(B) LIABILITY FOR TAX AND METHOD OF
PAYMENT.—
(i) LIABILITY
FOR
TAX.—A person
holding an item to which any tax imposed
by subparagraph (A) applies shall be liable
for such tax.
(ii) METHOD OF PAYMENT.—The tax
imposed on any item by subparagraph (A)
shall be treated as a tax imposed under
section 5001 of the Internal Revenue Code
of 1986 and shall be due and payable on
February 13, 1995, in the same manner as
the tax imposed under such section is pay-
able with respect to such items removed on
January 1, 1995.
(C) EXCEPTION FOR RETAILERS.—To the
extent provided in regulations prescribed by the
Secretary of the Treasury or the Secretary’s
delegate, the tax imposed by subparagraph (A)
shall not apply to items in retail stocks held
after December 31, 1994, on the premises of a
retail establishment where alcoholic beverages
are sold for consumption on the premises only.
(D) TREATMENT
OF
ITEMS
IN
FOREIGN
TRADE
ZONES.—Notwithstanding the Act of
June 18, 1934 (48 Stat. 998, 19 U.S.C. 81a),
or any other provision of law, any item which
is located in a foreign trade zone on January 1,
1995, shall be subject to the tax imposed by
subparagraph (A) and shall be treated for pur-
poses of this paragraph as held on such date
for sale if—
(i) internal revenue taxes have been
determined, or customs duties liquidated,
with respect to such item before such date
pursuant to a request made under the first
proviso of section 3(a) of such Act, or
(ii) such item is held on such date
under the supervision of a customs officer
pursuant to the second proviso of such sec-
tion 3(a).
Under regulations prescribed by the Secretary
of the Treasury or the Secretary’s delegate,
provisions similar to sections 5062 and 5064 of
such Code shall apply to any item with respect
to which tax is imposed by subparagraph (A) by
reason of this subparagraph.
(E) OTHER LAWS APPLICABLE.—All provi-
sions of law, including penalties, applicable with
respect to the excise taxes imposed under sec-
tion 5001 of the Internal Revenue Code of 1986
shall, insofar as applicable and not inconsistent
with the provisions of this paragraph, apply in
respect of the taxes imposed by subparagraph
(A).
(4) EFFECTIVE DATE.—The amendments made
by this subsection shall apply to items removed after
December 31, 1994.
TITLE VI—TAX TREATMENT OF
HEALTH INSURANCE PREMIUMS
SEC. 601. DEDUCTION FOR HEALTH INSURANCE PRE-
MIUMS.
(a) IN GENERAL.—Subsection (a) of section 213 of
the Internal Revenue Code of 1986 (relating to medical,
dental, etc., expenses) is amended to read as follows:
‘‘(a) ALLOWANCE OF DEDUCTION.—There shall be
allowed as a deduction the following amounts, not com-
pensated for by insurance or otherwise—
‘‘(1) the amount by which the amount of the
expenses paid during the taxable year (reduced by
any amount deductible under paragraph (2)) for
medical care of the taxpayer, his spouse, or a de-
pendent (as defined in section 152) exceeds 7.5 per-
cent of adjusted gross income, and
‘‘(2) the amount of the expenses paid during
the taxable year for insurance which constitutes
medical care for the taxpayer, his spouse, and de-
pendents.’’
(b) DEDUCTION FOR INSURANCE ALLOWED WHETH-
ER OR NOT TAXPAYER ITEMIZES OTHER DEDUCTIONS.—
Subsection (a) of section 62 of such Code (defining ad-
justed gross income) is amended by adding at the end
thereof the following new paragraph:
‘‘(14) EXPENSES FOR HEALTH INSURANCE.—
The deduction allowed by section 213(a)(2).’’.
(c) EFFECTIVE DATE.—The amendments made by
this section shall apply to taxable years beginning after
December 31, 1994.
TITLE VII—PRIVATE OPTIONS
SEC. 701. ADDITIONAL INSURANCE.
Nothing in this Act shall be construed as preventing
individuals from obtaining insurance for services that are
not covered by health care services.
TITLE VIII—PRESCRIPTION
DRUG REVIEW BOARD
SEC. 801. ESTABLISHMENT OF BOARD.
(a) ESTABLISHMENT.—There is established in the ex-
ecutive branch the Prescription Drug Price Review Board
(in this title referred to as the ‘‘Board’’).