Page:United States Statutes at Large Volume 80 Part 1.djvu/100

 64 68A Stat. 823 ^ u s e 6654. 26

Ante~'p/62."

PUBLIC LAW 89-368-MAR. 15, 1966

[80 STAT.

(3) Section 6654(f) (relating to definition of tax for purposes of subsections (b) and (d) of section 6654) is amended tx) read as follows: "(f)

T A X COMPUTED AFTER

APPLICATION

OF CREDITS

AGAINST

TAX.^—For purposes of subsections (b) and (d), the term 'tax' means— 26 USC 1-13 88. iin\ the tax imposed by this chapter 1, plus 1401^^^^"^°^' " ( ^) the tax imposed by chapter 2, minus "(3) the credits against tax allowed by part IV of subchapter 26 USC 31-48 A of chapter 1, other than the credit against tax provided by section 31 (relating to tax withheld on wages)." 26 USC 6 2 1 1. (4) Section 6211(b)(1) (relating to definition of a deficiency) is amended by striking out "chapter 1" and inserting in lieu thereof "subtitle A". 26 USC 7701. ^5^ Section 7701(a) (relating to definitions) is amended by adding at the end thereof the following new paragraph: "(34) ESTIMATED INCOME TAX.—The term 'estimated income tax' means— " (A) in the case of an individual, the estimated tax as Ante, p. 6 2. defined in section 6015(c), or " (B) in the case of a corporation, the estimated tax as 26 USC 6016. defined in section 6016(b). " (6) Section 1403(b) (cross references) is amended by adding at the end thereof the following new paragraph:

74 Stat. 926. 26 USC 1402.

78 Stat. 2 5. 26 USC 6154

"(3) For provisions relating to declarations of estimated tax on self-employment income, see section 6015." (c) MINISTERS, MEMBERS OF RELIGIOUS ORDERS, AND CHRISTIAN SCIENCE PRACTITIONERS.—Section 1402(e)(3) (relating to effective date of

waiver certificates) is amended by adding at the end thereof the following new subparagraph: " (E) For purposes of sections 6015 and 6654, a waiver certificate described in paragraph (1) shall be treated as taking effect on the first day of the first taxable year beginning after the date on which such certificate is filed." (d) EFFECTIVE DATE.—The amendments made by subsections (a), (b), and (c) shall apply with respect to taxable years beginning after December 31, 1966. SEC. 103. UNDERPAYMENT OF INSTALLMENTS OF ESTIMATED INCOME TAX IN CASE OF INDIVIDUALS. (a) IN GENERAL.—Section 6654(b) (relating to amount of underpayment), and section 6654(d) (relating to exception) as amended by section 102(b)(2) of this Act, are amended by striking out "70 percent" each place it appears and inserting in lieu thereof "80 percent". (b) EFFECTIVE DATE.—The amendments made by subsection (a) shall apply with respect to taxable years beginning aft«r December 31, 1966. SEC. 104. INSTALLMENT PAYMENTS OF ESTIMATED INCOME TAX BY CORPORATIONS. (a) IN GENERAL.—Subsection (a) of section 6154 (relating to installment payments of estimated income tax by corporations) is amended to read as follows: " (a) AMOUNT AND T I M E FOR PAYMENT OF E A C H INSTALLMENT.—

The amount of estimated tax (as defined in section 6016(b)) with respect to which a declaration is required under section 6016 shall be paid as follows: "(1) TAXABLE YEARS BEGINNING I N I 9 6 6. — W i t h respect to taxable years beginning after December 31, 1966, and before J a n -

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