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PUBLIC LAW 89-721-NOV. 2, 1966

[80 STAT.

Public Law 89-721 November 2, 1966 [H. R. 1 1 6 6 0 ]

Income tax. Interest on refunds. 68A Stat. 819. 26 USC 6611.

AN ACT Relating to interest on income tax refunds made within 45 days after the filing of the tax return, and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That (a) section 6611(e) of the Internal Revenue Code of 1954 (relating to income tax refunds within 45 days after due date of tax) is amended to read as follows: "(e)

76 Stat. 9 6 3.

68A Stat. 749.

76 Stat. 971.

68A Stat. 772.

INCOME TAX EEFUND W I T H I N 45 DAYS AFTER KETUKN

IS

FILED.—If any overpayment of tax imposed by subtitle A is refunded within 45 days after the last date prescribed for filing the return of such tax (determined without regard to any extension of time for filing the return) or, in case the return is filed after such last date, is refunded within 45 days after the date the return is filed, no interest shall be allowed under subsection (a) on such overpayment." (b) The amendment made by subsection (a) shall apply with respect to refunds made more than 45 days after the date of the enactment of this Act. SEC. 2. (a) The first two sentences of section 6411(a) of the Internal Revenue Code of 1954 (relating to quick refunds of income taxes attributable to a net operating loss carryback) are amended to read as follows: "A taxpayer may file an application for a tentative carryback adjustment of the tax for the prior taxable year affected by a net operating loss carryback provided in sect'on 172(b), or by an investment credit carryback provided in section 46(b), from any taxable year. The application shall be verified in the manner prescribed by section 6065 in the case of a return of such taxpayer, and shall be filed, on or after the date of filing of the return for the taxable year of the net operating loss or unused investment credit from which the carryback results and within a period of 12 months from the end of such taxable year, in the manner and form required by regulations prescribed by the Secretary or his delegate." (b) Paragraph (1) of such section 6411(a) is amended by inserting after the words "net operating loss" the following: "or unused investment credit". (c) Paragraph (5) of such section 6411(a) is amended by striking out the words "of such loss" and inserting in lieu thereof "from which the carryback is made". (d) Subsections (b) and (c) of section 6411 of such Code are amended by inserting the words "or unused investment credit" after the words "net operating loss" each time they appear in such subsections. (e) Subsection (c) of such section 6411 is amended by striking out the words "such loss" and inserting in lieu thereof "such loss or credit". (f) Subsection (j) of section 6501 of such Code (relating to investment credit carrybacks) is amended by striking out "investment credit carryback," and inserting in lieu thereof "investment credit carryback (including deficiencies which may be assessed pursuant to the provisions of section 6213(b)(2)),". (g) The amendments made by this section shall apply with respect to taxable years ending after December 31, 1961, but only in the case of applications filed after the date of the enactment of this Act. The period of 12 months referred to in the second sentence of section 6411 (a) of the Internal Revenue Code of 1954 (as amended by this section) for filing an application for a tentative carryback adjustment of tax

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