Page:United States Statutes at Large Volume 90 Part 2.djvu/94

 90 STAT. 1562

PUBLIC LAW 94-455—OCT. 4, 1976 ';i:;

" (i) if such individual has not attained age 62 before the close of the taxable year, any amount of earned income (as defined in paragraph (8)(B)) in excess of $900 received by such individual in the taxable year, or " ( i i) if such individual has attained age 62 before the close of the taxable year, the sum of one-half the amount of earned income received by such individual in the taxable year in excess of $1,200 b u t not in excess of $1,700, and the amount of earned income so received in excess of $1,700. " (6) LiMiTATLOx IX CASE OF MAKiuED INDIVIDUALS.—In the case of a joint return, paragraph (5) shall be applied by substituting '$3,750' for '$2,500'. The $3,750 provided by the preceding sentence shall be divided between the spouses in such amounts as may be agreed on by them, except that not more than $2,500 may be assigned to either spouse. " (7) L I M I T A T I O N IX THE CASE OF SEPARATE RETURNS.—In the case

of a married individual filing a separate return, paragraph (5) shall be applied by substituting '$1,875' for '$2,500'. " (8) DEFINITIONS. — For purposes of this subsection— " (A) P U B L I C RETIREMENT SYSTJ^I DEFINED.—The term ' p u b -

lic retirement system' means a pension, annuity, retirement, or similar fund o r system established by the United States, a State, a possession of the United States, any political subdivision of any of the foregoing, or the District of Columbia. " (B) EARNED INCOME.—The term 'earned income' has the meaning assigned to such term by section 9 1 1 (b), except that such term does not include any amount received a s a pension or annuity.

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"(f)

NONRESIDENT A L I E N INELIGIBLE FOR CREDIT.—No credit shall

be allowed under this section to any nonresident alien." (b) T E C H N I C A L AMENDMENTS. —

26 USC 904.

(1) Section 904 (relating to limitation on foreign tax c r e d i t), as amended by this Act, is amended by redesignating subsection (g) as subsection (h), and by inserting after subsection (f) the following new subsection: " (g) COORDINATION "WITH CREDIT FOR THE E L D E R L Y. — I n the case of

Ante, p. 1559. 26 USC 6014.

' 26 USC 41, 42, '*^' ^0^-

an individual, for purposes of subsection (a) the tax against which the credit is taken is such tax reduced by the amount of the credit (if any) for the taxable year allowable under section 37 (relating to credit for the elderly)." (2) Section 6014(a) (relating to tax not computed by taxpayer) is amended by striking out the last sentence thereof. (3) Section 6014(b) is amended— (xV) by striking out paragraph (4), (B) by redesignating paragraph (5) (as amended by section 501(b)(9)) as paragraph (4), and (C) by inserting "or" at the end of paragraph (3). (4) Sections 41(b)(2), 42(b)(2), 46(a)(3)(C), and 5 0 A (a) (3)(C) are each amended by striking o u t "retirement income" and inserting in lieu thereof "credit for the elderly". (5) The table of sections for subpart A of part IV of subchapter A of chapter 1 is amended by striking out the item relating to section 37 and inserting in lieu thereof the following: "Sec. 37. Credit for the elderly."

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