Page:United States Statutes at Large Volume 90 Part 2.djvu/123

 PUBLIC LAW 94-455—OCT. 4, 1976

90 STAT. 1591

(ii) by striking out " P E N S I O N " in the caption of part 1 of such subtitle and inserting in lieu thereof the following: " P E N S I O N, P R OF I T - S H A R I N G, A N D E M P L O Y E E S TO C K O W N E R S H I P P L A N ", and (iii) by striking out " Joint Pension" each place it appears in sections 3021 and 3022 and inserting in lieu 29 USC 1221, thereof the following: " Joint Pension, Profit-sharing, 1222. and Employee Stock Ownership P l a n ". (B) The table of contents of such Act is amended— (i) by striking out "PENSION" in the item relating to title III and inserting in lieu thereof the following: "PENSION, PROFIT-SHARING, AND EMPLOYEE STOCK OWNERSHIP PLAN", (ii) by striking out "PENSION" in the item relating to subtitle B of title III and inserting in lieu thereof the following: "PENSION, PROFIT-SHARING, AND EMPLOYEE STOCK OWNERSHIP PLAN", and (iii) by striking out "PENSION" in the item relating to part 1 of subtitle B of title III and inserting in lieu thereof "PENSION, PROFIT-SHARING, AND EMPLOYEE STOCK OWNERSHIP PLAN". (j) EFFECTIATE D A T E S. —

26 USC 46 note.

(1) GENERAL RULE.—Except as provided in paragraph (2), the amendments made by this section shall apply for taxable years beginning after December 31, 1974. (2)

EXCEPTIONS.—

(A) Section 301(e) of the T a x Reduction Act of 1975, as Ante, p. 1587. added by subsection (d), shall apply for taxable years beginning after December 31, 1976. (B) The amendments made by subsections (a) and (b)(1) shall apply for taxable years beginning after December 31, 1975. (C) The amendments made by subsections (b)(4) and (f) shall apply for years beginning after December 31, 1975. SEC. 804. INVESTMENT CREDIT IN THE CASE OF MOVIE AND TELEVISION FILMS. (a)

SPECIAL RULES FOR MOVIE AND TELEVISION F I L M S. — S e c t i o n 48

(relating to definitions and special rules for purposes of the investment credit) is amended by redesignating subsection (k) as subsection (1) and by inserting after subsection (j) the following new subsection: "(k)

MOVIE AND TELEVISION F I L M S. — " (1) ENTITLEMENT TO CREDIT.—

_ " (A) IN GENERAL.—A credit shall be allowable under section 38 to a tax p a y e r with respect to any motion picture film or video tape— " (i) only if such film or tape is new section 38 property (determined without regard to useful life) which is a qualified film, and " (ii) only to the extent that the tax p a y e r has an ownership interest in such film or tape. " (B) QUALIFIED FILM DEFINED.—For purposes of t h i s sub-

section, the term 'qualified film' means any motion picture film or video t a p e created p r i m a r i l y for use as public entertainment or for educational purposes. Such term does not include any film or t a p e the market for which is p r i m a r i l y topical or is otherwise essentially transitory in nature.

26 USC 48.

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