overpayments of such taxes.