§ 1472. Deep Seabed Revenue Sharing Trust Fund; establishment

Footnotes

1. 1 See References in Text note below.

Legislative history

Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.

1. 1980

   Deep Seabed Hard Mineral Removal Tax Act of 1979

   Pub. L. 96–283 title IV § 403 · 94 Stat. 553

   Enacted · 30 U.S.C. § 1472

   Pub. L. 96–283, title IV, § 403, June 28, 1980, 94 Stat. 584

   Source evidence

   Code source credit
   Pub. L. 96–283, title IV, § 403, June 28, 1980, 94 Stat. 584

   Enacted provision · exact public law section
   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 equivalent to the amounts of the taxes received in the Treasury under section 4495 of the Internal Revenue Code of 1954. Ante, p. 582. (2) Method of transfer.— The amounts appropriated by paragraph (1) shall be transferred at least quarterly from the general fund of the Treasury to the Trust Fund on the basis of estimates made by the Secretary of the Treasury of the amounts referred to in paragraph (1) received in the Treasury. Proper adjustments shall be made in the amounts subsequently transferred to the extent prior estimates were in excess of or less than the amount required to be transferred. (c) Management of Trust Fund.— (1) Report.— It shall be the duty of the Secretary of the Treasury to hold the Trust Fund, and to report to the Congress for the fiscal year ending September 30, 1980, and each fiscal year thereafter on the financial condition and the results of the operations of the Trust Fund during the preceding year and on its expected condition and operations during the fiscal year and the next five fiscal years after the fiscal year. Such report shall Printing as House document. be printed as a House document of the session of the Congress to which the report is made. (2) Investment.— (A) In general.— It shall be the duty of the Secretary of the Treasury to invest such portion of the Trust Fund as is not, in his judgment, required to meet current withdrawals. Such investments may be made only in interest-bearing obligations of the United States. For such purpose, such obligations may be acquired (i) on original issue at the issue price, or (ii) by purchase of outstanding obligations at the market price. (B) Sale of obligations.— Any obligation acquired by the Trust Fund may be sold by the Secretary at the market price. (C) Interest on certain proceeds.— The interest on, and the proceeds from the sale or redemption of, any obligations held in the Trust Fund shall be credited to and form a part of the Trust Fund. (d) Expenditures From Trust Fund.— If an international deep seabed treaty is ratified by and in effect with respect to the United States on or before the date ten years after the date of the enactment of this Act, amounts in the Trust Fund shall be available, as provided by appropriations Acts, for making contributions required under such treaty for purposes of the sharing among nations of the revenues from deep seabed mining. Nothing in this subsection shall be deemed to authorize any program or other activity not otherwise authorized by law. (e) Use of Funds.— If an international deep seabed treaty is not in effect with respect to the United States on or before the date ten years after the date of the enactment of this Act, amounts in the Trust Fund shall be available for such purposes as Congress may hereafter provide by law. (f) International Deep Seabed Treaty.— For purposes of this section, the term “international deep seabed treaty” has the meaning given to such term by section 4498(b) of the Internal Revenue Code of 1954. Ante, p. 584.

2. 1986

   Tax Reform Act of 1986

   Pub. L. 99–514 § 2 · 100 Stat. 2085

   Substituted · 30 U.S.C. § 1472(b)(1)

   Pub. L. 99–514 substituted “Internal Revenue Code of 1986” for “Internal Revenue Code of 1954”, which for purposes of codification was translated as “title 26” thus requiring no change in text

   Source evidence

   Code amendment note
   Subsec. (b)(1). Pub. L. 99–514 substituted “Internal Revenue Code of 1986” for “Internal Revenue Code of 1954”, which for purposes of codification was translated as “title 26” thus requiring no change in text.

   Enacted provision · exact public law section
   SEC. 2. INTERNAL REVENUE CODE OF 1986. (a) Redesignation of 1954 Code.— The Internal Revenue Title enacted August 16, 1954, as heretofore, hereby, or hereafter amended, may be cited as the “Internal Revenue Code of 1986”. (b) References in Laws, Etc.— Except when inappropriate, any reference in any law, Executive order, or other document— (1) to the Internal Revenue Code of 1954 shall include a reference to the Internal Revenue Code of 1986, and (2) to the Internal Revenue Code of 1986 shall include a reference to the provisions of law formerly known as the Internal Revenue Code of 1954.

2 of 2 references resolved to an enrolled provision