PUBLIC LAW 98-67—AUG. 5, 1983 97 STAT. 369 Public Law 98-67 98th Congress An Act To promote economic revitalization and facilitate expansion of economic opportuni- ties in the Caribbean Basin region, to provide for backup withholding of tax from interest and dividends, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, TITLE I—INTEREST AND DIVIDEND TAX COMPLIANCE SEC. 101. SHORT TITLE; AMENDMENT OF 1954 CODE. (a) SHORT TITLE. —T h is title may be cited as the "Interest and Dividend Tax Compliance Act of 1983". (b) AMENDMENT OF 1954 CODE.— Except as otherwise expressly provided, whenever in this title an amendment is expressed in terms of an amendment to a section or other provision, the reference shall be considered to be made to a section or other provision of the Internal Revenue Code of 1954. SEC. 102. REPEAL OF WITHHOLDING ON INTEREST AND DIVIDENDS. (a) IN GENERAL.— Subtitle A of title III of the Tax Equity and Fiscal Responsibility Act of 1982 (relating to withholding of tax from interest and dividends) is hereby repealed as of the close of June 30, 1983. (b) CONFORMING AMENDMENT.—Except as provided in this section, the Internal Revenue Code of 1954 shall be applied and adminis- tered as if such subtitle A (and the amendments made by such subtitle A) had not been enacted. (c) REPEAL NOT TO APPLY TO AMOUNTS DEDUCTED AND WITHHELD BEFORE SEPTEMBER 2, 1983.— (1) IN GENERAL. —If, notwithstanding the repeal made by sub- section (a) (and the provisions of subsection (b)), an amount is deducted and withheld before September 2, 1983, under sub- chapter B of chapter 24 of the Internal Revenue Code of 1954 (as in effect before its repeal by subsection (a)), the repeal made by subsection (a) (and the provisions of subsection (b)) shall not apply to the amount so deducted and withheld. (2) ELECTION TO HAVE PARAGRAPH (i) NOT APPLY.— Paragraph (1) shall not apply with respect to any payor who elects (at the time and in the manner prescribed by the Secretary of the Treasury or his delegate) to have paragraph (1) not apply. (d) ESTIMATED TAX PAYMENTS. —For purposes of determining the amount of any addition to tax under section 6654 of the Internal Revenue Code of 1954 with respect to any installment required to be paid before July 1, 1983, the amount of the credit allowed by section 31 of such Code for any taxable year which includes any portion of the period beginning July 1, 1983, and ending December 31, 1983, Aug. 5, 1983 [H.R. 2973] Interest and dividend withholding tax, repeal. Caribbean Basin economic revitalization. Interest and Dividend Tax Compliance Act of 1983. 26 USC 1 note. 26use1etseq. Effective date. 26 USC 3451 note. 96 Stat. 576. 96 Stat. 576. 26 USC 3451. 26 USC 6654. 96 Stat. 585. 26 USC 31.
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