92 STAT. 16
PUBLIC LAW 95-227—FEB. 10, 1978 sation for disability or death due to pneumoconiosis ," under Black Lung Acts,• "(ii) to pay premiums for insurance exclusively covering such liability; and "(iii) to pay administrative and other incidental expenses of such trust (including legal, accounting, actuarial, and trustee expenses) in connection with the oper,,.. ation of the trust and the processing of claims against such person under Black Lung Acts; and " (B) no part of the assets of the trust may be used for, or diverted to, any purpose other than— "(i) the purposes described in subparagraph (A), or " (ii) investment (but only to the extent that the trustee determines that a portion of the assets is not currently needed for the purposes described in subparagraph (A)) in— " (I) public debt securities of the United States, " ( II) obligations of a State or local government which are not in default as to principal or interest, or " ( III) time or demand deposits in a bank (as defined in section 581) or an insured credit union (within the meaning of section 101(6) of the Federal Credit Union Act, 12 U.S.C. 1752(6)) located in the ' ' ' United States, or "(iii) payment into the Black Lung Disability Trust • Fund established under section 3 of the Black Lung Benefits Revenue Act of 1977, or into the general fund of the United States Treasury (other than in satisfaction of any tax or other civil or criminal liability of the person who established or contributed to the trust). For purposes of this paragraph the term 'Black Lung Acts' means part C of title IV of the Federal Coal Mine Health and Safey Act of 1969, and any State law providing compensation for disability or death due to pneumoconiosis,". .1.:
26 USC 581.
"Black Lung Acts." 30 USC 931.
(b) AxLowANCE OF DEDUCTION.—
(1) IN GENERAL.—Part VI of subchapter B of chapter 1 of such Code (relating to itemized deductions for individuals and corporations) is amended by adding at the end thereof the following new section: "SEC. 192. CONTRIBUTIONS TO BLACK LUNG BENEFIT TRUST. "(a) ALLOWANCE OF DEDUCTION.—There is allowed as a deduction for the taxable year an amount equal to the sum of the amounts contributed by the taxpayer during the taxable year to or under a trust or trusts described in section 501(c) (21).
26 USC 192.
Anu, p. 15.
"(b)
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LIMITATION.—
"(1) IN GENERAL.—The amount of the deduction allowed by subsection (a) for any taxable year with respect to any such trust shall not exceed the amount determined under paragraph (2) or (3), whichever is greater. " (2) CURRENT YEAR OBLIGATIONS.—The amount determined under this paragraph for the taxable year is the amount which, when added to the fair market value of the assets of the trust as of the beginning of the taxable year, is necessary to carry out the purposes of the trust described in subparagraph (A) of section 501(c) (21) for the taxable year.
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