Page:United States Statutes at Large Volume 114 Part 1.djvu/342

 114 STAT. 306 PUBLIC LAW 106-200—MAY 18, 2000 by, and collected under the internal revenue laws of the United States on articles produced in the Virgin Islands and transported to the United States. The amount so determined less 1 percent and less the estimated amount of refunds or credits shall be subject to disposition as follows: "(A) The payment of an estimated amount shall be made to the government of the Virgin Islands before the commencement of each fiscal year as set forth in section 4(c)(2) of the Act entitled 'An Act to authorize appropriations for certain insular areas of the United States, and for other purposes', approved August 18, 1978 (48 U.S.C. 1645), as in effect on the date of the enactment of the Trade and Development Act of 2000. The pa3anent so made shall constitute a separate fund in the treasury of the Virgin Islands and may be expended as the legislature may determine.". (c) RESOLUTION OF STATUTORY CONFLICT.—Section 7652 of the 26 USC 7652. Internal Revenue Code of 1986 (relating to shipments to the United States) is amended by adding at the end the following new subsection: " (h) MANNER OF COVER OVER OF TAX MUST BE DERIVED FROM THIS TITLE. —No amount shall be covered into the treasury of Puerto Rico or the Virgin Islands with respect to taxes for which cover over is provided under this section unless made in the manner specified in this section without regard to— "(1) any provision of law which is not contained in this title or in a revenue Act; and "(2) whether such provision of law is a subsequently enacted provision or directly or indirectly seeks to waive the application of this subsection.". Applicability. (d) EFFECTIVE DATE. —The amendments made by this section 26 USC 7652 shall apply with respect to transfers or payments made after the °°^®- date of the enactment of this Act. Approved May 18, 2000. LEGISLATIVE HISTORY—H.R. 434 (S. 1387): HOUSE REPORTS: Nos. 106-19, Pt. 1 (Comm. on International Relations) and, Pt. 2 (Comm. on Ways and Means), and 106-606 (Comm. of Con- Terence). SENATE REPORTS: No. 106-112 accompanying S. 1387 (Comm. on Finance). CONGRESSIONAL RECORD: Vol. 145 (1999): July 16, considered and passed House. Oct. 27-29, Nov. 1-3, considered and passed Senate, amended. Vol. 146 (2000): May 4, House agreed to conference report. May 10, 11, Senate considered and agreed to conference report. WEEKLY COMPILATION OF PRESIDENTIAL DOCUMENTS, Vol. 36 (2000): May 18, Presidential remarks.

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