Page:United States Statutes at Large Volume 84 Part 2.djvu/516

 1846

Ante, p. 243.

PUBLIC LAW 91-614-DEC. 31, 1970

[84 STAT.

SEC. 305. CHANGE IN TAX ON NON-TURBINE-POWERED AIRCRAFT. (a) EXEMPTION OF FiRST 2,500 PouNDS.—Section 4491(a)(2) (relating to tax on use of civil aircraft) is amended by striking out clause (A) and inserting in lieu thereof " (A) in the case of an aircraft (other than a turbine-engine-powered aircraft), 2 cents a pound for each pound of the maximum certificated takeoff weight in excess of 2,500 pounds, or". (b) EFFECTIVE DATE.—The amendment made by subsection (a) shall take effect on July 1, 1971. TITLE IV—TREASURY DEPARTMENT WORKING CAPITAL FUND SEC. 401. ESTABLISHMENT OF F U N D. There is hereby established a working capital fund for the Department of the Treasury, which shall be available, without fiscal year limitation, for expenses and equipment necessary for maintenance and operation of such administrative services as the Secretary of the Treasury, with the approval of the Director of the Office of Management and Budget, determines may be performed more advantageously and more economically as central services. The capital of the fund shall not exceed $1,000,000 and shall consist of the amount of the fair and reasonable value of such supply inventories, equipment, and other assets and inventories on order, pertaining to the services to be carried on by the fund, as the Secretary of the Treasury may transfer to the fund, less the related liabilities and unpaid obligations, together with any appropriations made for the purpose of providing capital. The fund shall be reimbursed, or credited with advance payments, from applicable appropriations and funds of the Department of the Treasury, other Federal agencies, and other sources authorized by law, for supplies and services at rates which will recover the expense of operations, including accrual of annual leave and depreciation of plant and equipment of the fund. The fund shall also be credited with other receipts from sale or exchange of property or in payment for loss or damage to property held by the fund. There shall be transferred into the Treasury as miscellaneous receipts, as of the close of each fiscal year, earnings which the Secretary of the Treasury determines to be excess to the needs of the fund. There are hereby authorized to be appropriated such amounts as may be necessary to provide capital for the fund. TITLE V—CARRY FOR W A R D I N C O M P U T I N G MINIMUM T A X ON T A X P R E F E R E N C E S

83 Stat. 580.

78^'stat^79^'^^'

76 Stat. 962.

SEC. 501. 7-YEAR CARRY FORWARD. (a) IN GENERAL.—Section 56 (relating to imposition of minimum tax for tax preferences) is amended— (1) by striking out paragraph (2) of subsection (a) and inserting in lieu thereof the following: "(2) the sum of— " (A) the taxes imposed by this chapter for the taxable year (computed without regard to this part and without regard to the taxes imposed by sections 531 and 541) reduced by the sum of the credits allowable under— " (i) section 33 (relating to foreign tax credit), " (ii) section 37 (relating to retirement income), and "(iJi) section 38 (relating to investment Credit); and

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