Page:United States Statutes at Large Volume 95.djvu/320

 95 STAT. 294

Ante, p. 290.

26 USC 6699.

PUBLIC LAW 97-34—AUG. 13, 1981 (C) by inserting after paragraph (2) the following new paragraphs: "(o) fails to satisfy any requirement provided under section 409A with respect to a credit claimed under section 44G in taxable years ending after December 31, 1982, or "(4) fails to make ansr contribution which is required under section 44G(c)(l)(B) witmn the period required for making such contribution,". (4) Paragraph (2) of section 6699 is amended to read as follows: "(2) MAXIMUM AND MINIMUM AMOUNT.—

"(A) The amount determined under paragraph (1) with respect to a failure described in paragraph (1) or (2) of subsection (a)— "(i) shall not exceed the amount of the employee plan credit claimed by the employer to which such failure relates, and "(ii) shall not be less than the product of one-half of 1 percent of the amount referred to in subparagraph (A), multiplied by the number of months (or parts thereof) during which such failure continues. "(B) The amount determined under paragraph (1) with respect to a failure described in paragraph (3) or (4) of subsection (a)— "(i) shall not exceed the amount of the credit claimed by the employer under section 44G to which such failure relates, and "(ii) shall not be less than the product of one-half of 1 percent of the amount referred to in subparagraph (A), multiplied by the number of months (or parts thereof) during which such failure continues."

Ante, p. 246. Ante, p. 226.

26 USC 1 note.

26 USC 383.

(d) TECHNICAL AMENDMENTS RELATED TO CARRYOVER AND CARRYBACK OF CREDITS.— (1) CARRYOVER OF CREDIT.—

(A) Subparagraph (A) of section 55(c)(4) (relating to credits), as amended by this Act, is amended by inserting "44G(b)(l)," before "53(b)". (B) Subsection (c) of section 381 (relating to items of the distributor or transferor corporation), as amended by this Act, is amended by adding at the end thereof the following new paragraph: "(29) CREDIT UNDER SECTION 44G.—The acquiring corporation shall take into account (to the extent proper to carry out the purposes of this section and section 44G, and under such regulations as may be prescribed by the Secretary) the items required to be taken into account for purposes of section 44G in respect of the distributor or transferor corporation." (C) Section 383 (relating to special limitations on unused investment credits, work incentive program credits, new employee credits, alcohol fuel credits, foreign taxes, and capital losses), as in effect for taxable jfears beginning with and after the first taxable year to wmch the amendments made by the Tax Reform Act of 1976 apply, is amended— (i) by inserting "to any unused credit of the corporation under section 44GKbX2)," after "44F(g)(2),", and (ii) by inserting "EMPLOYEE STOCK OWNERSHIP CREDITS," after "RESEARCH CREDITS," in the section heading. (D) Section 383 (as in effect on the day before the date of the enactment of the Tax Reform Act of 1976) is amended—

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