Amends the International Claims Settlement Act to direct the Secretary of the Treasury to deduct from amounts deposited in a special fund to pay claims against the People's Republic of China the lesser of: (1) the expenses incurred by the Foreign Claims Settlement Commission and the Treasury Department in administering such claims; or (2) five percent of such amounts.
Sets forth the order of priority of claims to be paid by the Secretary from such special fund.
Requires a deduction in the amount otherwise payable to claimants allowed a Federal income tax deduction for claimed losses.
Introduced in Senate
Referred to Senate Committee on Foreign Relations.
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