Page:United States Statutes at Large Volume 86.djvu/699

 86 STAT. ]

PUBLIC LAW 92-419-AUG. 30, 1972

657

the following: "Notwithstanding the provisions of subsection (a), any loss attributable to a disaster occurring in an area subsequently determined by the President of the United States to warrant assistance by the Federal Government under the Disaster Relief Act of 1970 may, at the election of the taxpayer, be deducted for the taxable year immediately preceding the taxable year in which the disaster occurred."; and (2) inserting before the period in the second sentence a comma and the following: "based on facts existing at the date the taxpayer claims the loss", (b) Section 6405 of such Code (relating to reports of refunds and credits to the Joint Committee on Internal Revenue Taxation) is amended by adding at the end thereof the following new subsection: "(d)

REFUNDS ATTRIBUTABLE TO CERTAIN DISASTER LOSSES.—If

84 Stat. 1744. 42 USC 4401 note.

68A Stat. 7 9 2. 26 USC 6405.

any

refund or credit of income taxes is attributable to the taxpayer's election under section 165(h) to deduct a disaster loss for the taxable year immediately preceding the taxable year in which the disaster occurred, the Secretary or his delegate is authorized in his discretion to make the refund or credit, to the extent attributable to such election, without re ard to the provisions of subsection (a) of this section. If such refund or credit is made without regard to subsection (a), there shall thereafter be submitted to such Joint Committee a report containing the matter specified in subsection (a) as soon as the Secretary or his delegate shall determine the correct amount of the tax for the taxable year for which the refund or credit is made." (c) The amendment made by subsection (a) shall apply to disasters occurring after December 31, 1971, in taxable years ending after such date. The amendment made by subsection (b) shall apply with respect to refunds or credits made after July 1, 1972. Approved August 29, 1972.

Ante,

p. 656.

Report to cong r e s s i o n a l committee.

Effective dates.

Public Law 92-419 AN ACT I To provide for improving the economy and living conditions in rural America.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That this Act may be cited as the "Rural Development Act of 1972".

August 30, 1972 [H. R.12931]

Rural Development Act of 1972,

TITLE I — AMENDMENTS TO THE C O N S O L I D A T E D FARME R S H O M E ADMINISTRATION ACT O F 1961 ' SEC. 101. SHORT TITLE.—Section 301(a) of the Consolidated Farmers Home Administration Act of 1961 is amended to read as follows: " (a) This title may be cited as the 'Consolidated Farm and Rural Development Act'."

75 Stat. 307. 7 USC 1921 note.

SEC. 102. RURAL ENTERPRISE LOANS.—Section 304 of the Consoli-

dated Farmers Home Administration Act of 1961 is amended by— (1) inserting " (a) " before the first sentence and striking out " (a) " and " (b) " in the first sentence; and

75 Stat. 308; 82 Stat. 770. 7 USC 1924.

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