Page:United States Statutes at Large Volume 95.djvu/251

 PUBLIC LAW 97-34—AUG. 13, 1981

95 STAT. 225

(c) CONFORMING AMENDMENT.—Subsection (a) of section 964 (relat- 26 USC 964. ing to miscellaneous provisions involving controlled foreign corporations) is amended by striking out "section 312(k)(3)" and inserting in lieu thereof "section 312(k)(4)". SEC. 207. EXTENSION OF CARRYOVER PERIOD FOR NET OPERATING LOSSES AND CERTAIN CREDITS. (a) NET OPERATING Loss.— (1) IN GENERAL.—Subparagraph (B) of section 172(b)(1) (relating 26 USC 172. to net operating loss carryovers) is amended by striking out "7 ' and inserting in lieu thereof "15". (2) CONFORMING AMENDMENTS.—

(A) Subparagraph (C) of section 172(b)(1) is amended— (i) by inserting "and before January 1, 1976," after "1955,^', and (ii) by striking out the last sentence thereof. (B)(i) Subparagraph (E)(i)(II) of section 172(b)(1) is amended 94 Stat. 3464. by striking out " 8 " and inserting in lieu thereof "15". (ii) Clause (ii) of section 172(b)(1)(E) is amended to read as follows: "(ii) In the case of any net operating loss for a taxable year which is not a REIT year, such loss shall not be carried back to any taxable year which is a REIT year." (C) Paragraph (3) of section 172(g) (relating to certain regulated transportation corporations) is amended— (i) by inserting "and" at the end of subparagraph (A), (ii) by striking out "; and" at the end of subparagraph (B) and inserting in lieu thereof a period, and (iii) by striking out subparagraph (C). (b) CERTAIN LOSSES OF LIFE INSURANCE COMPANIES.—Paragraph (1)

of section 812(b) (relating to operations loss carrybacks and car- 26 USC 812. ryovers of life insurance companies) and paragraph (1) of section 825(d) (relating to unused loss carrybacks and carryovers of mutual 26 USC 825. life insurance companies) are each amended by striking out "7" and inserting in lieu thereof "15". / (c) CARRYOVER OF TAX CREDITS.— (1) INVESTMENT CREDIT AND WIN CREDIT.—Paragraph (1) of

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section 46(b) (relating to carryback and carryovers of unused 26 USC 46. investment credits) and paragraph (1) of section 50A(b) (relating 26 USC 50A. to carryback and carryover of unused work incentive program credit) are each amended by adding at the end thereof the following new sentence: "In the case of an unused credit for an unused credit year ending after December 31, 1973, this paragraph shall be applied by substituting '15' for '7' in subparagraph (B), and by substituting 1 8 ' for '10', and '17' for '9' in the second sentence.' (2) N E W EMPLOYEE CREDIT.—Paragraph (1) of section 53(c) 26 USC 53. (relating to carrybacks and carryovers of new employee credit) is amended— (A) by striking out "7" in subparagraph (B) and inserting in lieu thereof "15", (B) by striking out "10" and inserting in lieu thereof "18", and (C) by striking out "9" and inserting in lieu thereof "17". (3) ALCOHOL FUELS CREDIT.—Subparagraph (A) of section

44E(e)(2) (relating to carryover of unused credit) is amended— 26 USC 44E. (A) by striking out "7" each place it appears and inserting in lieu thereof "15", and

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