Page:United States Statutes at Large Volume 111 Part 1.djvu/924

 Ill STAT. 900 PUBLIC LAW 105-34—AUG. 5, 1997 (ii) the Corporation's net tax liability for the carryback period. (B) DOLLAR LIMIT. —Such amount shall not exceed $2,323,000,000. (b) EXISTING QUALIFIED CARRYOVERS; NET TAX LIABILITY.— For purposes of this section— (1) EXISTING QUALIFIED CARRYOVERS. —The term "existing qualified carryovers" means the aggregate of the amounts which are net operating loss carryovers under section 172(b) of the Internal Revenue Code of 1986 to the Corporation's first taxable year ending after September 30, 1997. (2) NET TAX LIABILITY FOR CARRYBACK PERIOD.— (A) IN GENERAL.— The Corporation's net tax liability for the carryback period is the aggregate of the net tax liability of the Corporation's railroad predecessors for taxable years in the carryback period. (B) NET TAX LIABILITY. —The term "net tax liabihty" means, with respect to any taxable year, the amount of the tax imposed by chapter 1 of the Internal Revenue Code of 1986 (or any corresponding provision of prior law) for such taxable year, reduced by the sum of the credits allowable against such tax under such Code (or any corresponding provision of prior law). (C) CARRYBACK PERIOD.— The term "carryback period" means the period— (i) which begins with the first taxable year of any railroad predecessor beginning before January 1, 1971, for which there is a net tax liability, and (ii) which ends with the last taxable year of any railroad predecessor beginning before January 1, 1971. (3) RAILROAD PREDECESSOR.— (A) IN GENERAL.— The term "railroad predecessor" means— (i) any railroad which entered into a contract under section 401 or 404(a) of the Rail Passenger Service Act of 1970 relieving the railroad of its entire responsibility for the provision of intercity rail passenger service, and (ii) any predecessor thereof. (B) CONSOLIDATED RETURNS.—If any railroad described in subparagraph (A) was a member of an affiliated group which filed a consolidated return for any taxable year in the carryback period, each member of such group shall be treated as a railroad predecessor for such year. (c) PAYMENTS TO NON-AMTRAK STATES. — (1) IN GENERAL. —Within 30 days after receipt of any refund of any payment described in subsection (a)(1), the Corporation shall pay to each non-Amtrak State an amount equal to 1 percent of the amount of such refund. (2) USE OF PAYMENT.—Each non-Amtrak State shall use the payment described in paragraph (1) (and any interest thereon) solely to finance qualified expenses of the State. (3) REPAYMENT.— A non-Amtrak State shall pay to the United States— (A) any portion of the payment received by the State under paragraph (1) (and any interest thereon) which is used for a purpose other than to finance qualified expenses

�