Page:United States Statutes at Large Volume 108 Part 6.djvu/427

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PUBLIC LAW 103-465—DEC. 8, 1994 108 STAT. 4995 Sec. 767. Single sum diatributiona. Sec. 768. Adjustmenta to lien for miaaed minimum funding oontributiona. Sec. 769. Special fdnding rulea for certain plana. PART II—AMENDMENTS RE:LATED TO TITLE FV OF THE EMPLOYEE RETIREMENT INC!OME SECURITY ACT OF 1974 Sec. 771. Reportable eventa. Sec. 772. Certain information required to be furniahed to PBGC Sec. 773. Enforcement of minimum fundin? requirementa. Sec. 774. Computation of additional PBGCpremium. Sec. 775. Diacioaure to participanta. Sec. 776. Miaaing participants. Sec. 777. Modification of maximum guarantee for disability benefita. Sec. 778. Procedurea to facilitate diatribution of termination benefita. PART III—EFFECTIVE DATES Sec. 781. Effective dates. Subtitle A—Withholding Tax Provisions SEC. 701. WITHHOLDING ON DISTRIBUTIONS OF INDIAN CASINO PROFITS TO IHIBAL MEMBERS. (a) IN GENERAL. —Section 3402 (relating to income tax collected 26 USC 3402. at source) is amended by inserting after subsection (q) the following new subsection: " (r) EXTENSION OF WITHHOLDING TO CERTAIN TAXABLE PAY- MENTS OF INDIAN CASINO PROFITS.— "(1) IN GENERAI..—Every person, including an Indian tribe, making a payment to a member of an Indian tribe from the net revenues of any class II or class III gaming activity conducted or licensed by such tribe shall deduct and withhold from such payment a tax in an amount equal to such payments proportionate share of the annualized tax. "(2) EXCEPTION.—The tax imposed by paragraph (1) shall not apply to any payment to the extent that the payment, when annuaUzed, does not exceed an amount equal to the sum of— "(A) the baaic standard deduction (as defined in section 63(c)) for an individual to whom section 63(c)(2)(C) applies, and "(B) the exemption amount (as defined in section 151(d)). "(3) ANNUALIZED TAX.— For purposes of paragraph (1), the term 'annuaHzed tsix' means, with respect to any payment, the amount of tax which would be imposed by section 1(c) (determined without regard to any rate of tax in excess of 31 percent) on an amount of taxable income equal to the excess of— "(A) the annuahzed amount of such payment, over "(B) the amount determined under paragraph (2). "(4) CLASSES OF GAMING ACTIVITIES, ETC.— For purposes of this subsection, terms used in paragraph (1) wnicn are defined in section 4 of the Indian Gaming Regulatory Act (25 U.S.C. 2701 et seq.), as in effect on the date of the enactment of this subsection, shall have the respective meanings given such terms by such section. "(5) ANNUALIZATION. —Payments shall be placed on an annualized basis under regulations prescribed by the Secretary. "(6) ALTERNATE WITHHOLDING PROCEDURES. — At the election of an Indian tnbe, the tax imposed by this subsection