Page:United States Statutes at Large Volume 105 Part 2.djvu/734

 105 STAT. 1686 PUBLIC LAW 102-227—DEC. 11, 1991 Public Law 102-227 102d Congress An Act Dec. 11, 1991 [H.R. 3909] Tax Extension Act of 1991. 26 USC 1 note. To amend the Internal Revenue Code of 1986 to extend certain expiring provisions, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE; AMENDMENT OF 1986 CODE. (a) SHORT TITLE. —T h is Act may be cited as the "Tax Extension Act of 1991". (b) AMENDMENT OF 1986 CODE.— Except as otherwise expressly provided, whenever in this Act an amendment or repeal is expressed in terms of an amendment to, or repeal of, a section or other provision, the reference shall be considered to be made to a section or other provision of the Internal Revenue Code of 1986. TITLE I—6-MONTH EXTENSION OF CERTAIN EXPIRING TAX PROVISIONS SEC. 101. ALLOCATION OF RESEARCH AND EXPERIMENTAL EXPENDI- TURES. (a) EXTENSION.— Paragraph (5) of section 864(f) (relating to allocation of research and experimental expenditures) is amended to read as follows: " (5) YEARS TO WHICH RULE APPLIES. — "(A) IN GENERAL.—T his subsection shall apply to the taxpayer's first 3 taxable years beginning after August 1, 1989, and on or before August 1, 1992. "(B) REDUCTION. — Notwithstanding subparagraph (A), in the case of the taxpayer's first taxable year beginning after August 1, 1991, this subsection shall only apply to qualified research and experimental expenditures incurred during the first 6 months of such taxable year." 26 USC 864 note. (b) EFFECTIVE DATE.—The amendment made by subsection (a) shall apply to taxable years beginning after August 1, 1989. SEC. 102. RESEARCH CREDIT. (a) EXTENSION.— Subsection (h) of section 41 (relating to credit for increasing research activities) is amended— (1) by striking "December 31, 1991" each place it appears and inserting "June 30, 1992", and (2) by striking "January 1, 1992" each place it appears and inserting "July 1, 1992". (b) CONFORMING AMENDMENT.— Subparagraph (D) of section 28(b)(1) is amended by striking "December 31, 1991" and inserting "June 30, 1992". 26 USC 28 note. (c) EFFECTIVE DATE.—The amendments made by this section shall apply to taxable years ending after December 31, 1991.

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