Page:United States Statutes at Large Volume 92 Part 3.djvu/198

 92 STAT. 2830 26 USC 1388.

PUBLIC LAW 95-600—NOV. 6, 1978 (3) Section 1388 (relating to definitions and special rules for cooperative organizations) is amended by adding at the end thereof the following new subsection, "(j) CROSS REFERENCE.— "For provisions relating to the apportionment of the investment credit between cooperative organizations and their patrons, see section 46(h)."

26 USC 46 note.

(c) EFFECTIVE DATE.—The amendments made by this section shall apply to taxable years ending after October 31, 1978. SEC. 317. TRANSFERS TO CONRAIL NOT TREATED AS DISPOSITIONS FOR PURPOSES OF THE INVESTMENT CREDIT. 26 USC 47. (a) IN GENERAL.—Subsection (b) of section 47 (relating to certain 26 USC 38. disposition, etc., of section 38 property) is amended by striking out "or" at the end of paragraph (1), by striking out the period at the end of paragraph (2) and inserting in lieu thereof **, or", and by inserting after paragraph (2) the following new paragraph: 26 USC 374. "(3) a transfer to which subsection (c) of section 374 (relating to exchanges under the final system plan for Ck>nR£dl) applies." 26 USC 47 note. (b) EFFECTIVE DATE.—The amendments made by subsection (a) shall apply to taxable years ending after March 31, 1976.

Subtitle C—Targeted Jobs Credit; WIN Credit SEC. 321. TARGETED JOBS CREDIT.

26 USC 51. Post, p. 2834.

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(a) IN GENERAL.—Section 51 (relating to amount of credit) is amended to read as follows: "SEC. 5L AMOUNT OF CREDIT. "(a) DETERMINATION OF AMOUNT.—The amount of the credit allowable by section 44B for the taxable year shall be the sum of— "(1) 50 percent of the qualified first-year wages for such year, and "(2) 25 percent of the qualified second-year wages for such year. "(b) QUALIFIED WAGES DEFINED.—For purposes of this subpart— "(1) IN GENERAL.—The term 'qualified wages' means the wages paid or incurred by the employer during the taxable year to individuals who are members of a targeted group. "(2) QuAUFiED FIRST-YEAR WAGES.—The term 'qualified firstyear wages' means, with respect to any individual, qualified wages attributable to service rendered during the 1-year period beginning with the day the individual begins work for the employer (or, in the case of a vocational rehabilitation referral, the day the individual begins work for the employer on or after the beginning of such individual's rehabilitation plan). "(3) QuAUFiED SECOND-YEAR WAGES.—The term 'qualified second-year wages' means, with respect to any individual, the qualified wages attributable to service rendered during the 1year period beginning on the day after the last day of the 1-year period with respect to such individual determined under paragraph (2). "(4) ONLY FIRST $6,000 OF WAGES PER YEAR TAKEN INTO AC-

COUNT.—The amount of the qualified first-year wages, and the amount of the qualified second-year wages, which may be taken into account with respect to any individual shall not exceed $6,000 per year. "(c) WAGES DEFINED.—For purposes of this subpart—

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