Page:United States Statutes at Large Volume 90 Part 2.djvu/442

 90 STAT. 1910

PUBLIC LAW 94-455—OCT. 4, 1976 "(vi) a transfer of property between a trust and related persons in the same family (within the meaning of paragraph (8)(C)) to the extent that the beneficiaries of that trust are and continue to be related persons in the family that transferred the property, and to the extent that the tentative oil quantity is allocated among the members of the family (within the meaning of paragraph (8)(C)). Clause (iv) or (v) shall apply only so long as the tentative oil quantity determined under the table contained in paragraph (3) (B) is allocated under paragraph (8) between the transferor and transferee." (f) EFFECTIVE DATE.—The amendments made by this section shall take effect on January 1, 1975, and shall apply to taxable years ending after December 31, 1974.

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26 USC 613A note.

SEC. 2116. IMPLEMENTATION OF FEDERAL-STATE TAX COLLECTION ACT OF 1972. (a) ELECTIOK BY STATES To PARTICIPATE.—Section 204(b)(2) of

26 USC 6361

the Federal-State Tax Collection Act of 1972 is amended to read as

note.

follows:

"(2) the first January 1 which is more than one year after the first date on which at least one State has notified the Secretary of the Treasury or his delegate of an election to enter into an agreement under section 6363 of such Code." •

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(b) ADJUSTMENTS TO QUALIFIED RESIDENT TAXES FOR PURPOSES OF FEDERAL COLLECTION or STATE INDIVIDUAL INCOME TAXES.— (1) QUALIFIED RESIDENT TAX BASED ON TAXABLE INCOME.— (A) REQUIRED ADJUSTMENTS.—Section 6362(b)(1) (relat-

26 USC 6362.

ing to required adjustments) is amended— (i) by striking out "and" at the end of subparagraph

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.

(ii) by striking out the period at the end of subparagrajjh (C) and inserting in lieu thereof ", and", and (iii) by adding at the end thereof the following new subparagraph: "(D) if a credit is allowed against such tax for State or local sales tax in accordance with paragraph (2)(C), by adding an amount equal to the amount of his deduction under section 164(a)(4) for such sales tax." (B) PERMITTED ADJUSTMENTS.—Section 6362(b)(2) (relating to permitted adjustments) is amended by adding at the end thereof the following new subparagraph: "(C) A credit is allowed against such tax for all or a portion of any general sales tax imposed by the same State or a political subdivision thereof with respect to sales to the taxpayer or his dependents." (2) Q U A L I F I E L D RESIDENT TAX W H I C H IS A PERCENTAGE OF THE FEDERAL TAX

(A) PERMITTED ADJUSTMENTS.—Section 6362(c)(3) (relating to permitted adjustments) is amended— (i) by striking out "both" and inserting in lieu thereof "all", (ii) by striking out "and" at the end of subparagraph (A),

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