Page:United States Statutes at Large Volume 92 Part 3.djvu/562

 92 STAT. 3194

Ante, p. 3192.



26 USC 401.

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PUBLIC LAW 95-618—NOV. 9, 1978 " (b) QUALIFIED TRANSPORTATION.—For purposes of this section, the term 'qualified transportation' means transportation in a commuter highway vehicle (as defined in section 46(c)(6)(B) but without regard to clause (iii) or (iv) thereof). " (c) ADDITIONAL REQtjiREMP:NTS.—Subsection (a) does not apply to the value of transportation provided by an employer unless— " (1) such transportation is provided under a separate Avritten plan of the employer which does not discriminate in favor of employees who are officers, shareholders, or highly compensated employees, and " (2) the plan provides that the value of such transportation is provided in addition to (and not in lieu of) any compensation otherwise payable to the employee. " (d) DEFINITIONS. — For purposes of this section— " (1) PROVIDED BY THE EMPLOYER.—Transportation shall bo considered to be provided by an employer if the ti-ansportation is furnished in a commuter highway vehicle (described in subsection (b)) operated by or for the employer. " (2) EMPLOYEE.—The term 'employee' does not include an individual who is an employee (within the meaning of section 401

" (e) EFFECTIVE DATE.—Subsection (a) applies with respect to qualified transportation provided in taxable years beginnin*!; after Decembei- 31, 1978, and before January 1, 1986". (b) CLERICAL AMENDMENT. — The table of sections for such part is amended by striking out the last item and inserting in lieu thereof the ,, following: "Sec. 124. Qualified transportation provided by employer. "Sec. 125. Cross references to other Acts." 26 USC 124note. (c) TRANSITION RULE. — The plan requirements of section 124(c) of Supra. the Internal Revenue Code of 1954 shall be considered to be met with respect to transportation provided before July 1, 1979, if there is a plan meeting such requirements of the employer in effect on that date.

TITLE III—CHANGES IN BUSINESS INVESTMENT CREDIT TO ENCOURAGE CONSERVATION OF, OR CONVERSION FROM, OIL AND GAS OR TO ENCOURAGE NEW ENERGY TECHNOLOGY SEC. 301. CHANGES IN BUSINESS INVESTMENT CREDIT. (a)

26 USC 46.

A M O U N T OF CREDIT; ALLOWANCE OF ENERGY PERCENTAGE.—

(1) IN GENERAL.—Paragraph (2) of section 4 6 (a) (relating to amount of credit for current taxable year) is amended to read as follows: " (2) A M O U N T OF CREDIT.—

" (A) IN GENERAL.—The amount of the credit determined under this paragraph for the taxable year shall be an amount equal to the sum of the following percentages of the qualified investment (as determined under subsections (c) and (d)): " (i) the regular percentage, " ( i i) in the case of energy property, the energy percentage, and "(iii) the E S O P p e r c e n t a g e. =

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