Page:United States Statutes at Large Volume 95.djvu/229

 PUBLIC LAW 97-34—AUG. 13, 1981

95 STAT. 203

"(2) LEGISLATIVE DAYS.—For purposes of paragraph (1), a legislative day during any taxable year for any individual shall be any day during such year on which— "(A) the legislature was in session (including any day in which the legislature was not in session for a period of 4 consecutive days or less), or "(B) the legislature was not in session but the physical presence of the individual was formally recorded at a meeting of a committee of such legislature. "(8) ELECTION.—An election under this subsection for any taxable year shall be made at such time and in such manner as the Secretary shall by regulations prescribe. "(4) SECTION NOT TO APPLY TO LEGISLATORS WHO RESIDE NEAR

CAPITOL.—For taxable years beginning after December 31, 1980, this subsection shall not apply to any legislator whose place of residence within the legislative district which he represents is 50 or fewer miles from the capitol building of the State, (b) The amendment made by subsection (a) shall apply to taxable years beginning on or after January 1, 1976. SEC. 128. RATES OF TAX FOR PRINCIPAL CAMPAIGN COMMITTEES. (a) IN GENERAL.—Section 527 (relating to political organizations) is amended by adding at the end thereof the following new subsection:

Effective date. 26 USC 162 note.

26 USC 527.

"(h) SPECIAL RULE FOR PRINCIPAL CAMPAIGN COMMITTEES.—

"(1) IN GENERAL.—In the case of a political organization which is a principal campaign committee, paragraph (1) of subsection (b) shall be applied by substituting 'the appropriate rates' for 'the highest rate. "(2) PRINCIPAL CAMPAIGN COMMITTEE DEFINED.-

"(A) IN GENERAL.—For purposes of this subsection, the term 'principal campaign committee* means the political committee designated by a candidate for Congress as his principal campaign committee for purposes of— "(i) section 302(e) of the Federal Election Campaign Act of 1971 (2 U.S.C. 432(e)), and "(ii) this subsection. "(B) DESIGNATION.—A candidate may have only 1 designation in effect under subparagraph (A)(ii) at any time and such designation— "(i) shall be made at such time and in such manner as the Secretary may prescribe by regulations, and "(ii) once made, may be revoked only with the consent of the Secretary." (b) EFFECTIVE DATE.—The amendments made by this section shall 26 USC 527 apply to taxable years beginning after December 31, 1981. note

TITLE II—BUSINESS INCENTIVE PROVISIONS Subtitle A—Cost Recovery Provisions SEC. 201. ACCELERATED COST RECOVERY SYSTEM.

(a) IN GENERAL.—Part VI of subchapter B of chapter 1 (relating to itemized deductions for individuals and corporations) is amended by inserting after section 167 the following new section:

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