Page:United States Statutes at Large Volume 116 Part 1.djvu/52

 116 STAT. 26 PUBLIC LAW 107-147—MAR. 9, 2002 operating loss. Such election, once made for any taxable year, shall be irrevocable for such taxable year.". (c) TEMPORARY SUSPENSION OF 90 PERCENT LIMIT ON CERTAIN NOL CARRYOVERS. — 26 USC 56. (1) IN GENERAL. — Subparagraph (A) of section 56(d)(1) (relating to general rule defining alternative tax net operating loss deduction) is amended to read as follows: "(A) the amount of such deduction shall not exceed the sum of— "(i) the lesser of— "(I) the amount of such deduction attributable to net operating losses (other than the deduction attributable to carryovers described in clause (ii)(I)), or "(II) 90 percent of alternative minimum taxable income determined without regard to such deduction, plus "(ii) the lesser of— "(I) the amount of such deduction attributable to the sum of carrybacks of net operating losses for taxable years ending during 2001 or 2002 and carryforwards of net operating losses to taxable years ending during 2001 and 2002, or "(II) alternative minimum taxable income determined without regard to such deduction reduced by the amount determined under clause (i), and". Applicability. (2) EFFECTIVE DATE.— The amendment made by this sub- 26 USC 56 note. section shall apply to taxable years ending before January 1, 2003. Applicability. (d) EFFECTIVE DATE. —Except as provided in subsection (c), 26 USC 172 note, the amendments made by this section shall apply to net operating losses for taxable years ending after December 31, 2000. Temporary TITLE II—UNEMPLOYMENT ASSISTANCE Extended Unemployment Compensation SEC. 201. SHORT TITLE. Act of 2002. Inter- This title may be cited as the "Temporary Extended Unemploy- governmental ment Compensation Act of 2002". relations. 26 USC 3304 SEC. 202. FEDERAL -STATE AGREEMENTS. note. (a) IN GENERAL. — Any State which desires to do so may enter into and participate in an agreement under this title with the Secretary of Labor (in this title referred to as the "Secretary"). Any State which is a party to an agreement under this title may, upon providing 30 days' written notice to the Secretary, terminate such agreement. (b) PROVISIONS OF AGREEMENT. — Any agreement under subsection (a) shall provide that the State agency of the State will make payments of temporary extended unemployment compensation to individuals who— (1) have exhausted all rights to regular compensation under the State law or under Federal law with respect to a benefit year (excluding any benefit year that ended before March 15, 2001);

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