Sat, 26 Feb 2005

Bow and Arrow Taxes

All of the archers out there will be happy to hear that the Arrow Tax has been repealed. Alas, the Bow Tax still applies.

Bows

The 11% tax on bows will apply to bows having a peak draw weight of 30 pounds or more. This replaces the current law which applies to bows having a peak draw weight of 10 pounds or more. Broadheads suitable for use with certain arrows will be taxed as a part and accessory at the 11% bow tax rate. The effective date for both provisions is for articles sold after November 21, 2004.

Repeal of Arrow Tax

The tax on arrows that was in effect for arrows sold after November 21, 2004, and before December 23, 2004, has been repealed. The rules used prior to November 22, 2004, for arrow components still apply for the 4th quarter of 2004. Any tax that was imposed by the manufacturer, producer, or importer on arrows after November 21, 2004, and before December 23, 2004, may have to be refunded to the purchaser. See Changes Effective for the Second Quarter of 2005 for details on the tax on arrow shafts effective after March 31, 2005.

How much are we paying the members of Congress to make these laws? (Hint: It's less than $155,101)

Update: Unfortunately, those arrows aren't really tax free. Beginning March 31, there will be a tax on the arrow shaft.

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The state is that great fiction by which everyone tries to live at the expense of everyone else. - Frederic Bastiat