A bill to establish priorities in the payment of claims against the People's Republic of China.

[AI summary unavailable — showing source text] 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.…