§4495. Imposition of tax

(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.

(b) Amount of tax

The amount of the tax imposed by subsection (a) on any removal shall be 3.75 percent of the imputed value of the resource so removed.

(c) Liability for tax

The tax imposed by subsection (a) shall be paid by the person to whom the deep seabed permit is issued.

(d) Time for paying tax

The time for paying the tax imposed by subsection (a) shall be the time prescribed by the Secretary by regulations. The time so prescribed with respect to any removal shall be not earlier than the earlier of-

(1) the commercial use of, or the sale or disposition of, any portion of the resource so removed, or

(2) the day which is 12 months after the date of the removal of the resource.

(Added Pub. L. 96–283, title IV, §402(a), June 28, 1980, 94 Stat. 582 .)

Effective Date

Section 402(c) of Pub. L. 96–283 provided that: "The amendments made by this section [enacting this subchapter] shall take effect on January 1, 1980."

Section Referred to in Other Sections

This section is referred to in sections 4497, 4498 of this title; title 30 sections 1472, 1473.