97 STAT. 396 "North American area." Ante, p. 384. PUBLIC LAW 98-67–AUG. 5, 1983 “(A) IN GENERAL.-For purposes of this subsection, the term 'North American area' includes, with respect to any convention, seminar, or similar meeting, any beneficiary country if (as of the time such meeting begins)— "(i) there is in effect a bilateral or multilateral agreement described in subparagraph (C) between such country and the United States providing for the exchange of information between the United States and such country, and "(ii) there is not in effect a finding by the Secretary that the tax laws of such country discriminate against conventions held in the United States. "(B) BENEFICIARY COUNTRY.-For purposes of this paragraph, the term 'beneficiary country' has the meaning given to such term by section 212(a)(1)(A) of the Caribbean Basin Economic Recovery Act; except that such term shall include Bermuda. "(C) AUTHORITY TO CONCLUDE EXCHANGE OF INFORMATION AGREEMENTS. “(i) IN GENERAL.-The Secretary is authorized to negotiate and conclude an agreement for the exchange of information with any beneficiary country. Except as provided in clause (ii), an exchange of information agreement shall provide for the exchange of such information (not limited to information concerning nationals or residents of the United States or the beneficiary country) as may be necessary or appropriate to carry out and enforce the tax laws of the United States and the beneficiary country (whether criminal or civil proceedings), including information which may otherwise be subject to nondisclosure provisions of the local law of the beneficiary country such as provisions respecting bank secrecy and bearer shares. The exchange of information agreement shall be terminable by either country on reasonable notice and shall provide that information received by either country will be disclosed only to persons or authorities (including courts and administrative bodies) involved in the administration or oversight of, or in the determination of appeals in respect of, taxes of the United States or the beneficiary country and will be used by such persons or authorities only for such purposes. "(ii) NONDISCLOSURE OF QUALIFIED CONFIDENTIAL INFORMATION SOUGHT FOR CIVIL TAX PURPOSES.-An exchange of information agreement need not provide for the exchange of qualified confidential information which is sought only for civil tax purposes if "(I) the Secretary of the Treasury, after making all reasonable efforts to negotiate an agreement which includes the exchange of such information, determines that such an agreement cannot be negotiated but that the agreement which was negotiated will significantly assist in the administration and enforcement of the tax laws of the United States, and PUBLIC LAW 98-67–AUG. 5, 1983 "(II) the President determines that the agreement as negotiated is in the national security interest of the United States. INFORMATION "(iii) QUALIFIED CONFIDENTIAL "(iv) CIVIL TAX PURPOSES.-For purposes of this sub- 97 STAT. 397 "(D) COORDINATION WITH SECTION 6103.-Any exchange of 26 USC 6103. information agreement negotiated under subparagraph (C) shall be treated as an income tax convention for purposes of section 6103(k)(4). "(E) DETERMINATIONS PUBLISHED IN THE FEDERAL REGISTER.-The following shall be published in the Federal Register "(i) any determination by the President under subparagraph (C)(ii) (including the reasons for such determination), “(ii) any determination by the Secretary under subparagraph (C)(ii) (including the reasons for such determination), and "(iii) any finding by the Secretary under subparagraph (A)(ii) (and any termination thereof)." (b) EFFECTIVE DATE.-The amendment made by subsection (a) 26 USC 274 note. shall apply to conventions, seminars, or other meetings which begin after June 30, 1983. SEC. 223. REPORT WITH RESPECT TO USE OF CARIBBEAN BASIN TAX The Secretary of the Treasury shall, not later than ninety days after the date of the enactment of this Act, report to the Committee on Ways and Means of the House of Representatives and the Committee on Finance of the Senate on (1) the level at which Caribbean Basin tax havens are being used to evade or avoid Federal taxes, and the effect on Federal revenues of such use, (2) any information he may have on the relationship of such use to drug trafficking and other criminal activities, and (3) current antitax haven enforcement activities of the Department of the Treasury. Submittal to congressional committees. 97 STAT. 398 PUBLIC LAW 98-67-AUG. 5, 1983 Subtitle C-Sense of the Congress Regarding SEC. 231. SUGAR IMPORTS. It is the sense of the Congress that sugar from any Communist country in the Caribbean Basin or in Central America should not be imported into the United States. Approved August 5, 1983. LEGISLATIVE HISTORY-H.R. 2973 (H.R. 500): HOUSE REPORTS: No. 98-120 (Comm. on Ways and Means) and No. 98-325 (Comm. of Conference). CONGRESSIONAL RECORD, Vol. 129 (1983): May 17, considered and passed House. June 16, considered and passed Senate, amended. July 14, House concurred in Senate amendment with an amendment. PUBLIC LAW 98-120-OCT. 12, 1983 97 STAT. 809 Public Law 98-120 98th Congress An Act To amend the International Coffee Agreement Act of 1980. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, NEGOTIATING AUTHORITY INVOLVING THE INTERNATIONAL COFFEE SECTION 1. The International Coffee Agreement Act of 1980 (19 Oct. 12, 1983 [H.R. 3813] International Coffee Agreement Act of 1980, amendment. (1) by striking out "1976" in sections 2, 3, and 5 and inserting 19 USC 1356k, in lieu thereof ", 1983", and (2) by striking out "for such period prior to October 1, 1983 as the agreement remains in effect" in section 2, and inserting in lieu thereof "before October 1, 1986". REAUTHORIZATION OF PROGRAMS FOR WORKERS AND FIRMS SEC. 2. (a) Section 245 of the Trade Act of 1974 (19 U.S.C. 2317) is amended by striking out "each of fiscal years 1982 and 1983" and inserting in lieu thereof "each of the fiscal years 1982 through 1985". (b) Section 285 of such Act is amended by striking out "September 30, 1983" and inserting in lieu thereof "September 30, 1985". "CONTRIBUTED IMPORTANTLY" TEST FOR GROUP ELIGIBILITY SEC. 3. (a) Section 222 of the Trade Act of 1974 (19 U.S.C. 2272) is amended (1) in paragraph (3), by striking out "were a substantial cause of such total or partial separation, or threat thereof, and of such decline" and inserting in lieu thereof "contributed importantly to such total or partial separation, or threat thereof, and to such decline"; and 13567, 1356n. 19 USC 1356k 19 USC note prec. 2271. "Contributed (2) by amending the last sentence to read as follows: "For purposes of paragraph (3), the term 'contributed importantly' importantly." means a cause which is important, but not necessarily more important than any other cause.". (b) The amendments made by subsection (a) shall apply with respect to petitions for certification filed under section 221 of the Trade Act of 1974 on or after October 1, 1983. PREFERENCE FOR FIRMS HAVING EMPLOYEE STOCK OWNERSHIP PLANS SEC. 4. (a) Section 255 of the Trade Act of 1974 (19 U.S.C. 2345) is amended by adding at the end thereof the following new subsection: 19 USC 2272 note. 19 USC 2271. 97 STAT. 810 Director guaranteed loan, Employee stock ownership plan. Recipient corporation, lender, and qualified trust. Agreement requirements. PUBLIC LAW 98-120-OCT. 12, 1983 "Preference for Firms Having Employee Stock Ownership Plans "(i)(1) When considering whether to grant a direct loan or to guarantee a loan to a corporation which is otherwise certified under section 251, the Secretary shall give preference to a corporation which agrees with respect to such loan to fulfill the following requirements “(A) 25 percent of the principal amount of the loan is paid by the lender to a qualified trust established under an employee stock ownership plan established and maintained by the recipient corporation, by a parent or subsidiary of such corporation, or by several corporations including the recipient corporation, "(B) the employee stock ownership plan meets the requirements of this subsection, and "(C) the agreement among the recipient corporation, the lender, and the qualified trust relating to the loan meets the requirements of this section. "(2) An employee stock ownership plan does not meet the requirements of this subsection unless the governing instrument of the plan provides that "(A) the amount of the loan paid under paragraph (1)(A) to the qualified trust will be used to purchase qualified employer securities, "(B) the qualified trust will repay to the lender the amount of such loan, together with the interest thereon, out of amounts contributed to the trust by the recipient corporation, and "(C) from time to time, as the qualified trust repays such amount, the trust will allocate qualified employer securities among the individual accounts of participants and their beneficiaries in accordance with the provisions of paragraph (4). "(3) The agreement among the recipient corporation, the lender, and the qualified trust does not meet the requirements of this subsection unless "(A) it is unconditionally enforceable by any party against the others, jointly and severally, "(B) it provides that the liability of the qualified trust to repay loan amounts paid to the qualified trust may not, at any time, exceed an amount equal to the amount of contributions required under paragraph (2)(B) which are actually received by such trust, "(C) it provides that amounts received by the recipient corporation from the qualified trust for qualified employer securities purchased for the purpose of this subsection will be used exclusively by the recipient corporation for those purposes for which it may use that portion of the loan paid directly to it by the lender, "(D) it provides that the recipient corporation may not reduce the amount of its equity capital during the one year period beginning on the date on which the qualified trust purchases qualified employer securities for purposes of this subsection, and |