Page:United States Statutes at Large Volume 90 Part 2.djvu/113

 PUBLIC LAW 94-455—OCT. 4, 1976

9 0 STAT. 1581

" (B) the amount of the credit determined under paragraph (2) for such taxable year, plus " (C) the investment credit carrybacks carried to such taxable year. " (2) A M O U N To r CREDIT FOR CURRENT TAXABLE YEAR.—

" (A) 10 PERCENT CREDIT.—Exccpt as otherwise provided in subparagraph (B), i n the case of a property described in subparagraph (D), the amount of the credit determined under this paragraph for the taxable year shall be an amount equal to 10 percent of the qualified investment (as determined under subsections (c) and (d)). "(B)

ADDITIONAL CREDIT.—In the case of a corporation

which elects ( a t such time, in such form, and in such manner as the Secretary prescribes) to have the provisions of this subparagraph apply, the amount of the credit determined under this paragraph shall be an amount equal to— " (i) 11 percent of the qualified investment (as determined under subsections (c) and (d)), plus " ( i i) a n additional percent (not in excess of one-half percent) of the qualified investment (as determined under such subsections) equal in amount to the amount determined under section 301(e) of the T a x Reduction Act of 1975. Post, p. 1587. A n election may not be made to have the provisions of this subparagraph apply unless the corporation meets the requirements of section 301(d) of the T a x lleduction Act of 1975. 26 USC 46note. "(C)

7 PERCENT CREDIT.—In the

case of

property

not

described in subparagraph (D), the amount of credit determined under this paragraph for the taxable year shall be a n amount equal to 7 percent of the qualified investment (as determined under subsections (c) and (d)). "(D)

TRANSITIONAL RULES.—The provisions of

subpara-

g r a p h s (A) and (B) shall apply only to— " (i) property to which subsection (d) does not apply, the construction, reconstruction, or erection of which is completed by the taxpayer after January 21, 1975, b u t only to the extent of the basis thereof attributable to the construction, reconstruction, or erection after January 21, 1975, and before January 1, 1981, " ( i i) property to which subsection (d) does not apply, ticquired by the taxpayer after January 21, 1975, and before January 1, 1981, and placed in service by the taxpayer before January 1, 1981, and " ( i i i) property to which subsection (d) applies, b u t only to the extent of the qualified investment (as determined under subsections (c) and (d)) with respect to qualified progress expenditures made after January 21, 1975, and before January 1, 1981. For purposes of a p p l y i n g clause (ii) of subparagraph (B), the date 'December 31, 1976,' shall be substituted for the date ' January 21, 1975,' each place it appears in this subparagraph." (b) CONFORMING AMENDMENTS. —

(1) Paragraph s (4), (5), (6), and (7) of section 4 6 (a) (as 26 USC 46. redesignated by subsection (a)) are each amended by striking out " paragraph (2) " and inserting in lieu thereof " paragraph (3) ".

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