Page:United States Statutes at Large Volume 76.djvu/1021

 76 STAT. ]

PUBLIC LAW 8 7 - 8 3 4 - O C T. 16, 1962

97a

"Subpart A—Credits Allowable" (2) The table of sections for part IV of subchapter A of chapter 1 is amended by striking out

Ante, p. 962.

"Sec. 38. Overpayments of tax." and inserting i n lieu thereof "Sec. 38. Investment in certain depreciable property. "Sec. 39. Overpayments of tax."

(3) The table of sections for part VI of subchapter B of chapter 1 is amended by adding at the end thereof the following:

Ante, p. 971.

"Sec. 181. Deduction for certain unused investment credit."

(h) EFFECTIVE DATE.—The amendments made by this section shall apply with respect to taxable years ending after December 31, 1961. SEC. 3. APPEARANCES, ETC., WITH RESPECT TO LEGISLATION. (a) IN GENERAL.—Section 162 (relating to trade or business expenses) is amended by redesignating subsection (e) as subsection (f) and by inserting after subsection (d) the following new subsection; " (e) APPEARANCES, ETC., W I T H KESPECT TO LEGISLATION.—

"(1) IN GENERAL.—The deduction allowed by subsection (a) shall include all the ordinary and necessary expenses (including, but not limited to, traveling expenses described in subsection (a)(2) and the cost of preparing testimony) paid or incurred during the taxable year m carrying on any trade or business— " (A) in direct connection with appearances before, submission of statements to, or sending communications to, the committees, or individual members, of Congress or of any legislative body of a State, a possession of the United States, or a political subdivision of any of the foregoing with respect to legislation or proposed legislation of direct interest to the taxpayer, or " (B) in direct connection with communication of information between the taxpayer and an organization of which he is a member with respect to legislation or proposed legislation of direct interest to the taxpayer and to such organization, and that portion of the dues so paid or incurred with respect to any organization of which the taxpayer is a member which is attributable to the expenses of the activities described in subparagraphs (A) and (B) carried on by such organization. "(2) LIMITATION.—The provisions of paragraph (1) shall not be construed as allowing the-deduction of any amount paid or incurred (whether by way of contribution, gift, or otherwise)— " (A) for participation in, or intervention in, any political campaign on behalf of any candidate for public office, or " (B) in connection with any attempt to influence the general public, or segments thereof, with respect to legislative matters, elections, or referendums." (b) EFFECTFSTC DATE.—The amendments made by this section shall apply to taxable years beginning after December 31, 1962.

26 USC 162.

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