Page:United States Statutes at Large Volume 84 Part 2.djvu/517

 84 STAT. ]

1847

PUBLIC LAW 91-615-DEC. 31, 1970

" (B) the tax carry overs to the taxable year."; and (2) by adding at the end of such section the following new subsection: " (c) TAX CARRY OVERS.—If for any taxable year—

"(1) the taxes imposed by this chapter (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— " (A) section 33 (relating to foreign tax credit), " (B) section 37 (relating to retirement income), and " (C) section 38 (relating to investment credit), exceed "(2) the sum of the items of tax preference in excess of $30,000, then the excess of the taxes described in paragraph (1) over the sum described in paragraph (2) shall be a tax carry over to each of the 7 taxable years following such year. The entire amount of the excess for a taxable year shall be carried to the first of such 7 taxable years, and then to each of the other such taxable years to the extent that such excess is not used to reduce the amount subject to tax under subsection (a) for a prior taxable year to which excess may be carried." (b) EFFECTIVE DATE.—The amendments made by subsection (a) shall apply to taxable years ending after December 31, 1969. I n the case of a taxable year beginning in 1969 and ending in 1970, the excess referred to in section 56(c) of the Internal Revenue Code of 1954 (as added by subsection (a)) shall be an amount equal to the excess determined under such section (without regard to the sentence) multiplied by a fraction— (1) the numerator of which is the number of days in the taxable year occuring after December 31, 1969, and (2) the denominator of which is the number of days in the entire taxable year. Approved December 31, 1970.

68A Stat. 179. 78 Stat. 79. 26 USC 5 3 1, 5 4 1.

76 Stat. 96 2.

Public Law 91-615 AN ACT To amend the Tariff Schedules of the United States to provide that imported articles which are exported and thereafter reimported to the United States for failure to meet sample or specifieations shall, in certain instances, be entered free of duty upon such reimportation. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That schedule 8, part 1, subpart A of the Tariff Schedules of the United States (19 U.S.C. 1202) is amended by inserting after item 801.00 the following new item: 801.10

Articles, previously imported, with respect to which the duty was paid upon such previous importation if (1) exported within three years after the date of such previous importation, (2) reimported without having been advanced in value or impio/ed in condition by any process of manufacture or other means while abroad, (3) reimported for the reason that such articles do not conform to sample or specifications, and (4) reimported by or for the account of the person who imported them into, and exported them from, the United States

Free

Free

SEC. 2. The amendment made by the first section of this Act shall apply wnll respect to articles entered, or withdrawn from warehouse, for consumption on or after the date of enactment of this Act and which had not previously been so entered or withdrawn before such date. Approved December 31, 1970.

December 31, 1970 [H. R. 9183]

Reimported articles. Duty free entry. 77A Stat. 405.,

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