Page:United States Statutes at Large Volume 81.djvu/765

 81

PUBLIC LAW 90-225-DEC. 27, 1967

STAT.]

731

subsection (b) of section 1103, the date 'April 12, 1965' shall be ^^ Stat. i44. substituted for the date 'May 15, 1955'. "(4) I n applying subsection (d)(3) of section 1101, the date of the enactment of this subsection shall be treated as being the date of the enactment of this part. "(5) In applying subsection (b)(2)(A) of section 1103, the reference to the Bank Holding Company Act of 1956 shall be treated as referring to such Act as amended by Public Law 89-485." The amendment made by this section shall apply with respect to distri- Effective date, butions made after the date of the enactment of this Act in taxable years ending after such date. SEC. 2. (a) Section 46(b) of the Internal Revenue Code of 1954 ^"vestment /

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credit carry.'

(relating to carryback and carryover oi unused investment credits) is backs, amended by striking out paragraph (3) (relating to effect of net oper- '^^ s*^** ^''^• ating loss carryback). (b) Section 6411(a) of such Code (relating to application for tenta- ^° ^*^*- ^•^^°tive carryback adjustment) is amended by inserting after "within a period of 12 months from the end of such taxable year" in the second sentence the following: "(or, with respect to any portion of an investment credit carryback from a taxable year attributable to a net operating loss carryback from a subsequent taxable year, within a period of 12 months from the end of such subsequent taxable year)". (c) Section 6501(j) of such Code (relating to limitations on assess- '^^ Stat. 971. ment in the case of investment credit carrybacks) is amended by inserting before the period at the end thereof the following: ", or, with respect to any portion of an investment credit carryback from a taxable year attributable to a net operating loss carryback from a subsequent taxable year, at any time before the expiration of the period within which a deficiency for such subsequent taxable year may be assessed". 76 Stat. 971. (d) Section 6511(d)(4)(A) of such Code (relating to special period of limitation on refunds with respect to investment credit carrybacks) is amended by inserting after "which results in such carryback" in the first sentence the following: "(or, with respect to any portion of an investment credit carryback from a taxable year attributable to a net operating loss carryback from a subsequent taxable year, the period shall be that period which ends with the expiration of the 15th day of the 40th month, or 39th month, in the case of a corporation, following the end of such subsequent taxable year)". (e) Section 6601(e)(2) of such Code (relating to interest on underpayments, etc.) is amended by inserting before the period at the end thereof the following: ", or with respect to any portion of an investment credit carryback from a taxable year attributable to a net oper-

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