86 



19 



1 locatable mineral, or mineral concentrates or products, 



2 from a mine or other natural deposit located within the 



3 United States. 



4 "(b) Amount of Tax. — The amount of the tax im- 



5 posed by subsection (a) shall be 8 percent of the gross 



6 income derived from the locatable mineral, or from the 



7 mineral concentrates or products, severed as described in 



8 such subsection. 



9 "(e) Exception If Royalty Imposed. — Subsection 



10 (a) shall not apply to gross income with respect to which 



11 a royalty is imposed by section 203 of the Public Re- 



1 2 sources Deficit Reduction Act of 1 9 9 5 . " . 



13 (b) Conforming Amendment. — The table of sub- 



14 chapters for chapter 36 of such Code (relating to certain 



15 other excise taxes) is amended by adding at the end the 



16 following new item: 



"Subchapter G. Tax on severance of locatable minerals.". 



17 SEC. 205. FUND FOR ABANDONED LOCATABLE MINERALS 



18 MINE reclamation. 



19 (a) Establishment of Fund. — (1) There is estab- 



20 lished on the books of the Treasury of the United States 



21 a trust fund to be known as the Abandoned Locatable 



22 Minerals Mine Reclamation F*und (hereinafter in this title 



23 referred to as the 'Fund'). The F\ind shall be administered 



24 by the Secretary acting through the Director of the Office 



25 of Surface Mining Reclamation and Enforcement. 



