Page:United States Statutes at Large Volume 58 Part 1.djvu/80

 PUBLIC LAWS-CH. 63 -FEB. 25, 1944 56 Stat. 936. 26 U.. C., Supp. IlL, 780 (a). Ante, p. 58. Ante, p. 54. 66 Stat. 899 . 26 U. S. C., Supp. m, 1710 (a) (1) (B). Ante, p. 63. Ante, p. 54 56 Stat. 936. 26 U.S. 0 Supp. m prec. §i7. 56 Stat. 939. 26 U. . C., Supp. I.1, 783 (b) (2). 56 Stat. 938 . 26 U. S. C, Supp. If, §783 (a). "(3) SPECIAL RULE IN CASE OF CERTAIN FISCAL YEARS BEGINNING IN 1943. -In the case of a taxable year beginning in 1943 and ending in 1944, the credit under section 780 (a) for such taxable year shall not be greater than the excess of the tax paid under this subchapter to the United States for such taxable year (and not credited or refunded under the internal revenue laws) over the amount which would be payable to the United States if- "(A) in the computation under section 710 (a) (6) (A) the excess profits tax rate were 81 per centum, or, in case the limitation of section 710 (a) (1) (B) is applicable in such computation, if the amount determined under such section 710 (a) (1) (B) were reduced by 10 per centum, and "(B) in the computation under section 710 (a) (6) (B) the excess profits tax rate were 85/2 per centum, or, in case the limitation of section 710 (a) (1) (B) is applicable in such computation, if the amount determined under such section 710 (a) (1) (B) were reduced by 10 per centum." (g) TAXABLE YEARS TO WHICH APPLICABLE.- T he amendments made by subsections (b), (c), and (d), and the amendments made by sub- section (e) (except with respect to credits or refunds made on or prior to the date of the enactment of this Act) shall be effective as if made by section 250 of the Revenue Act of 1942. The amendment mmad by subsection (a), and the amendment made by subsection (f) inserting a new pagrgraph (2) of section 781 (d) of the Internal Revenue Code, shall be applicable with respect to taxable years begin- ning in 1941 and ending after June 30, 1942. The amendment made by subsection (f) inserting a new paragraph (3) of section 781 (d) of the Internal Revenue Code shall be applicable with respect to tax- able years beginning in 1943 and ending in 1944. SEC. 251. TECHNICAL AMENDMENT TO CREDIT FOR DEBT RETIRE- MENT. (a) IN GENERAL.- Section 783 (b) (2) (relating to a limitation on the credit for debt retirement) is amended to read as follows: "(2) An amount equal to 40 per centum of the amount by which (A) the amount of indebtedness as of September 1, 1942, or (B) the smallest amount of indebtedness as of the close of any preceding taxable year ending after September 1, 1942, whichever amount is the lesser, exceeds the amount of indebtedness as of the close of the taxable year." (b) TAXABLE YEARS TO WHICH APPLICABLE.-The amendment made by subsection (a) shall be applicable with respect to taxable years beginning after September 1, 1942. (c) ELECTION WrrI RESPECT TO PRIOR TAXABLE YEARS.- I f by reason of the amendment made by subsection (a) a taxpayer would be entitled, had the election provided for in section 783 (a) of the Internal Revenue Code been duly made, to take any credit under such section with respect to a taxable year ended prior to the date of the enactment of this Act in any amount to which such taxpayer would not be entitled were it not for such amendment, the election of the taxpayer to take such credit in such amount may be made within ninety days after the date of the enactment of this Act. TITLE III-EXCISE TAXES Pod, pp. 63,65. SEC. 30L EFFECTIVE DATE OF TIS TITLE. This title shall take effect on the first day of the first month which begins more than 10 days after the date of the enactment of this Act. [58 STAT.

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