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SEC. 807. EFFECTIVE DATE.
The provisions of this title shall become effective on
the date of enactment of this title.
TITLE IX—TAXES
SEC. 901. AMENDMENTS TO THE INTERNAL REVENUE CODE
OF 1986.
(a) Section 59A(e)(1) of the Internal Revenue Code
of 1986 (26 U.S.C. 59A(e)(1)) is amended by striking
‘‘January 1, 1996’’ and inserting instead ‘‘January 1,
2001’’.
(b) Section 4611(e) of the Internal Revenue Code of
1986 (26 U.S.C. 4611(e)) is amended—
(1) in paragraph (1), by striking ‘‘December
31, 1986’’ and inserting instead ‘‘December 31,
1995’’;
(2) in paragraph (2)—
(A) by striking ‘‘December 31, 1993 or
December 31, 1994’’ and inserting instead
‘‘December 31, 1998 or December 31, 1999’’;
(B) by striking ‘‘December 31, of 1994 or
1995, respectively’’ and inserting instead ‘‘De-
cember 31 of 1999 or 2000, respectively’’; and
(C) by striking ‘‘1994 or 1995’’ the last
place it appears and inserting instead ‘‘1999 or
2000’’;
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(3) in paragraph (3)(A), by striking ‘‘January
1, 1987, and ending December 31, 1995’’ and in-
serting instead ‘‘January 1, 1996, and ending De-
cember 31, 2000’’; and
(4) in paragraph (3)(B)—
(A) in the title thereof, by striking ‘‘Janu-
ary 1, 1996’’ and inserting ‘‘January 1, 2001’’;
and
(B) by striking ‘‘Fund before January 1,
1996’’ and inserting instead ‘‘Fund before Jan-
uary 1, 2001’’.
SEC. 902. ENVIRONMENTAL FEES AND ASSESSMENTS ON IN-
SURANCE COMPANIES.
(a) IN GENERAL.—The Internal Revenue Code of
1986 is amended by inserting after section ll the fol-
lowing new section:
‘‘§
. Environmental fees and assessments on insur-
ance companies’’.
[RESERVED]
(b) CLERICAL AMENDMENTS.—The table of sections
for chapter ll of the Internal Revenue Code of 1986
is amended by inserting after the item relating to section
ll the following:
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‘‘§
. Environmental fees and assessments on insur-
ance companies’’.
SEC. 903. FUNDING PROVISIONS FOR ENVIRONMENTAL IN-
SURANCE RESOLUTION FUND.
(A) IN GENERAL.—
(1) Except as provided in section 802(f)(7) of
this Act, all expenditures of the Resolution Fund
shall be paid out of the fees and assessments im-
posed by section ll of the Internal Revenue Code.
(2) Except as may be expressly authorized by
the Secretary of the Treasury, all funds of the Reso-
lution Fund shall be maintained in the Treasury of
the United States. The Secretary may provide for
the disbursement of such funds to the Resolution
Fund or on behalf of the Resolution Fund under
such procedures, terms and conditions as the Sec-
retary may prescribe.
(b) TRANSFER TO RESOLUTION FUND.—The Sec-
retary of the Treasury shall transfer to the Resolution
Fund on October 1 of fiscal year 1995, 1996, 1997, 1998
and 1999, an amount equal to the fees and assessments
anticipated to be collected pursuant to section ll of the
Internal Revenue Code of 1986 during the then current
fiscal year.
(c) ADJUSTMENTS.—In each succeeding fiscal year
the Secretary of the Treasury shall adjust the amounts
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transferred pursuant to paragraph (2) to reflect actual
collections of fees and assessments during the prior fiscal
year, except that with respect to the transfer made on Oc-
tober 1, 1999, the Resolution Fund shall reimburse the
Secretary the amount of such transfer subsequently deter-
mined by the Secretary to have exceeded actual collections
of fees and assessments during such fiscal year.
SEC. 904. RESOLUTION FUND NOT SUBJECT TO TAX.
The Resolution Fund, including its capital, reserves,
surplus, security holdings, and income shall be exempt
from all taxation now or hereafter imposed by the United
States (including any territory, dependency or possession
thereof) or any State, county, municipality or local taxing
authority.
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