Page:United States Statutes at Large Volume 79.djvu/207

 79 STAT. ]

PUBLIC LAW 89-44-JUNE 21, 1965

167

For purposes of this paragraph, a person's taxable year shall be his taxable year for purposes of subtitle A, except that a person's first taxable year beginning after June 30, 1965, shall include the period after June 30, 1965, and before the beginning of such first taxable year. " (B) EXCEPTION.—If $1,000 or more is payable under this section to any person with respect to gasoline used during any of the first three quarters of his taxable year, a claim may be filed under this section by such person with respect to gasoline used during such quarter. No claim filed under this subparagraph shall be allowed unless filed on or before the last day of the first quarter following the quarter for which the claim is filed." (3) TECHNICAL AMENDMENT.—Subsection (e)(1) of section 6421 (relating to exempt sales, etc.) is amended by striking out ^° ^*^** ^^''• "paid" in the first sentence and inserting in lieu thereof "payable". (c) CREDIT AGAINST INCOME TAX.—Subpart A of part IV of subchapter A of chapter 1 (relating to credits allowable) is amended by 68A Stat. 12. renumbering section 39 as 40, and by inserting after section 38 the following new section: "SEC. 39. CERTAIN USES OF GASOLINE AND LUBRICATING OIL. " (a) GENERAL RULE.—There shall be allowed as a credit against

the tax imposed by this subtitle for the taxable year an amount equal to the sum of the amounts payable to the taxpayer— "(1) under section 6420 with respect to gasoline used during the taxable year on a farm for farming purposes (determined without regard to section 6420(h)), "(2) under section 6421 with respect to gasoline used during the taxable year (A) otherwise than as a fuel in a highway vehicle or (B) in vehicles while engaged in furnishing certain public passenger land transportation service (determined without regard to section 6421(i)), and "(3) under section 6424 with respect to lubricating oil used during the taxable year otherwise than in a highway motor vehicle (determined without regard to section 6424(g)). " (b) TRANSITIONAL RULES.—For purposes of paragraphs (1) and (2) of subsection (a), a taxpayer's first taxable year beginning after June 30, 1965, shall include the period after June 30, 1965, and oefore the beginning of such first taxable year. For purposes of paragraph (3) o f subsection (a), a taxpayer's first taxable year beginning after December 31, 1966, shall include the period after December 31, 1965, and before the beginning of such first taxable year. "(c) EXCEPTION.—Credit shall not be allowed under subsection (a) for any amount payable under section 6421 or 6424, if a claim for such amount is timely filed, and under section 6421(i) or 6424(g) is payable, under such section."

Ante,

p. 165.

Ante, p. 166.

"*"'*' P* ^^''•

(d) TECHNICAL AND CONFORMING AMENDMENTS.—

(1) The table of sections for subpart A of part IV of subchapter A of chapter 1 is amended by striking out the item relating to section 39 and inserting in lieu thereof the following: "Sec. 39. Certain uses of gasoline and lubricating oil. "Sec. 40. Overpayments of tax."

(2) Section 72(n)(3) (relating to determination of taxable income for certain purposes) is amended by striking out "section 3 1 " and inserting in lieu thereof "sections 31 and 39". (3) Section 874(a) (relating to allowance of deduction and credits of nonresident aliens) is amended by inserting before the period at the end thereof "or the credit provided by section 39 for certain uses of gasoline and lubricating oil".

76 Stat. 825. esAstat. 28i.

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