26 USC 192 - Contributions to black lung benefit trust

U.S Code last checked for updates: May 03, 2024

§ 192.

Contributions to black lung benefit trust

(a)

Allowance of deduction

(b)

Limitation

The maximum amount of the deduction allowed by subsection (a) for any taxpayer for any taxable year shall not exceed the greater of—

(1)

the amount necessary to fund (with level funding) the remaining unfunded liability of the taxpayer for black lung claims filed (or expected to be filed) by (or with respect to) past or present employees of the taxpayer, or

(2)

the aggregate amount necessary to increase each trust described in section 501(c)(21) to the amount required to pay all amounts payable out of such trust for the taxable year.

(c)

Special rules

(1)

Method of determining amounts referred to in subsection (b)

(A)

In general

(B)

Funding period

Except as provided in subparagraph (C), the funding period for purposes of subsection (b)(1) shall be the greater of—

(i)

the average remaining working life of miners who are present employees of the taxpayer, or

(ii)

10 taxable years.

For purposes of the preceding sentence, the term “miner” has the same meaning as such term has when used in section 402(d) of the Black Lung Benefits Act (30 U.S.C. 902(d)).

(C)

Different funding periods

To the extent that—

(i)

regulations prescribed by the Secretary provide for a different period, or

(ii)

the Secretary consents to a different period proposed by the taxpayer,

such different period shall be substituted for the funding period provided in subparagraph (B).

(2)

Benefit payments taken into account

(3)

Time when contributions deemed made

(4)

Contributions to be in cash or certain other items

(5)

Denial of section 162 deduction with respect to liability

(d)

Carryover of excess contributions

(e)

Definition of black lung benefit claim

(Added Pub. L. 95–227, § 4(b)(1), Feb. 10, 1978, 92 Stat. 16; amended Pub. L. 95–488, § 1(a)–(c), Oct. 20, 1978, 92 Stat. 1637; Pub. L. 96–222, title I, § 108(b)(2)(B), Apr. 1, 1980, 94 Stat. 226; Pub. L. 102–486, title XIX, § 1940(c), Oct. 24, 1992, 106 Stat. 3035.)

cite as: 26 USC 192