Page:United States Statutes at Large Volume 114 Part 1.djvu/341

 PUBLIC LAW 106-200—MAY 18, 2000 114 STAT. 305 TITLE VI—REVENUE PROVISIONS SEC. 601. APPLICATION OF DENIAL OF FOREIGN TAX CREDIT REGARDING TRADE AND INVESTMENT WITH RESPECT TO CERTAIN FOREIGN COUNTRIES. (a) IN GENERAL.—Section 901(j) of the Internal Revenue Code of 1986 (relating to denial of foreign tax credit, etc., regarding 26 USC 901. trade and investment with respect to certain foreign countries) is amended by adding at the end the following new paragraph: " (5) WAIVER OF DENIAL.— "(A) IN GENERAL. —Paragraph (1) shall not apply with respect to taxes paid or accrued to a country if the President— "(i) determines that a waiver of the application of such paragraph is in the national interest of the United States and will expand trade and investment opportunities for United States companies in such country; and "(ii) reports such waiver under subparagraph (B). "(B) REPORT.— Not less than 30 days before the date Deadline, on which a waiver is granted under this paragraph, the President shall report to Congress— "(i) the intention to grant such waiver; and "(ii) the reason for the determination under subparagraph (A)(i).". (b) EFFECTIVE DATE. —The amendment made by this section shall apply on or after February 1, 2001. SEC. 602. ACCELERATION OF COVER OVER PAYMENTS TO PUERTO RICO AND VIRGIN ISLANDS. (a) INITIAL PAYMENT.—Section 512(b) of the Ticket to Work and Work Incentives Improvement Act of 1999 is amended— (1) by striking "October 1, 2000," in the matter preceding paragraph (1) and inserting "the first day of the month within which the date of the enactment of the Trade and Development Act of 2000 occurs,"; and (2) by striking paragraph (2) and inserting the following new paragraph: " (2) SECOND TRANSFER OF INCREMENTAL INCREASE IN COVER OVER ATTRIBUTABLE TO PERIODS BEFORE RESUMPTION OF REG- ULAR PAYMENTS. —The Secretary of the Treasury shall transfer on the first payment date after the date of the enactment of the Trade and Development Act of 2000 an amount equal to the excess of— "(A) the amount of such increase otherwise required to be covered over after June 30, 1999, and before the first day of the month within which such date of enactment occurs, over "(B) the amount of the transfer described in paragraph (1).". (b) CLARIFICATION OF DISPOSITION OF TAXES TO VIRGIN ISLANDS. —So much of paragraph (3) of section 7652(b) of the Internal Revenue Code of 1986 (relating to Virgin Islands) as pre- 26 USC 7652. cedes subparagraph (B) thereof is amended to read as follows: " (3) DISPOSITION OF INTERNAL REVENUE COLLECTIONS. — The Secretary shall determine the amount of all taxes imposed Deadline. 26 USC 901 note. 26 USC 7652 note.

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