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Thursday, August 24, 2006

Thank goodness

Our ever vigilant Congress decided to pass an excise tax on arrow shafts - $0.40 per shaft to be exact. More here

From the IRS guidelines:
Arrow Shafts

The tax on arrow shafts is $.40 per arrow shaft beginning January 1, 2006. The tax is paid by the manufacturer, producer, or importer of any arrow shaft (whether sold separately or incorporated as part of a finished or unfinished product) of a type used in the manufacture of any arrow which after its assembly meets either of the following conditions.

It measures 18 inches or more in overall length.

It measures less than 18 inches in overall length but is suitable for use with a taxable bow, described earlier.

Pay this tax with Form 720. No tax deposits are required.

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