Page:United States Statutes at Large Volume 104 Part 1.djvu/695

 PUBLIC LAW 101-382—AUG. 20, 1990 104 STAT. 661 "(A) simple combining or packaging operations, or "(B) mere dilution with water or mere dilution with another substance that does not materially alter the characteristics of the article.". SEC. 227. REQUIREMENT FOR INVESTMENT OF SECTION 936 FUNDS IN CARIBBEAN BASIN COUNTRIES. (a) GENERAL RULE.—Paragraph (4) of section 936(d) of the Internal Revenue Code of 1986 (relating to investment in Caribbean Basin countries) is amended by adding at the end thereof the following new subparagraph: "(D) REQUIREMENT FOR INVESTMENT IN CARIBBEAN BASIN COUN- TRIES.— "(i) IN GENERAL.— For each calendar year, the government of Puerto Rico shall take such steps as may be necessary to ensure that at least $100,000,000 of qualified Caribbean Basin country investments are made during such calendar year. "(ii) QUALIFIED CARIBBEAN BASIN COUNTRY INVESTMENT. — For purposes of clause (i), the term 'qualified Caribbean Basin country investment' means any investment if— "(I) the income from such investment is treated as qualified possession source investment income by reason of subparagraph (A), and "(II) such investment is not (directly or indirectly) a refinancing of a prior investment (whether or not such prior investment was a qualified Caribbean Basin country investment)." db) EFFECTIVE DATE.—The amendment made by subsection (a) shall apply to calendar years after 1989. Subtitle C—Scholarship Assistance and Tourism Promotion SEC. 231. COOPERATIVE PUBLIC AND PRIVATE SECTOR PROGRAM FOR PROVIDING SCHOLARSHIPS TO STUDENTS FROM THE CARIB- BEAN AND CENTRAL AMERICA. (a) STATEMENT OF PURPOSE.— It is the purpose of this section to encourage the establishment of partnerships between State governments, universities, community colleges, and businesses to support scholarships for talented socially and economically disadvantaged students from eligible countries in the Caribbean and Central America to study in the United States in order to— (1) improve the diversity and quality of educational opportunities for such students; (2) assist the development efforts of eligible countries by providing training and educational assistance to persons who can help address the social and economic needs of these countries; (3) expand opportunities for cross-cultural studies and exchanges and improve the exchange of understanding and principles of democracy; (4) promote positive and productive relationships between the United States and its neighbor countries in the Caribbean and Central American regions; 26 USC 936. Puerto Rico. 26 USC 936 note. State and local governments. Schools and colleges. 20 USC 226.

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