Page:United States Statutes at Large Volume 91.djvu/175

 PUBLIC LAW 95-30—MAY 23, 1977

91 STAT. 141



(C) by striking out " ( o r the standard deduction) " in subparagraph (C) and inserting in lieu thereof " ( o r the zero bracket a m o u n t) ". SEC. 106. EFFECTIVE DATES. (a) GENERAL K U K E. — The amendments made by sections 101, 102, 26 USC 1 note, and 104 shall apply to taxable years beginning after December 31, 1976. (b) W I T H H O L D I N G AMENDMENTS. — The amendments made by sec-

tion 105 shall apply to wages paid after April 30, 1977.

TITLE II—REDUCTION IN BUSINESS TAXES

26 USC 3402 note.

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SEC. 201. EXTENSION OF CERTAIN CORPORATE INCOME TAX REDUCTIONS. The following provisions are each amended by striking out "December 31, 1977" and inserting in lieu thereof "December 31, 1978" and by striking out " January 1, 1978" and inserting in lieu thereof " January 1, 1979": (1) section 11(b) (relating to normal tax); 26 USC 11. ' (2) section 11(d) (relating to surtax e x e m p t i o n); , (3) section 8 2 1 (a)(1) (relating to mutual insurance com- 26 USC 821. p a n i e s); and (4) section 821(c)(1)(A) (relating to alternative tax for certain small companies). SEC. 202. NEW JOBS CREDIT. (a) IN GENERAL.—Subpart A of part IV of subchapter A of chapter 1 (relating to credits allowable) is amended by inserting after section 44A the following new section: "SEC. 44B. CREDIT FOR EMPLOYMENT OF CERTAIN NEW EMPLOYEES. 26 USC 44B. " (a) GENERAL RULE. — The r e shall be allowed as a credit against the tax imposed by this chapter the amount determined under subpart D of this part. " (b) REGULATIONS.—The Secretary shall prescribe such regulations as may be necessary to carry out the purposes of this section and subpart D." (b) RULES FOR COMPUTING C R E D I T. — Part IV of subchapter A of

chapter 1 (relating to credits against tax) is amended by adding a t the end thereof the following new subpart: "Subpart D—Rules for Computing Credit for Employment of Certain N e w E m p l o y e e s "Sec. 51. Amount of credit. "Sec. 52. Special rules. _,] "Sec. 53. Limitation based on amount of tax. "SEC. 51. AMOUNT OF CREDIT. 26 USC 5 1. " (a) DETERMINATION OF A M O U N T. — The amount of the credit allow-

able by section 44B shall be— Supra. " (1) for a taxable year beginning in 1977, an amount equal to 50 percent of the excess of the aggregate unemployment insurance wages p a i d during 1977 over 102 percent of the aggregate unemployment insurance wages paid during 1976, and

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