Page:United States Statutes at Large Volume 94 Part 1.djvu/633

 PUBLIC LAW 96-283—JUNE 28, 1980

94 STAT. 583

"(1) the commercial use of, or the sale or disposition of, any portion of the resource so removed, or "(2) the day which is 12 months after the date of the removal of the resource. "SEC. 4496. DEFINITIONS. "(a) DEEP SEABED PERMIT.—For

26 USC 4496.

-SEC. 4497. IMPUTED VALUE.

26 USC 4497.

purposes of this subchapter, the term 'deep seabed permit' means a permit issued under title I of the Deep Seabed Hard Minerals Resources Act. "(b) HARD MINERAL RESOURCE.—For purposes of this subchapter, the term 'hard mineral resource* means any deposit or accretion on, or just below, the surface of the deep seabed of nodules which contain one or more minerals, at least one of which is manganese, nickel, cobalt, or copper. "(c) DEEP SEABED.—For purposes of this subchapter, the term 'deep seabed' means the seabed, and the subsoil thereof to a depth of 10 meters, lying seaward of, and outside— "(1) the Continental Shelf of any nation; and "(2) any area of national resource jurisdiction of any foreign nation, if such area extends beyond the Continental Shelf of such nation and such jurisdiction is recognized by the United States. "(d) CONTINENTAL SHELF.—For purposes of this subchapter, the term 'Continental Shelf means— "(1) the seabed and subsoil of the submarine areas adjacent to the coast but outside the area of the territorial sea, to a depth of 200 meters or, beyond that limit, to where the depth of the superjacent waters admits of the exploitation of the natural resources of such areas; and "(2) the seabed and subsoil of similar submarine areas adjacent to the coasts of islands. "(a) IN GENERAL.—For purposes of this subchapter, the term 'imputed value' means, with respect to any hard mineral resource, 20 percent of the fair market value of the commercially recoverable metals and minerals contained in such resource. Such fair market value shall be determined— "(1) as of the date of the removal of the hard mineral resource from the deep seabed; and "(2) as if the metals and minerals contained in such resource were separated from such resource and were in the most basic form for which there is a readily ascertainable market price. "(b) COMMERCIAL RECOVERABILTTY."(1) MANGANESE, NICKEL, COBALT, AND COPPER.—For

purposes of subsection (a), manganese, nickel, cobalt, and copper shall be treated as commercially recoverable. "(2) MINIMUM QUANTITIES AND PERCENTAGES.—The Secretary may by regulations prescribe for each metal or mineral quantities or percentages below which the metal or mineral shall be treated as not commercially recoverable.

"(c) SUSPENSION OP TAX WITH RESPECT TO CERTAIN METALS AND MINERALS HELD FOR LATER PROCESSING.—

"(1) ELECTION.—The permittee may, in such manner and at such time as may be prescribed by regulations, elect to have the application of the tax suspended with respect to one or more commercially recoverable metals or minerals in the resource which the permittee does not intend to process within one year of the date of extraction. Any metal or mineral affected by such

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