ACCELERATION OF DEPOSIT REQUIREMENTS.

SEC. 7632. ACCELERATION OF DEPOSIT REQUIREMENTS. (a) In General.—Section 6302 (relating to mode or time for collection), as amended by this title, is amended by redesignating subsection (g) as subsection (h) and by inserting after subsection (f) the following new subsection: “(g) Deposits of Social Security Taxes and Withheld Income Taxes.— “(1) In general.—If, under regulations prescribed by the Secretary, a person is required to make deposits of taxes imposed by chapters 21 and 24 on the basis of eighth-month periods, such person shall, for the years specified in paragraph (2), make deposits of such taxes on the applicable banking day after any day on which such person has $100,000 or more of such taxes for deposit. “(2) Specified years.—For purposes of paragraph (1)— “In the case of: The applicable banking day is: 1990 1st 1991 2d 1992 3rd 1993 1st 1994 1st.” (b) Effective Date.— (1) General rule.—Except as provided in paragraph (2), the amendment made by subsection (a) shall apply to amounts required to be deposited after July 31, 1990. (2) Rule for 1995 and thereafter.—For calendar year 1995 and thereafter, the Secretary of the Treasury shall prescribe regulations with respect to the date on which deposits of such taxes shall be made in order to minimize the unevenness in the revenue effects of the amendment made by subsection (a).