PUBLIC LAW 105-277—OCT. 21, 1998 112 STAT. 2681-904 SEC. 2023. EXEMPTION FOR STUDENTS EMPLOYED BY STATE SCHOOLS, 42 USC 418 note. COLLEGES, OR UNIVERSITIES. (a) IN GENERAL.— Notwithstanding section 218 of the Social Security Act, any agreement with a State (or any modification thereof) entered into pursuant to such section may, at the option of such State, be modified at any time on or after January 1, 1999, and on or before March 31, 1999, so as to exclude service performed in the employ of a school, college, or university if such service is performed by a student who is enrolled and is regularly attending classes at such school, college, or university. (b) EFFECTIVE DATE OF MODIFICATION.—Any modification of an agreement pursuant to subsection (a) shall be effective with respect to services performed after June 30, 2000. (c) IRREVOCABILITY OF MODIFICATION. —l i" any modification of an agreement pursuant to subsection (a) termiinates coverage with respect to service performed in the employ of a school, college, or university, by a student who is enrolled and regularly attending classes at such school, college, or university, the Commissioner of Social Security and the State may not thereafter modify such agreement so as to again make the agreement applicable to such service performed in the employ of such school, college, or imiversity. TITLE III—REVENUE OFFSETS SEC. 3001. TREATMENT OF CERTAIN DEDUCTIBLE LIQUIDATING DIS- TRIBUTIONS OF REGULATED INVISSTMENT COMPANIES AND REAL ESTATE INVESTMENT TRUSTS. (a) IN GENERAL.— Section 332 (relating to complete liquidations of subsidiaries) is amended by adding at the end the following new subsection: " (c) DEDUCTIBLE LIQUIDATING DISTRIBUTIONS OF REGULATED INVESTMENT COMPANIES AND REAL ESTATE iNrVESTMENT TRUSTS.— If a corporation receives a distribution from a regulated investment company or a real estate investment trust which is considered under subsection (b) as being in complete liquidation of such company or trust, then, notwithstanding any other provision of this chapter, such corporation shall recognize and treat as a dividend from such company or trust an amount equal to the deduction for dividends paid allowable to such company or trust by reason of such distribution.". (b) CONFORMING AMENDMENTS.— (1) The material preceding paragraph (1) of section 332(b) is amended by striking "subsection (a)" and inserting "this section". (2) Paragraph (1) of section 334(b) is amended by striking "section 332(a)" and inserting "section 332". (c) EFFECTIVE DATE.— The amendments made by this section 26 USC 332 note, shall apply to distributions after May 21, 1998. (d) ASSUMPTIONS.— In making the estimate required for this Act by section 252(d)(2) of the Balanced Budget and Emergency Deficit Control Act of 1985, that part of the estimate that measures the change in receipts resulting from the amendments made by this section shall be based on the economic and technical assumptions underlying the supplemental summary of the budget for fiscal year 1999, submitted on May 26, 1998, pursuant to section 1106 of title 31, United States Code, notwithstanding section 252(d)(2)(B).
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