; and (B) if such employee is not a qualified resident of Puerto Rico, to the extent that the amount of any tax imposed by section 3101(a), 3201(a), or 3211(a) of such Code is not collected by the employer in excess of the rate which would otherwise apply under this section, such tax shall be paid by the employee. (c) Definitions (1) Qualified resident The term qualified resident means any individual who meets the requirements of section 937(a) of the Internal Revenue Code of 1986 solely based on presence in Puerto Rico. (2) Payroll tax holiday period The term payroll tax holiday period means the period beginning after June 30, 2018, and ending before July 1, 2020. (d) Employer notification The Secretary of the Treasury shall notify employers of the payroll tax holiday period in any manner the Secretary deems appropriate. (e) Transfers of funds (1) Transfers to federal old-age and survivors insurance trust fund There are hereby appropriated to the Federal Old-Age and Survivors Trust Fund and the Federal Disability Insurance Trust Fund established under section 201 of the Social Security Act ( 42 U.S.C. 401 ) amounts equal to the reduction in revenues to the Treasury by reason of the application of subsection (a). Amounts appropriated by the preceding sentence shall be transferred from the general fund at such times and in such manner as to replicate to the extent possible the transfers which would have occurred to such Trust Fund had such amendments not been enacted. (2) Transfers to social security equivalent benefit account There are hereby appropriated to the Social Security Equivalent Benefit Account established under section 15A(a) of the Railroad Retirement Act of 1974 ( 45 U.S.C. 231n–1(a) ) amounts equal to the reduction in revenues to the Treasury by reason of the application of subsection (a)(2). Amounts appropriated by the preceding sentence shall be transferred from the general fund at such times and in such manner as to replicate to the extent possible the transfers which would have occurred to such