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Question: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Detroit Economic Competitiveness 
Act''.

SEC. 2. DETROIT JOBS TRUST FUND.

    (a) In General.--Subchapter A of chapter 98 of the Internal Revenue 
Code of 1986 is amended by adding at the end the following new section:

``SEC. 9512. DETROIT JOBS TRUST FUND.

    ``(a) Creation of Trust Fund.--There is established in the Treasury 
of the United States a trust fund to be known as the `Detroit Jobs 
Trust Fund', consisting of such amounts as may be appropriated or 
credited to such fund as provided in this section or section 9602(b).
    ``(b) Transfers to Trust Fund.--There are hereby appropriated to 
the Detroit Jobs Trust Fund amounts equivalent to receipts in the 
Treasury of taxes (including all income, excise, and employment taxes 
whether imposed with respect to individuals or businesses) imposed 
under this title (with respect to periods after the date of the 
enactment of this section) which are (as determined by the Secretary) 
attributable to Detroit, Michigan. The city of Detroit, Michigan, shall 
provide the Secretary such information as the Secretary may request for 
purposes of making the determinations required under this subsection. 
For purposes of this subsection, the taxes imposed on a corporation or 
other business entity shall not be treated as attributable to Detroit, 
Michigan, merely because the headquarters of such corporation or entity 
is located in Detroit, Michigan.
    ``(c) Expenditures.--
            ``(1) In general.--Except as otherwise provided in this 
        subsection, amounts in the Detroit Jobs Trust Fund shall 
        (without need of any further appropriation) be distributed 
        annually by the Secretary to the city of Detroit, Michigan, to 
        carry out the purposes described in paragraph (2).
            ``(2) Use of expenditures.--Amounts distributed to the city 
        of Detroit, Michigan, under this section shall be used for the 
        following purposes and in the following order of priority:
                    ``(A) First, of the amounts distributed with 
                respect the annual period not in excess of the Detroit 
                income tax suspension hold harmless amount, for any 
                purpose determined by the city government of Detroit, 
                Michigan.
                    ``(B) Second, for payment of principal and interest 
                on any general obligation issued by the city of 
                Detroit, Michigan (to the extent of such obligations).
                    ``(C) Third, for payment of principal and interest 
                on obligations to which section 103 applies and the 
                proceeds of which were used for the public schools of 
                the city of Detroit, Michigan (to the extent of such 
                obligations).
                    ``(D) Fourth, for jobs development, public safety, 
                education, business infrastructure, or public 
                infrastructure (to the extent consistent with the plan 
                described in paragraph (4)).
            ``(3) Restriction on distributions.--No distribution shall 
        be made by the Secretary under paragraph (1) unless--
                    ``(A) the city of Detroit, Michigan, does not 
                impose an income tax with respect to the period to 
                which such distribution relates,
                    ``(B) such city has reduced the aggregate property 
                taxes imposed by an amount not less than the reduction 
                in the payment obligations of such city by reason of 
                the payments described in paragraph (2),
                    ``(C) all prior distributions made to the city 
                under paragraph (2) were used by the city in a manner 
                consistent with the requirements of paragraph (2), and
                    ``(D) such city has provided such information to 
                the Comptroller General of the United States as the 
                Comptroller General may request to carry out section 
                2(b) of the Detroit Economic Competitiveness Act.
            ``(4) 5-year development plan.--A plan is described in this 
        paragraph if such plan--
                    ``(A) is a 5-year plan describing development goals 
                for Detroit, Michigan, and detailing how distributions 
                for purposes described in paragraph (2)(D) will be 
                spent,
                    ``(B) has been approved by simple majority vote of 
                the City Council of Detroit, Michigan (after 
                consultation with the Detroit Board of Education), and
                    ``(C) has been submitted to, and approved by, the 
                Secretary of the Treasury, the Secretary of Housing and 
                Urban Development, and the Secretary of Education.
        No distribution shall be made under paragraph (1) for a purpose 
        described in paragraph (2)(D) unless a plan described in this 
        paragraph is in effect and all prior such distributions for 
        such purposes were used in accordance with such plan.
            ``(5) Special rules during period of plan development.--
        During the period during which the plan described in paragraph 
        (4) is developed (but not in excess of the 5-month period 
        beginning on the date of the first distribution under paragraph 
        (1)), amounts distributed may be used concurrently for the 
        purposes described in subparagraphs (A), (B), and (C) of 
        paragraph (2).
            ``(6) Detroit income tax suspension hold harmless amount.--
                    ``(A) In general.--For purposes of paragraph 
                (2)(A), the term `Detroit income tax suspension hold 
                harmless amount' means the amount (as determined by the 
                Secretary) of revenue collected by the city of Detroit 
                pursuant to the income tax imposed by such city during 
                the calendar year preceding the calendar year which 
                includes the date of the enactment of this section.
                    ``(B) Cross reference.--For provision which 
                requires suspension of the Detroit income tax, see 
                paragraph (3)(A).
                    ``(C) Tax returns may still be required.--The city 
                of Detroit, Michigan, shall not be treated as failing 
                to satisfy the requirement of paragraph (3)(A) with 
                respect to any period merely because taxpayers are 
                required to file tax returns and report income with 
                respect to such period.
            ``(7) Amounts made available not to reduce other funding.--
        Amounts distributed to the city of Detroit, Michigan, under 
        this section shall supplement, and not supplant, any other 
        funding (including any Federal funding) for such city.
    ``(d) Termination.--No amount shall be distributed from, or 
appropriated to, the Detroit Jobs Trust Fund after the 5-year period 
beginning on the date of the enactment of this section. Any amounts 
remaining in such Trust Fund at the end of such period shall be 
transferred to the general fund of the Treasury. The 5-year period 
specified in this subsection shall not be renewed or extended.''.
    (b) GAO Reports.--The Comptroller General of the United States 
shall submit an annual report to Congress which--
            (1) describes the manner and purposes for which 
        distributions made from the Detroit Jobs Trust Fund have been 
        used,
            (2) describes the extent to which progress has been made 
        toward meeting the development goals under the plan described 
        in section 9512(c)(4) of the Internal Revenue Code of 1986 (as 
        added by this section) and whether such progress is consistent 
        with meeting such goals, and
            (3) includes any recommendations the Comptroller General 
        may have regarding improvements to the program described in 
        section 9512 of such Code.
The first such annual report shall be submitted not later than 90 days 
after the 1-year period beginning on the date of the enactment of this 
Act and the last such annual report shall be submitted not later than 
90 days after the date on which the Detroit Jobs Trust Fund terminates 
pursuant to section 9512(d) of such Code.
    (c) Clerical Amendment.--The table of sections for subchapter A of 
chapter 98 of the Internal Revenue Code of 1986 is amended by adding at 
the end the following new item:

``Sec. 9512. Detroit Jobs Trust Fund.''.

SEC. 3. ZERO CAPITAL GAINS RATE FOR CERTAIN NEW INVESTMENTS IN DETROIT, 
              MICHIGAN.

    (a) In General.--Subchapter Y of chapter 1 of the Internal Revenue 
Code of 1986 is amended by adding at the end the following new part:

        ``PART IV--CERTAIN NEW INVESTMENTS IN DETROIT, MICHIGAN

``Sec. 1400V. Zero capital gains rate for certain new investments in 
                            Detroit, Michigan.

``SEC. 1400V. ZERO CAPITAL GAINS RATE FOR CERTAIN NEW INVESTMENTS IN 
              DETROIT, MICHIGAN.

    ``(a) In General.--Gross income does not include any qualified 
capital gain from the sale or exchange of a specified new investment 
held for more than 1 year.
    ``(b) Specified New Investment.--For purposes of this section--
            ``(1) In general.--The term `specified new investment' 
        means--
                    ``(A) any qualified stock,
                    ``(B) any qualified partnership interest, and
                    ``(C) any qualified business property.
            ``(2) Qualified stock.--
                    ``(A) In general.--Except as provided in 
                subparagraph (B), the term `qualified stock' means any 
                stock in a domestic corporation if--
                            ``(i) such stock is acquired by the 
                        taxpayer during the 1-year period beginning on 
                        the date of the enactment of this section, at 
                        its original issue (directly or through an 
                        underwriter) from the corporation solely in 
                        exchange for cash,
                            ``(ii) as of the time such stock was 
                        issued, such corporation was a specified 
                        Detroit business (or, in the case of a new 
                        corporation, such corporation was being 
                        organized for purposes of being a specified 
                        Detroit business), and
                            ``(iii) during substantially all of the 
                        taxpayer's holding period for such stock, such 
                        corporation qualified as a specified Detroit 
                        business.
                    ``(B) Redemptions.--A rule similar to the rule of 
                section 1202(c)(3) shall apply for purposes of this 
                paragraph.
            ``(3) Qualified partnership interest.--The term `qualified 
        partnership interest' means any capital or profits interest in 
        a domestic partnership if--
                    ``(A) such interest is acquired by the taxpayer 
                during the 1-year period beginning on the date of the 
                enactment of this section, from the partnership solely 
                in exchange for cash,
                    ``(B) as of the time such interest was acquired, 
                such partnership was a specified Detroit business (or, 
                in the case of a new partnership, such partnership was 
                being organized for purposes of being a specified 
                Detroit business), and
                    ``(C) during substantially all of the taxpayer's 
                holding period for such interest, such partnership 
                qualified as a specified Detroit business.
        A rule similar to the rule of paragraph (2)(B) shall apply for 
        purposes of this paragraph.
            ``(4) Qualified business property.--
                    ``(A) In general.--The term `qualified business 
                property' means tangible property if--
                            ``(i) such property was acquired by the 
                        taxpayer by purchase (as defined in section 
                        179(d)(2)) during the 1-year period beginning 
                        on the date of the enactment of this section,
                            ``(ii) the original use of such property in 
                        Detroit, Michigan, commences with the taxpayer, 
                        and
                            ``(iii) during substantially all of the 
                        taxpayer's holding period for such property, 
                        substantially all of the use of such property 
                        was in a specified Detroit business of the 
                        taxpayer.
                    ``(B) Special rule for substantial improvements.--
                The requirements of clauses (i) and (ii) of 
                subparagraph (A) shall be treated as satisfied with 
                respect to--
                            ``(i) property which is substantially 
                        improved by the taxpayer before the end of the 
                        period described in subparagraph (A)(i), and
                            ``(ii) any land on which such property is 
                        located.
                The determination of whether a property is 
                substantially improved shall be made under clause (ii) 
                of section 1400B(b)(4)(B), except that `the date of the 
                enactment of section 1400V' shall be substituted for 
                `December 31, 1997' in such clause.
    ``(c) Qualified Capital Gain.--For purposes of this section--
            ``(1) In general.--Except as otherwise provided in this 
        subsection, the term `qualified capital gain' means any gain 
        recognized on the sale or exchange of--
                    ``(A) a capital asset, or
                    ``(B) property used in the trade or business (as 
                defined in section 1231(b)).
            ``(2) Gain before enactment not qualified.--The term 
        `qualified capital gain' shall not include any gain 
        attributable to periods before the date of the enactment of 
        this section.
            ``(3) Certain rules to apply.--Rules similar to the rules 
        of paragraphs (3), (4), and (5) of section 1400B(e) shall apply 
        for purposes of this subsection.
    ``(d) Specified Detroit Business.--For purposes of this section, 
the term `specified Detroit business' means any enterprise zone 
business (as defined in section 1397C), determined--
            ``(1) without regard to subsections (b)(6) and (c)(5) 
        thereof,
            ``(2) by substituting `80 percent' for `50 percent' in 
        subsections (b)(2) and (c)(1) thereof,
            ``(3) by treating Detroit, Michigan, as an empowerment zone 
        (and by treating no area other than Detroit, Michigan, as an 
        empowerment zone).
    ``(e) Certain Rules To Apply.--For purposes of this section, rules 
similar to the rules of paragraphs (6) and (7) of subsection (b), and 
subsections (f) and (g), of section 1400B shall apply; except that for 
such purposes section 1400B(g)(2) shall be applied by substituting 
`before the date of the enactment of section 1400V' for `before January 
1, 1998, or after December 31, 2014'.
    ``(f) Regulations.--The Secretary shall prescribe such regulations 
as may be appropriate to carry out the purposes of this section, 
including regulations to prevent the abuse of the purposes of this 
section.''.
    (b) Clerical Amendment.--The table of parts for subchapter Y of 
chapter 1 of such Code is amended by adding at the end the following 
new item:

       ``Part IV. Certain New Investments in Detroit, Michigan''.

    (c) Effective Date.--The amendments made by this section shall 
apply to property acquired after the date of the enactment of this Act.

Answer: Detroit Economic Competitiveness Act - Amends the Internal Revenue Code to establish the Detroit Jobs Trust Fund to finance economic development in Detroit, Michigan. Requires the Secretary of the Treasury to make annual distributions from such Fund to the city of Detroit for payment of debt obligations and for job development, public safety, education, and business and public infrastructure. Prohibits any distributions unless the city of Detroit: (1) does not impose an income tax during a period of distribution, (2) has made specified reductions in aggregate property taxes, (3) has used prior distributions as required under this Act, (4) has provided required information to the Comptroller General (GAO), and (5) has implemented a five-year plan describing development goals for Detroit and detailing how distributions from the Trust Fund will be spent. Terminates such Fund five years after enactment of this Act.

Requires GAO to submit annual reports to Congress describing the use of distributions from the Trust Fund, the extent to which progress has been made in meeting the plan's development goals, and Comptroller General recommendations for improving the program established under this Act.

Excludes from gross income capital gain from the sale or exchange of investment property used in trade or business in Detroit.


Question: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Children's Health Equity Act of 
2003''.

SEC. 2. AUTHORITY FOR QUALIFYING STATES TO USE SCHIP FUNDS FOR MEDICAID 
              EXPENDITURES.

    Section 2105 of the Social Security Act (42 U.S.C. 1397ee) is 
amended by adding at the end the following:
    ``(g) Authority for Qualifying States To Use Certain Funds for 
Medicaid Expenditures.--
            ``(1) State option.--
                    ``(A) In general.--Notwithstanding any other 
                provision of law, with respect to fiscal years in which 
                allotments for a fiscal year under section 2104 
                (beginning with fiscal year 1998) are available under 
                subsections (e) and (g) of that section, a qualifying 
                State (as defined in paragraph (2)) may elect to use 
                such allotments (instead of for expenditures under this 
                title) for payments for such fiscal year under title 
                XIX in accordance with subparagraph (B).
                    ``(B) Payments to states.--
                            ``(i) In general.--In the case of a 
                        qualifying State that has elected the option 
                        described in subparagraph (A), subject to the 
                        total amount of funds described with respect to 
                        the State in subparagraph (A), the Secretary 
                        shall pay the State an amount each quarter 
                        equal to the additional amount that would have 
                        been paid to the State under title XIX for 
                        expenditures of the State for the fiscal year 
                        described in clause (ii) if the enhanced FMAP 
                        (as determined under subsection (b)) had been 
                        substituted for the Federal medical assistance 
                        percentage (as defined in section 1905(b)) of 
                        such expenditures.
                            ``(ii) Expenditures described.--For 
                        purposes of clause (i), the expenditures 
                        described in this clause are expenditures for 
                        such fiscal years for providing medical 
                        assistance under title XIX to individuals who 
                        have not attained age 19 and whose family 
                        income exceeds 133 percent of the poverty line.
                            ``(iii) No impact on determination of 
                        budget neutrality for waivers.--In the case of 
                        a qualifying State that uses amounts paid under 
                        this subsection for expenditures described in 
                        clause (ii) that are incurred under a waiver 
                        approved for the State, any budget neutrality 
                        determinations with respect to such waiver 
                        shall be determined without regard to such 
                        amounts paid.
            ``(2) Qualifying state.--In this subsection, the term 
        `qualifying State' means a State that--
                    ``(A) as of April 15, 1997, has an income 
                eligibility standard with respect to any 1 or more 
                categories of children (other than infants) who are 
                eligible for medical assistance under section 
                1902(a)(10)(A) or under a waiver under section 1115 
                implemented on January 1, 1994, that is up to 185 
                percent of the poverty line or above; and
                    ``(B) satisfies the requirements described in 
                paragraph (3).
            ``(3) Requirements.--The requirements described in this 
        paragraph are the following:
                    ``(A) SCHIP income eligibility.--The State has a 
                State child health plan that (whether implemented under 
                title XIX or this title)--
                            ``(i) as of January 1, 2001, has an income 
                        eligibility standard that is at least 200 
                        percent of the poverty line or has an income 
                        eligibility standard that exceeds 200 percent 
                        of the poverty line under a waiver under 
                        section 1115 that is based on a child's lack of 
                        health insurance;
                            ``(ii) subject to subparagraph (B), does 
                        not limit the acceptance of applications for 
                        children; and
                            ``(iii) provides benefits to all children 
                        in the State who apply for and meet eligibility 
                        standards on a statewide basis.
                    ``(B) No waiting list imposed.--With respect to 
                children whose family income is at or below 200 percent 
                of the poverty line, the State does not impose any 
                numerical limitation, waiting list, or similar 
                limitation on the eligibility of such children for 
                child health assistance under such State plan.
                    ``(C) Additional requirements.--The State has 
                implemented at least 3 of the following policies and 
                procedures (relating to coverage of children under 
                title XIX and this title):
                            ``(i) Uniform, simplified application 
                        form.--With respect to children who are 
                        eligible for medical assistance under section 
                        1902(a)(10)(A), the State uses the same 
                        uniform, simplified application form 
                        (including, if applicable, permitting 
                        application other than in person) for purposes 
                        of establishing eligibility for benefits under 
                        title XIX and this title.
                            ``(ii) Elimination of asset test.--The 
                        State does not apply any asset test for 
                        eligibility under section 1902(l) or this title 
                        with respect to children.
                            ``(iii) Adoption of 12-month continuous 
                        enrollment.--The State provides that 
                        eligibility shall not be regularly redetermined 
                        more often than once every year under this 
                        title or for children described in section 
                        1902(a)(10)(A).
                            ``(iv) Same verification and 
                        redetermination policies; automatic 
                        reassessment of eligibility.--With respect to 
                        children who are eligible for medical 
                        assistance under section 1902(a)(10)(A), the 
                        State provides for initial eligibility 
                        determinations and redeterminations of 
                        eligibility using the same verification 
                        policies (including with respect to face-to-
                        face interviews), forms, and frequency as the 
                        State uses for such purposes under this title, 
                        and, as part of such redeterminations, provides 
                        for the automatic reassessment of the 
                        eligibility of such children for assistance 
                        under title XIX and this title.
                            ``(v) Outstationing enrollment staff.--The 
                        State provides for the receipt and initial 
                        processing of applications for benefits under 
                        this title and for children under title XIX at 
                        facilities defined as disproportionate share 
                        hospitals under section 1923(a)(1)(A) and 
                        Federally-qualified health centers described in 
                        section 1905(l)(2)(B) consistent with section 
                        1902(a)(55).''.

Answer: Children's Health Equity Act of 2003 - Amends title XXI (State Children's Health Insurance Program) (SCHIP) of the Social Security Act (SSA) to grant authority for qualifying States to use SCHIP funds for Medicaid (SSA title XIX) expenditures.


Question: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Mississippi Sioux Tribes Judgment 
Fund Distribution Act of 1996''.

SEC. 2. DEFINITIONS.

    For purposes of this Act, the following definitions shall apply:
            (1) Covered indian tribe.--The term ``covered Indian 
        tribe'' means an Indian tribe listed in section 4(a).
            (2) Secretary.--The term ``Secretary'' means the Secretary 
        of the Interior.
            (3) Tribal governing body.--The term ``tribal governing 
        body'' means the duly elected governing body of a covered 
        Indian tribe.

SEC. 3. DISTRIBUTION TO, AND USE OF CERTAIN FUNDS BY, THE SISSETON AND 
              WAHPETON TRIBES OF SIOUX INDIANS.

    Notwithstanding any other provision of law, including Public Law 
92-555 (25 U.S.C. 1300d et seq.), any funds made available by 
appropriations under Public Law 90-352 to the Sisseton and Wahpeton 
Tribes of Sioux Indians to pay a judgment in favor of the Tribes in 
Indian Claims Commission dockets numbered 142 and 359, including 
interest, after payment of attorney fees and other expenses, that, as 
of the date of enactment of this Act, have not been distributed, shall 
be distributed and used in accordance with this Act.

SEC. 4. DISTRIBUTION OF FUNDS TO TRIBES.

    (a) In General.--Subject to section 5, as soon as practicable after 
the date that is 1 year after the date of enactment of this Act, the 
Secretary shall distribute an aggregate amount, equal to the funds 
described in section 3 reduced by $1,469,831.50, as follows:
            (1) 28.9276 percent of such amount shall be distributed to 
        the tribal governing body of the Devils Lake Sioux Tribe of 
        North Dakota.
            (2) 57.3145 percent of such amount shall be distributed to 
        the tribal governing body of the Sisseton and Wahpeton Sioux 
        Tribe of South Dakota.
            (3) 13.7579 percent of such amount shall be distributed to 
        the tribal governing body of the Assiniboine and Sioux Tribes 
        of the Fort Peck Reservation in Montana, as designated under 
        subsection (b).
    (b) Tribal Governing Body of Assiniboine and Sioux Tribes of Fort 
Peck Reservation.--For purposes of making distributions of funds 
pursuant to this Act, the Sisseton and Wahpeton Sioux Council of the 
Assiniboine and Sioux Tribes shall act as the governing body of the 
Assiniboine and Sioux Tribes of the Fort Peck Reservation.

SEC. 5. ESTABLISHMENT OF TRIBAL TRUST FUNDS.

    (a) In General.--As a condition to receiving funds distributed 
under section 4, each tribal governing body referred to in section 4(a) 
shall establish a trust fund for the benefit of the covered Indian 
tribe under the jurisdiction of that tribal governing body, consisting 
of--
            (1) amounts deposited into the trust fund; and
            (2) any interest that accrues from investments made from 
        amounts deposited into the trust fund.
    (b) Trustee.--Each tribal governing body that establishes a trust 
fund under this section shall--
            (1) serve as the trustee of the trust fund; and
            (2) administer the trust fund in accordance with section 6.

SEC. 6. USE OF DISTRIBUTED FUNDS.

    (a) Prohibition.--No funds distributed to a covered Indian tribe 
under section 4 may be used to make per capita payments to members of 
the covered Indian tribe.
    (b) Purposes.--The funds distributed under section 4 may be used by 
a tribal governing body referred to in section 4(a) only for the 
purpose of making investments or expenditures that the tribal governing 
body determines to be reasonably related to--
            (1) economic development that is beneficial to the covered 
        Indian tribe;
            (2) the development of resources of the covered Indian 
        tribe; or
            (3) the development of a program that is beneficial to 
        members of the covered Indian tribe, including educational and 
        social welfare programs.
    (c) Audits.--
            (1) In general.--The Secretary shall conduct an annual 
        audit to determine whether each tribal governing body referred 
        to in section 4(a) is managing the trust fund established by 
        the tribal governing body under section 5 in accordance with 
        the requirements of this section.
            (2) Action by the secretary.--
                    (A) In general.--If, on the basis of an audit 
                conducted under paragraph (1), the Secretary determines 
                that a covered Indian tribe is not managing the trust 
                fund established by the tribal governing body under 
                section 5 in accordance with the requirements of this 
                section, the Secretary shall require the covered Indian 
                tribe to take remedial action to achieve compliance.
                    (B) Appointment of independent trustee.--If, after 
                a reasonable period of time specified by the Secretary, 
                a covered Indian tribe does not take remedial action 
                under subparagraph (A), the Secretary, in consultation 
                with the tribal governing body of the covered Indian 
                tribe, shall appoint an independent trustee to manage 
                the trust fund established by the tribal governing body 
                under section 5.

SEC. 7. EFFECT OF PAYMENTS TO COVERED INDIAN TRIBES ON BENEFITS.

    (a) In General.--A payment made to a covered Indian tribe or an 
individual under this Act shall not--
            (1) for purposes of determining the eligibility for a 
        Federal service or program of a covered Indian tribe, 
        household, or individual, be treated as income or resources; or
            (2) otherwise result in the reduction or denial of any 
        service or program to which, pursuant to Federal law (including 
        the Social Security Act (42 U.S.C. 301 et seq.)), the covered 
        Indian tribe, household, or individual would otherwise be 
        entitled.
    (b) Tax Treatment.--A payment made to a covered Indian tribe or 
individual under this Act shall not be subject to any Federal or State 
income tax.

SEC. 8. DISTRIBUTION OF FUNDS TO LINEAL DESCENDANTS.

    Not later than 1 year after the date of enactment of this Act, of 
the funds described in section 3, the Secretary shall, in the manner 
prescribed in section 202(c) of Public Law 92-555 (25 U.S.C. 1300d-
4(c)), distribute an amount equal to $1,469,831.50 to the lineal 
descendants of the Sisseton and Wahpeton Tribes of Sioux Indians.

Answer:
Mississippi Sioux Tribes Judgement Fund Distribution Act of 1996 - Provides for distribution to, and use of certain funds by, the Sisseton and Wahpeton Tribes of Sioux Indians. 
(Sec. 4) Directs the Secretary of the Interior, one year after enactment of this Act, to distribute specified amounts to the tribal governing body of the:  (1) Devils Lake Sioux Tribe of North Dakota; (2) Sisseton and Wahpeton Sioux Tribe of South Dakota; and (3) Assiniboine and Sioux Tribes of the Fort Peck Reservation in Montana. Designates the Sisseton and Wahpeton Sioux Council of the Assiniboine and Sioux Tribes as the tribal governing body of the Assiniboine and Sioux Tribes of the Fort Peck Reservation. 
(Sec. 5) Directs each tribal governing body, as a condition for receiving the distributed funds, to establish a tribal trust fund for the benefit of the covered Indian tribe under its jurisdiction. Requires that each tribal governing body shall:  (1) serve as the trustee of the trust fund; and (2) administer the trust fund. 
(Sec. 6) Prohibits funds distributed to a covered Indian tribe from being used to make per capita payments to members of the covered Indian tribe. 
Allows funds distributed to be used by a tribal governing body only for the purpose of making investments or expenditures that the tribal governing body determines to be related to:  (1) economic development that is beneficial to the covered Indian tribe; (2) the development of resources of the covered Indian tribe; or (3) the development of a program that is beneficial to members of the covered Indian tribe, including educational and social welfare programs. 
Directs the Secretary to conduct an annual audit. 
(Sec. 7) Sets forth provisions concerning the effect of payments to a covered Indian tribe or an individual on eligibility for, or the reduction or denial of, Federal benefits.  Prohibits subjecting a payment made to a covered Indian tribe or individual under this Act to Federal or State income tax. 
(Sec. 8) Directs the Secretary, not later than one year after enactment, to distribute a specified amount to the lineal descendants of the Sisseton and Wahpeton Tribes of Sioux Indians.