Page:United States Statutes at Large Volume 92 Part 3.djvu/260

 92 STAT. 2892

PUBLIC LAW 95-600—NOV. 6, 1978

26 USC 50A

SEC. 554. REPORT ON EFFECTIVENESS OF JOBS CREDIT.

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(a) REPORT ON TARGETED JOBS CREDIT.—Not later than June 30, 1981, the Secretary of the Treasury and the Secretary of Labor shall jointly submit to the Committee on Ways and Means of the House of Representatives and the Committee on Finance of the Senate a report on— (1) the effectiveness of the targeted jobs credit provided by the amendments made by this section in improving the employment situation of the targeted groups, and (2) the types of employers claiming such credit. (b) GENERAL JOBS CREDIT.—The report required under paragraph (1) shall also include an evaluation of— (1) the effectiveness of the general jobs credit provided by section 44B of the Internal Revenue Code of 1954 for 1977 and 1978 in stimulating employment and enhancing economic growth, and (2) the types of employers claiming such credit.

Ante, p. 2834.

SEC. 555. STUDY OF EFFECTS OF CHANGES IN THE TAX TREATMENT OF CAPITAL GAINS ON STIMULATING INVESTMENT AND ECONOMIC GROWTH.

26 USC 1201 note.

Not later than September 30, 1981, the Secretary of the Treasury shall submit to the Committee on Ways and Means of the House of Representatives and to the Committee on Finance of the Senate a report on the effectiveness of the changes made by this title in the tax treatment of capital gains of individuals and corporations in stimulating investment and increasing the rate of economic growth. The report shall also include an analysis of the effects these changes had on employment growth and on income tax revenues.

TITLE VI—GENERAL STOCK OWNERSHIP CORPORATIONS SEC. 601. ESTABLISHMENT AND TAXATION OF GENERAL STOCK OWNERSHIP CORPORATIONS AND THEIR SHAREHOLDERS.

(a) IN GENERAL.—Chapter 1 (relating to normal taxes and surtaxes) is amended by adding at the end thereof the following new subchapter:

"Subchapter U—General Stock Ownership Corporations "Sec. "Sec. "Sec. "Sec.

1391. Definitions. 1392. Election by general stock ownership corporation. 1393. Corporation taxable income taxed to shareholders. 1394. Rules applicable to distributions of electing genered stock ownership corporations. "Sec. 1395. Adjustments to basis of stock of shareholders. "Sec. 1396. Minimum distribution. "Sec. 1397. Special rules applicable to earnings and profits of an electing general stock ownership plan. 26 USC 1391.

"SEC. 1391. DEFINITIONS.

"(a) GENERAL STOCK OWNERSHIP CORPORATION.—For purposes of this subchapter, the term 'general stock ownership corporation'

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