‘‘(i) both spouses shall be treated as
individuals to whom this section applies,
and
‘‘(ii) the recapture income of each of
such spouses shall be determined under the
rules of subparagraph (A); except that
clause (i) of this subparagraph shall not
apply for purposes of subparagraph (A)(i).
‘‘(e) CREDITS NOT ALLOWABLE; ETC.—The tax im-
posed by this section shall not be treated as a tax imposed
by this chapter for purposes of determining—
‘‘(1) the amount of any credit allowable under
this chapter, or
‘‘(2) the amount of the minimum tax imposed
by section 55.
‘‘(f) MARITAL STATUS.—For purposes of this section,
marital status shall be determined under section 7703.’’
(2) CLERICAL
AMENDMENT.—The table of
parts for subchapter A of chapter 1 of such Code is
amended by adding at the end thereof the following
new item:
‘‘Part VIII. Health professions assistance recapture tax.’’
(3) EFFECTIVE DATE.—The amendments made
by this subsection shall apply to taxable years end-
ing after the date of the enactment of this Act.
(b) HEALTH
PROFESSIONS
EDUCATION
TRUST
FUND.—
(1) IN GENERAL.—Subchapter A of chapter 98
of such Code (relating to Trust Fund Code) is
amended by adding at the end thereof the following
new section:
‘‘SEC. 9511. HEALTH PROFESSIONS EDUCATION TRUST
FUND.
‘‘(a) CREATION OF TRUST FUND.—There is hereby
established in the Treasury of the United States a trust
fund to be known as the ‘Health Professions Education
Trust Fund’, consisting of such amounts as may be appro-
priated to credited to such Trust Fund as provided in this
section or section 9602(b).
‘‘(b) TRANSFER TO TRUST FUND
OF AMOUNTS
EQUIVALENT TO CERTAIN TAXES.—There are hereby ap-
propriated to the Health Professions Education Trust
Fund amounts equivalent to the taxes received in the
Treasury under section 59B.
‘‘(c) EXPENDITURES FROM TRUST FUND.—Amounts
in the Health Professions Education Trust Fund shall be
available, as provided by appropriation Acts, for making
payments under section 735A of the Public Health Service
Act.
‘‘(d) AUTHORITY TO BORROW.—
‘‘(1) IN GENERAL.—There are authorized to be
appropriated to the Health Professions Education
Trust Fund, as repayable advances, such sums as
may be necessary to make payments under section
735A of the Public Health Service Act.
‘‘(2) REPAYMENT
OF
ADVANCES.—Advances
made to the Health Professions Education Trust
Fund shall be repaid, and interest on such advances
shall be paid, to the general fund of the Treasury
when the Secretary determines that moneys are
available for such purposes in such Trust Fund.
‘‘(3) INTEREST.—Interest on advances made
under this subsection shall be at a rate determined
by the Secretary of the Treasury (as of the close of
the calendar month preceding the calendar month in
which the advance is made) to equal to the current
average market yield on outstanding marketable ob-
ligations of the United States with remaining peri-
ods to maturity comparable to the anticipated period
during which the advance will be outstanding. Such
interest shall be compounded annually.’’
(2) CLERICAL AMENDMENT.—The table of sec-
tions for subchapter A of chapter 98 of such Code
is amended by adding at the end thereof the follow-
ing new item:
‘‘Sec. 9511. Health Professions Education Trust Fund.’’