Page:United States Statutes at Large Volume 90 Part 2.djvu/1230

 90 STAT. 2698 26 USC 56. 26 USC 1371. 26 USC 524.

Effective date. 26 USC 56 note. Ante, p. 1520. Study and investigation. 26 USC 7801 note.

Report to President and Congress.

PUBLIC LAW 94-568—OCT. 20, 1976 "(B) Except as provided by paragraph (4) and in section 56(e) of the Internal Revenue Code of 1954, in the case of of a corporation which is not an electing small business corporation (as defined in section 1371(b) of such Code) or a personal holding company (as defined in section 524 of such Code), the amount of any tax carryover under section 56(c) of such Code from a taxable year beginning before July 1, 1976, shall not be allowed as a tax carryover for any taxable year beginning after June 30, 1976.". (b) The amendments made by subsection (a) shall take effect on the date of the enactment of the Tax Reform Act of 1976. SEC. 4. (a) The Secretary of the Treasury, in cooperation with the Administrator of the Environmental Protection Agency, shall make a thorough and complete study and investigation of all provisions of the Internal Revenue Code of 1954 which currently impede or discourage the recycling of solid waste materials, and shall determine what actions Congress may take under the internal revenue laws to increase and encourage the recycling of solid waste materials. (b) The Secretary of the Treasury shall report his findings, together with specific legislative proposals and detailed revenue cost estimates, to the President and to the Congress at the earliest practicable date, but not later than six months after the date of the enactment of this Act. Approved October 20, 1976.

LEGISLATIVE HISTORY: HOUSE REPORT No. 94-1353 (Comm. on Ways and Means). SENATE REPORT No. 94-1318 (Comm. on Finance). CONGRESSIONAL RECORD, Vol. 122 (1976): Aug. 24, considered and passed House. Oct. 1, considered and passed Senate, amended; House agreed to Senate amendment.

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