Page:United States Statutes at Large Volume 95.djvu/273

 PUBLIC LAW 97-34—AUG. 13, 1981

95 STAT. 247

research credits," after "new employee credits," in the item relating to section 383. (2) CARRYBACK OF CREDIT TarmstroBot (talk)

(A) Subparagraph (C) of section 6511(d)(4) (defining credit carryback) is amended by striking out "and new employee credit carryback" and inserting in lieu thereof "new employee credit carryback, and research credit carryback". (B) Section 6411 (relating to quick refunds in respect of tentative carryback adjustments) is amended— (i) by striking out "or unused new employee credit" each place it appears and inserting in lieu thereof "unused new employee credit, or unused research credit"; (ii).by inserting "by a research credit carryback provided in section 44F(g)(2)," after "63(b)," in the first sentence of subsection (a); (iii) by striking out "or a new employee credit carryback from" each place it appears and inserting in lieu thereof "a new employee credit carryback, or a research credit carryback from; and (iv) by striking out "work incentive program carryback)" and inserting in lieu thereof "work incentive program carryback, or, in the case of a research credit carryback, to an investment credit carryback, a work incentive program carryback, or a new employee credit carryback)".

Post,?. 295 ^ ^^^ ^'^^^ 26 USC 64ii.

94 Stat. 211.

(c) OTHER TECHNICAL AND CLERICAL AMENDMENTS.—

(1) Subsection (b) of section 6096 (relating to designation of 94 Stat. 276. income tax payments to Presidential Election Campaign Fund) is ^^st, p. 295. amended by striking out "and 44E" and inserting in lieu thereof "44E,and44F". (2) The table of sections for subpart A of part IV of subchapter A of chapter 1 is amended by inserting after the item relating to section 44E the following new item: "Sec. 44F. Credit for increasing research activities." (d) EFFECTIVE DATE.—

26 USC 44F

(1) IN GENERAL.—The amendments made by this section shall "°^® apply to amounts paid or incurred after June 30, 1981, and before January 1, 1986. (2) TRANSITIONAL RULE.—

(A) IN GENERAL.—If, with respect to the first taxable year to which the amendments made by this section apply and which ends in 1981 or 1982, the taxpayer ma^ only take into account qualified research expenses paid or mcurred during a portion of such taxable year, the amount of the qualified research expenses taken into account for the base period of such taxable year shall be the amount which bears the same ratio to the total qualified research expenses for such base period as the number of months in such portion of such taxable year bears to the total number of months in such taxable year. A similar rule shall apply in the case of a taxpayer's first taxable year ending after December 31, 1985. (B) DEFINITIONS.—For purposes of the preceding sentence, the terms "qualified research expenses and "base period" have the meanings given to such terms by section 44F of the Internal Revenue Code of 1954 (as added by this section). Ante, p. 241.

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