PUBLIC LAW 109–432—DEC. 20, 2006
120 STAT. 3023
‘‘(iii) is in an amount equal to 1 year of liability of the last signatory operator under this section, determined by using the average cost of such operator’s liability during the prior 3 calendar years; ‘‘(B) the security is in addition to any other security required under any other provision of this title; and ‘‘(C) the security remains in place for 5 years. ‘‘(4) REFUNDS OF SECURITY.—The remaining amount of any security provided under this subsection (and earnings thereon) shall be refunded to the last signatory operator as of the earlier of— ‘‘(A) the termination of the obligations of the last signatory operator under this section, or ‘‘(B) the end of the 5-year period described in paragraph (4)(C).’’. (c) 1992 UMWA BENEFIT PLAN.—Section 9712(d)(4) of the Internal Revenue Code of 1986 (relating to joint and several liability) is amended by adding at the end the following new sentence: ‘‘The provisions of section 9711(c)(2) shall apply to any last signatory operator described in such section (without regard to whether security is provided under such section, a payment is made under section 9704(j), or both) and if security meeting the requirements of section 9711(c)(3) is provided, the common parent described in section 9711(c)(2)(B) shall be exclusively responsible for any liability for premiums under this section which, but for this sentence, would be required to be paid by the last signatory operator or any related person.’’. (d) SUCCESSOR IN INTEREST.—Section 9701(c) of the Internal Revenue Code of 1986 (relating to terms relating to operators) is amended by adding at the end the following new paragraph: ‘‘(8) SUCCESSOR IN INTEREST.— ‘‘(A) SAFE HARBOR.—The term ‘successor in interest’ shall not include any person who— ‘‘(i) is an unrelated person to an eligible seller described in subparagraph (C); and ‘‘(ii) purchases for fair market value assets, or all of the stock, of a related person to such seller, in a bona fide, arm’s-length sale. ‘‘(B) UNRELATED PERSON.—The term ‘unrelated person’ means a purchaser who does not bear a relationship to the eligible seller described in section 267(b). ‘‘(C) ELIGIBLE SELLER.—For purposes of this paragraph, the term ‘eligible seller’ means an assigned operator described in section 9704(j)(2) or a related person to such assigned operator.’’. (e) EFFECTIVE DATE.—The amendments made by this section shall take effect on the date of the enactment of this Act, except that the amendment made by subsection (d) shall apply to transactions after the date of the enactment of this Act.
Applicability. 26 USC 9712.
26 USC 9701 note.
SEC. 212. TRANSFERS TO FUNDS; PREMIUM RELIEF.
(a) COMBINED FUND.— (1) FEDERAL TRANSFERS.—Section 9705(b) of the Internal Revenue Code of 1986 (relating to transfers from Abandoned Mine Reclamation Fund) is amended— (A) in paragraph (1), by striking ‘‘section 402(h)’’ and inserting ‘‘subsections (h) and (i) of section 402’’;
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