Page:United States Statutes at Large Volume 85.djvu/590

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8 3^stt^*^39^^^'

26 USC 6411.

Ante. p. 554.

PUBLIC LAW 92-178-DEC. 10, 1971

[85 STAT.

(e) TENTATIVE CARRYBACK ADJUSTMENTS.— (1) APPLICATION FOR ADJUSTMENT.—Section 6411 (relating to

quick refunds in respect of tentative carryback adjustments) is amended— (A) by striking out "or unused investment credit" each place it ajppears in such section and inserting in lieu thereof "unused investment credit, or unused work incentive program credit", (B) by inserting after "section 46(b)," in the first sentence of subsection (a) "by a work incentive program carryback provided iu section oOA (b),", and (C) by inserting after "investment credit carryback" in the second sentence of subsection (a) "or a work incentive program carryback". (2) TENTATIVE CARRYBACK ADJUSTMENT ASSESSMENT PERIOD.—

80 Stat. 1151.

Section 6501(m) (relating to tentative carryback adjustment period) is amended— (A) by striking out "or an investment credit carryback" and inserting in lieu thereof "an investment credit carryback, or a work incentive program carryback", and (B) by striking out " (h) or (j) " each place it appears and inserting in lieu thereof " (h), (j), or (o)". (f) EFFECTIVE DATE.—The amendments made by this section shall apply to taxable years beginning after December 31, 1971.

TITLE VII—TAX INCENTIVES FOR CONTRIBUTIONS TO CANDIDATES FOR PUBLIC OFFICE 7/sfat^*i67^^'

SEC. 701. ALLOWANCE OF CREDIT. (^) Subpart A of part IV of subchapter A of chapter 1 (relating to credits against tax) is amended by inserting after section 40 (as added by section 601 of this Act) the following new section: "SEC. 41. CONTRIBUTIONS TO CANDIDATES FOR PUBLIC OFFICE. " (a) GENERAL RULE. — I n the case of an individual, there shall be allowed, subject to the limitations of subsection (b), as a credit against the tax imposed by this chapter for the taxable year, an afmount equal to one-half of all political contributions, payment of which is made by the taxpayer within the taxable year. " (b) LIMITATIONS.— "(1) MAXIMUM CREDIT.—The

84 Stat. 2063.

credit allowed by subsection (a) for a taxable year shall be limited to $12.50 ($25 in the case of ^ joint r c t u m under section 6013). " (2) APPLICATION WITH OTHER CREDITS.—The credit allowed by

76 Stat. 962.

subsection (a) shall not exceed the amount of the tax imposed by this chapter for the taxable year reduced by the sum of the credits allowable under section 33 (relating to foreign tax credit), section 35 (relating to partially tax-exempt interest), section 37 (relating to retirement income), and section 38 (relating to investment in certain depreciable property). "(3) VERIFICATION.—The credit allowed by subsection (a) shall be allowed, with respect to any political contribution, only if such political contribution is verified in such manner as the Secretary or his delegate shall prescribe by regulations. " (c) DEFINITIONS.—For purposes of this section— "(1) POLITICAL CONTRIBUTION.—The term 'political contribution' means a contribution or gift of money to—

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