Page:United States Statutes at Large Volume 94 Part 1.djvu/306

 94 STAT. 256

PUBLIC LAW 96-223—APR. 2, 1980 (1) IN GENERAL.—The President shall propose for each fiscal year to which this section applies an allocation of the net revenues among the uses set forth in subsection (b). (2) TIME AND MANNER FOR PROPOSING.—Except for the fiscal

Reports to Congress.

year beginning October 1, 1980, the proposal for each fiscal year shall be contained in the annual budget for such fiscal year. The proposal for the fiscal year beginning October 1, 1980, shall be submitted by the President within 90 days after the date of the enactment of this Act. (e) REPORTS.—The Secretary of the Treasury shall report to the Congress not later than January 1 of 1982 and of each calendar year thereafter before 1992— (1) the net revenues derived from the windfall profit tax for the fiscal year ending on September 30 of the preceding year, and (2) the actual disposition for such fiscal year of such revenues among the uses specified in subsection Ob).

26 USC 4986 note.

SEC. 103. STUDY OF EFFECTS OF DECONTROL OF OIL PRICES AND OF WINDFALL PROFIT TAX.

Report to Congress.

(a) GENERAL RULE.—The President shall, not later than January 1, 1983, submit to the Congress a report on the effect of decontrol of oil prices and the windfall profit tax on— (1) domestic oil production, (2) foreign oil imports, (3) profits of the oil industry, (4) inflation, (5) employment, (6) economic growth, (7) Federal revenues, and (8) national security. Ob) REPORT TO INCLUDE RECOMMENDATIONS.—The report required under subsection (a) shall include such legislative recommendations as the President determines to be advisable.

TITLE II—ENERGY CONSERVATION AND PRODUCTION INCENTIVES PART I—RESIDENTIAL ENERGY CREDIT 26 USC 44C.

SEC. 201. GENERAL PROVISIONS RELATING TO CREDIT. (a) JOINT OWNERSHIP OF ENERGY ITEMS.—Section 44C(d) (relating to

special rules) is amended by redesignating paragraph (4) as para^ a p h (5) and by inserting after paragraph (3) the following new paragraph: "(4) JOINT OWNERSHIP OF ENERGY ITEMS.—

"(A) IN GENERAL.—Any expenditure otherwise qualifying as an energy conservation expenditure or a renewable energy source expenditure shall not be treated as failing to so qualify merely because such expenditure was made with respect to 2 or more dwelling units. "(B) LIMITS APPLIED SEPARATELY.—In the case of any expenditure described in subparagraph (A), the amount of the credit allowable under subsection (a) shall (subject to paragraph (D) be computed separately with respect to the amount of the expenditure made by each individual." (b) SECRETARIAL AUTHORITY.—

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