Page:United States Statutes at Large Volume 88 Part 2.djvu/793

 88 STAT.]

2109

PUBLIC LAW 93-625-JAN. 3, 1975

(2) by striking out "and upholstery regulators" in item 651.04; and (3) by inserting after item 651.05 the following new item: Upholstery regulators, upholsterer's regulating needles, and upholsterer's pins
 * Free

Free

19 (b) EFFECTIVE DATE.—The amendments made by subsection (a) note. u s e 1202 apply with respect to articles entered, or withdrawn from warehouse, for consumption on or after the date of enactment of this Act. 19 USC 12 02 (c) STATUS OF N E W ITEM.—The duty free treatment applied to note. upholstery regulators, upholsterer's regulating needles, and upholsterer's pins under item 651.06 of the Tariff Schedules of the United States (as added by subsection (a)) shall be treated as not having the status of a statutory provision enacted by the Congress, but as having been proclaimed by the President as being required or appropriate to carry out foreign trade agreements to which the United States is a party. SEC. 2. AMENDMENT OF INTERNAL REVENUE CODE.

Except as otherwise expressly provided, whenever in this Act an amendment is expressed in terms of an amendment to a section or other provision, the reference is to a section or other provision of the Internal Revenue Code of 1954.

26 USC 1 et,3eq.

SEC. 3. EXTENSION BY ONE YEAR OF PERIOD DURING WHICH POLLUTION CONTROL FACILITIES, RAILROAD ROLLING STOCK, REHABILITATION HOUSING, AND COAL MINE SAFETY EQUIPMENT MAY QUALIFY FOR 5-YEAR AMORTIZATION. (a) POLLUTION CONTROL FACILITIES.—Section 169(d)(4)(B)

26 USC 169.

(defining new identifiable treatment facility) is amended by striking out "January 1, 1975" and inserting in lieu thereof "January 1, 1976". (b) RAILROAD ROLLING STOCK.—Section 184(e) (relating to amortization of railroad rolling stock) is amended— (1) by striking out "1975" in paragraph (1) and inserting in lieu thereof "1976", and (2) by striking out "January 1, 1975" in paragraph (7) and inserting in lieu thereof "January 1, 1976".

26 USC 184.

(c) REHABILITATION OF LOW-INCOME RENTAL HOUSING.—Section

167(k)(1) (relating to expenditures to rehabilitate low-income rental housing) is amended by striking out "January 1, 1975" and inserting in lieu thereof "January 1, 1976".

26 USC 167.

(d) COAL M I N I N G SAFETY EQUIPMENT.—Section 187(d)(3) (defin-

26 USC 187.

ing certified coal mine safety equipment) is amended by striking out "January 1, 1975" and inserting in lieu thereof "January 1, 1976". SEC. 4. ACCRUAL OF VACATION PAY.

(a) IN GENERAL.—Subpart C of part II of subchapter E of chapter 1 (relating to taxable year for which deductions taken) is amended by adding at the end thereof the following new section: "SEC. 463. ACCRUAL OF VACATION PAY. " (a) ALLOWANCE OF DEDUCTION.—At the election of a taxpayer whose taxable income is computed under an accrual method of accounting, if the conditions of section 162(a) are otherwise satisfied, the deduction allowable under section 162(a) with respect to vacation pay shall be an amount equal to the sum of—

26 USC 463,

26 USC 162.

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