Page:United States Statutes at Large Volume 91.djvu/185

 PUBLIC LAW 95-30—MAY 23, 1977

91 STAT. 151

of a new employee credit carryback, to an investment credit carryback or a work incentive program carryback)". (B)

TENTATIVE

CARRYBACK

ADJUSTMENT

ASSESSMENT

PERIOD.—Section 6501(m) (relating to tentative carryback adjustment assessment period) is amended— (i) by striking out "or a work incentive program carryback" and inserting in lieu thereof "a work incentive program carryback, or a new employee credit carryback", and (ii) by striking out " (j), or (o) " each place it appears and inserting in lieu thereof " (j), (o), or (p) ". (6) DESIGNATION OF INCOME TAX PAYMENT.—Section 6096(b)

26 USC 6501.

26 USC 6096.

(relating to designation of income tax payments to Presidential Election Campaign F u n d) is amended by striking out "and 44A" and inserting in lieu thereof "44A, and 44B". Ante, p. 141. (e) EFFECTIVE DATE.—The amendments made by this section shall 26 USC 44B apply to taxable years beginning after December 31, 1976, and to °<'*®credit carrybacks from such years.

TITLE III—PROVISIONS RELATING TO EFFECTIVE DATES AND OTHER PROVISIONS OF THE TAX REFORM ACT OF 1976 SEC. 301. EFFECTIVE DATE OF CHANGES IN THE EXCLUSION FOR SICK PAY. (a) IN GENERAL.—Section 505 of the T a x Reform Act of 1976 26 USC 105note. (relating to changes in exclusions for sick p a y and certain military, etc., disability pensions; certain disability income) is amended by adding at the end thereof the following new subsection: " (f) EFFECTIVE D A T E FOR SUBSECTION (a). — The amendment m a d e

by subsection (a) shall apply to taxable years beginning December 31, 1976.".

after

(b) CONFORMING AMENDMENTS. —

(1) Paragraph (1) of section 505(c) of such Act is amended by striking out "1976" and inserting in lieu thereof "1977". (2) Paragraph (3) of such section 505(c) is amended by inserting "or January 1, 1977," after " January 1, 1976,". (3) Paragraph (1) of section 505 ^d) of such Act is amended by striking out "1976" and inserting m lieu thereof "1977". (4) Paragraph (2) of such section 505(d) is amended by inserting " o r December 31, 1976," after "December 31, 1975,"*. (5) Subsection (d) of section 505 of such Act is amended by striking out "this subsection" and inserting in lieu thereof "such section 1 0 5 (d) ". (c) REVOCATION OF ELECTION.—Any election made under section 1 0 5 (d)(7) of the I n t e r n a l Revenue Code of 1954 or under section 505(d) of the T a x Reform Act of 1976 for a taxable year beginning in 1976 may be revoked (in such manner as may be prescribed by regulations) at any time before the expiration of the period for assessi n g a deficiency with respect to such taxable year (determined without regard to subsection (d) of this section).

26 USC 105 note. .'

.

26 USC 105 note. 26 USC 105. 26 USC 105 note, '; ••, i,

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