This section shall not apply to the any central bank of the People's Republic of China. . (c) Effective date The amendments made by this section shall apply to income received or derived after the date of the enactment of this Act. 204. Surtax on certain income derived from China (a) In general Subpart D of part II of subchapter N of chapter 1 of the Internal Revenue Code of 1986 is amended by adding at the end the following new section: 899. Imposition of surtax on certain income from China (a) In general In addition to other taxes, there is imposed on the China source income of any applicable United States person a tax equal to 2 percent of such income. (b) Applicable United States person For purposes of this subsection, the term applicable United States person means any United States person who— (1) holds an investment through a partnership with a resident of the People’s Republic of China, or (2) participates in a joint shareholding venture with a resident of the People’s Republic of China. (c) China source income For purposes of this section, the term China source income means any amount received from sources within the People’s Republic of China which is attributable to an investment described in subsection (b)(1) or a venture described in subsection (b)(2). Such amount shall be reduced so as to take into account deductions (including taxes) properly allocable to such income under rules similar to the rules of section 954(b)(5). . (b) Tax not treated as part of regular tax liability Section 26(b)(2) of such Code is amended by striking and at the end of subparagraph (X), by striking the period at the end of subparagraph (Y) and inserting , and , and by adding at the end the following new subparagraph: (Z) section 899 (relating to surtax on certain income from China). . (c) Clerical amendment The table of sections for subpart D of part II of subchapter N of chapter 1 of such Code is amended by adding at the end the following new item: Sec. 899. Imposition of surtax on certain income from China. . (d)