; and (2) before the applicable date, submits an application under subchapter B of chapter 52 of the Internal Revenue Code of 1986 to engage in such business, may, notwithstanding such subchapter B, continue to engage in such business pending final action on such application. Pending such final action, all provisions of chapter 52 of such Code shall apply to such applicant in the same manner and to the same extent as if such applicant were a holder of a permit to manufacture electronic nicotine delivery systems or e-liquids under such chapter 52. (b) Floor Stocks Taxes (1) Imposition of tax On electronic nicotine delivery systems or e-liquids manufactured in or imported into the United States which are removed before the applicable date and held on such date for sale by any person, there is hereby imposed a tax in an amount equal to the tax which would be imposed under section 5701 of the Internal Revenue Code of 1986 on the article if the article had been removed on such applicable date. (2) Liability for tax and method of payment (A) Liability for tax A person holding electronic nicotine delivery systems or e-liquids on the applicable date to which any tax imposed by paragraph (1) applies shall be liable for such tax. (B) Method of payment The tax imposed by paragraph (1) shall be paid in such manner as the Secretary shall prescribe by regulations. (C) Time for payment The tax imposed by paragraph (1) shall be paid on or before the date that is 120 days after the applicable date. (3) Articles in foreign trade zones Notwithstanding the Act of June 18, 1934 (commonly known as the Foreign Trade Zone Act, 48 Stat. 998, 19 U.S.C. 81a et seq.), or any other provision of law, any article which is located in a foreign trade zone on any tax increase date shall be subject to the tax imposed by paragraph (1) if— (A) internal revenue taxes have been determined, or customs duties liquidated, with respect to such article before such date pursuant to a request made under the 1st proviso of section 3(a) of such Act