Explanation of Ways and Means Committee amendment to H.R. 3350 (Deep seabed hard mineral resources act) together with dissenting viewsU.S. Government Printing Office, 1978 |
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additional tax ascertainable market price balt BILL ARCHER commercially recoverable metals Congress Continental Shelf customs or tariff Deep Seabed Hard deep seabed mining deep seabed permit Deep Seabed Revenue deep seabed treaty deposit or accretion determined under section effect with respect election enactment of H.R. excise tax fair market value fiscal hard mineral resource imposed by subsection IMPOSITION OF TAX Internal Revenue Code international deep seabed means any treaty metal or mineral metals and minerals mineral affected Mineral Resources Act minerals contained mining company national resource jurisdiction negotiations nickel nodules removed paragraph prescribed by regulations Removal of Hard resource so removed Resources From Deep Revenue Sharing Trust revenues from deep seabed and subsoil Seabed Hard Mineral seabed of nodules Seabed Revenue Sharing Sharing Trust Fund submarine areas adjacent suspension take effect tax is imposed Tax on Removal tax suspended term deep seabed term international deep Treasury United Nations
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3. lappuse - For the purpose of these articles, the term "continental shelf is used as referring (a) to 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 the said areas ; ( b) to the seabed and subsoil of similar submarine areas adjacent to the coasts of islands.
5. lappuse - 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 or in obligations guaranteed as to both principal and interest by the United States.
6. lappuse - The sea-bed and ocean floor, and the subsoil thereof, beyond the limits of national jurisdiction (hereinafter referred to as the area), as well as the resources of the area, are the common heritage of mankind.
14. lappuse - Representatives, changes in existing law made by the bill, as reported, are shown as follows (existing law proposed to be omitted is •enclosed in black brackets, new matter is printed in italics, existing law in which no change is proposed is shown in roman...
4. lappuse - 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...
14. lappuse - In compliance with clause 3 of rule XIII of the Rules of the House of Representatives, changes in existing law made by the bill, as reported, are shown as follows...
3. lappuse - ... deep seabed" means the seabed, and the subsoil thereof to a depth of ten meters, lying seaward of and outside (A) the Continental Shelf of any nation; and (B) 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; (5) "exploration...
14. lappuse - (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.
5. lappuse - Internal Revenue Code of 1954. (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.
5. lappuse - 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...