§1472 Deep Seabed Revenue Sharing Trust Fund; establishment

Summary

Creates a Deep Seabed Revenue Sharing Trust Fund in the U.S. Treasury. The fund gets amounts equal to the taxes collected under 26 U.S.C. 4495. The Treasury Secretary must move estimated amounts from the Treasury’s general fund into the Trust Fund at least every quarter and fix any over- or under-transfers later. The Secretary must hold the fund, invest money not needed for current withdrawals only in U.S. interest-bearing obligations, and report each year (starting with the fiscal year ending September 30, 1980) to Congress on the fund’s condition and five-year outlook. Interest and sale proceeds from those investments go back into the fund. If an international deep seabed treaty is ratified and in effect for the U.S. within ten years after June 28, 1980, the Trust Fund can be used, as Congress provides by appropriation, to make treaty-related revenue-sharing payments. If no such treaty is in effect by that date, the money can be used for purposes Congress later decides by law. "International deep seabed treaty" is defined in 26 U.S.C. 4498(b).