; transfers in bond. Sec. 5905. Credit, refund, or drawback of tax. 5901. Imposition of tax (a) Imposition of tax There is hereby imposed on any cannabis product produced in or imported into the United States a tax equal to— (1) for any such product removed during the first 5 calendar years ending after the date on which this chapter becomes effective, the applicable percentage of such product’s removal price, and (2) for any product removed during any calendar year after the calendar years described in paragraph (1), the applicable equivalent amount. (b) Applicable percentage For purposes of subsection (a)(1), the applicable percentage shall be determined as follows: (1) For any cannabis product removed during the first 2 calendar years ending after the date on which this chapter becomes effective, 5 percent. (2) For any cannabis product removed during the calendar year after the last calendar year to which paragraph (1) applies, 6 percent. (3) For any cannabis product removed during the calendar year after the calendar year to which paragraph (2) applies, 7 percent. (4) For any cannabis product removed during the calendar year after the calendar year to which paragraph (3) applies, 8 percent. (c) Applicable equivalent amount (1) In general For purposes of subsection (a)(2), the term applicable equivalent amount means, with respect to any cannabis product removed during any calendar year, an amount equal to— (A) in the case of any cannabis product not described in subparagraph (B), the product of the applicable rate per ounce multiplied by the number of ounces of such product (and a proportionate tax at the like rate on all fractional parts of an ounce of such product), and (B) in the case of any THC-measurable cannabis product, the product of the applicable rate per gram multiplied by the number of grams of tetrahydrocannabinol in such product (and a proportionate tax at the like rate on all fractional parts of a gram of tetrahydrocannabinol in such product). (2) Applicable rates (A) In general For purposes of