Page:United States Statutes at Large Volume 94 Part 1.djvu/632

 94 STAT. 582

PUBLIC LAW 96-283—JUNE 28, 1980 (2) A description and evaluation of the exploration and commercial recovery activities undertaken, including, but not limited to, information setting forth the quantities of hard mineral resources recovered and the disposition of such resources. (3) An assessment of the environmental impacts, including a description and estimate of any damage caused by any adverse effects on the quality of the environment resulting from such activities. (4) The number and description of all civil and criminal proceedings, including citations, instituted under this title, and the current status of such proceedings. (5) Such recommendations as the Administrator deems appropriate for amending this Act to further fulfill its purposes.

30 USC 1470.

SEC. 310. AUTHORIZATION OF APPROPRIATIONS.

There are authorized to be appropriated to the Administrator, for purposes of carrying out the provisions of titles I and II and this title, such sums as may be necessary for the fiscal years ending September 30, 1981, and September 30, 1982. 30 USC 1471.

SEC. 311. SEVERABILITY.

If any provision of this Act or any application thereof is held invalid, the validity of the remainder of the Act, or any other application, shall not be affected thereby. Deep Seabed Hard Mineral of ^79^^ ^^^ ^^* ^^^' *^^- SHORT TITLE.

26 USC 1 note.

TITLE IV—TAX

This title may be cited as the "Deep Seabed Hard Mineral Removal Tax Act of 1979". SEC. 402. IMPOSITION OF TAX ON REMOVAL OF HARD MINERAL RESOURCES FROM DEEP SEABED. (a) GENERAL RULE.—Chapter 36 of the Internal Revenue Code of

1954 (relating to certain other excise taxes) is amended by adding at the end thereof the following new subchapter: "Subchapter F—Tax on Removal of Hard Mineral Resources From Deep Seabed

26 USC 4495.

"Sec. 4495. Imposition of tax. "Sec. 4496. Definitions. "Sec. 4497. Imputed value. "Sec. 4498. Termination. "SEC. 4495. IMPOSITION OF TAX. "(a) GENERAL RULE.—There is hereby imposed a tax on any

removal of a hard mineral resource from the deep seabed pursuant to a deep seabed permit. "(b) AMOUNT OF TAX.—The amount of the tax imposed by subsection (a) on any removal shall be 3.75 percent of the imputed value of the resource so removed. "(c) LIABILITY FOR TAX.—The tax imposed by subsection (a) shall be paid by the person to whom the deep seabed permit is issued. "(d) TIME FOR PAYING TAX.—The time for paying the tax imposed by subsection (a) shall be the time prescribed by the Secretary by regulations. The time so prescribed with respect to any removal shall be not earlier than the earlier of—

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