Page:United States Statutes at Large Volume 94 Part 1.djvu/634

 94 STAT. 584

PUBLIC LAW 96-283—JUNE 28, 1980 election shall not be taken into account in determining the imputed value of the resource at the time of its removal from the deep seabed. Any suspension under this paragraph with respect to a metal or mineral shall be permanent unless there is a redetermination affecting such metal or mineral under paragraph (2), "(2) LATER COMPUTATION OF TAX.—If the permittee processes

26 USC 6621. Ante, p. 582.

26 USC 4498. Ante, p. 582.

any metal or mineral affected by the election under paragraph (1), or if he sells any portion of the resource containing such a metal or mineral, then the amount of the tax under section 4495 shall be redetermined as if there had been no suspension under paragraph (1) with respect to such metal or mineral. In any such case there shall be added to the increase in tax determined under the preceding sentence an amount equal to the interest (at rates determined under section 6621) on such increase for the period from the date prescribed for paying the tax on the resources (determined under section 4495(d)) to the date of the processing or sale. "(d) DETERMINATIONS OP VALUE.—All determinations of value necessary for the application of this subchapter shall be made by the Secretary (after consultation with other appropriate Federal officials) on the basis of the best available information. Such determinations shall be made under procedures established by the Secretary by regulations. "SEC. 4498. TERMINATION. "(a) GENERAL RuLE.—The tax imposed by section 4495 shall not apply to any removal from the deep seabed after the earlier of— "(1) the date on which an international deep seabed treaty takes effect with respect to the United States, or "(2) the date 10 years after the date of the enactment of this subchapter. "(b) INTERNATIONAL DEEP SEABED TREATY.—For purposes of subsec-

tion (a), the term 'international deep seabed treaty means any treaty which— "(1) is adopted by a United Nations Conference on the Law of the Sea, and "(2) requires contributions to an international fund for the sharing of revenues from deep seabed mining.", (b) CLERICAL AMENDMENT.—The table of subchapters for chapter 36 of such Code is amended by adding at the end thereof the following new item: "SUBCHAPTER F. Tax on removal of hard mineral resources from deep seabed."

26 USC 4495 i^«te. 30 USC 1472.

(c) EFFECTIVE DATE.—The amendments made by this section shall take effect on January 1, 1980. SEC. 403. ESTABLISHMENT OF DEEP SEABED REVENUE SHARING TRUST FUND. (a) CREATION OF TRUST FUND.—There is established in the Treasury of the United States a trust fund to be known as the "Deep Seabed Revenue Sharing Trust Fund" (hereinafter in this section referred to as the "Trust Fund"), consisting of such amounts as may be appropriated or credited to the Trust Fund as provided in this section. (b) TRANSFER TO TRUST FUND OF AMOUNTS EQUIVALENT TO CERTAIN TAXES.—

(1) IN GENERAL.—There are hereby appropriated to the Trust Fund amounts determined by the Secretary of the Treasury to be

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