Page:United States Statutes at Large Volume 95.djvu/365

 PUBLIC LAW 97-34—AUG. 13, 1981

95 STAT. 339

(1) IN GENERAL.—Subparagraph (B) of section 4994(b)(1) is 94 Stat. 24i. amended to read as follows: "(B) such interest was held on January 21, 1980, and at all times thereafter before the last day of the taxable period, by the organization described in clause (i) or (ii) of subparagraph (A), or subclause (I) of subparagraph (A)(iii)." (2) INTERESTS HELD FOR THE BENEFIT OF CHILD CARE AGENCIES.—

Paragraph (2) of section 4994(b) is amended— (A) by striking out "paragraph (l)(A)(ii)" and inserting in lieu thereof "clause (ii) or (iii) of paragraph (1)(A)", and (B) by striking out "paragraph (l)(A)(i)" each place it appears and inserting in lieu thereoif "clause (i) or (ii) of paragraph dXA)". (c) CONFORMING AMENDMENTS.—

(1) Clause (i) of section 4994(b)(l)(A) is amended by striking out "or" at the end thereof. (2) Subclause (II) of section 4994(b)(l)(A)(ii) is amended by inserting "or (ii)" after "clause (i)". (d) EFFECTIVE DATE.—The amendments made by this section shall 26 USC 4994 apply to taxable periods beginning after December 31, 1980. ^°^^-

Subtitle B—Miscellaneous Provision SEC. 611. APPLICATION OF CREDIT FOR PRODUCING NATURAL GAS FROM A NONCONVENTIONAL SOURCE WITH THE NATURAL GAS POLICY ACT OF 1978.

(a) IN GENERAL.—Subsection (e) of section 44D (relating to the 94 Stat. 268. credit for producing fuel from a nonconventional source) is amended to read as follows: "(e) APPLICATION WITH THE NATURAL GAS POLICY ACT OF 1978.— "(1) No CREDIT IF SECTION 107 OF THE NATURAL GAS POLICY ACT OF 1978 IS UTiuzED.—Subsection (a) shall apply with respect to 15 USC 3317. any natural gas described in subsection (c)(l)(B)(i) which is sold during the taxable year only if such natural gas is sold at a lawful price which is determined without regard to the provisions of section 107 of the Natural Gas Policy Act of 1978 and subtitle B of title I of such Act. 15 USC 3331. "(2) TREATMENT OF THIS SECTION.—For purposes of section 107(d) of the Natural Gas Policy Act of 1978, this section shall not be treated as allowing any credit, exemption, deduction, or comparable adjustment applicable to the computation of any Federal tax." (b) EFFECTIVE DATE.—The amendment made by this section shall 26 USC 44D apply to taxable years ending after December 31, 1979. ^°^-

�