Page:United States Statutes at Large Volume 96 Part 2.djvu/1043

 PUBLIC LAW 97-448—JAN. 12, 1983

96 STAT. 2405

defined in section 219(e)(4) of the Internal Revenue Code of 1954), "(B) under the appHcable State law, such loan requires the renegotiation of all outstanding prior loans made to the taxpayer under such plan, and "(C) the renegotiation described in subparagraph (B) does not change the interest rate on, or extend the duration of, any such outstanding prior loan, then the renegotiation described in subparagraph (B) shall not be treated as a renegotiation, extension, renewal, or revision for purposes of paragraph (1). If the renegotiation described in subparagraph (B) does not meet the requirements of subparagraph (C) solely because it extends the duration of any such outstanding prior loan, the requirements of subparagraph (C) shall be treated as met with respect to such renegotiation if, before April 1, 1983, such extension is eliminated." (12) AMENDMENT RELATED TO SECTION 237.—Paragraph (2) of section 401(d) (as redesignated by section 237 of the Tax Equity and Fiscal Responsibility Act of 1982) is amended by striking out "paragraph (9)(B)" and inserting in lieu thereof "paragraph (1)(B)". (13) AMENDMENT RELATED TO SECTION 266.—Section 266(c)(3) of such Act is amended by striking out "section 103(f)(2)(C)" and inserting in lieu thereof "section 101(f)(2)(C)". (14) AMENDMENT RELATED TO SECTION 283.—Section 283(b)(2)(B) of such Act (relating to liability for tax and method of payment) is amended by striking out "January 18" and inserting in lieu thereof "February 17". (b) AMENDMENTS RELATED TO TITLE III.— (1) AMENDMENTS RELATED TO SECTION 302.— (A) Subsection (d) of section 31 (relating to year for which credit allowed) is amended to read as follows:

Ante, p. 511. 26 USC 401.

Ante, p. 547. 26 USC lOl note, Ante, p. 568. 26 USC 5701 "° Ante, p. 585. 26 USC 31.

"(d) YEAR FOR WHICH CREDIT ALLOWED.—

"(1) WAGES.—Any credit allowed— "(A) by subsection (a) shall be allowed for the taxable year beginning in the calendar year in which the amount is withheld, or "(B) by subsection (c) shall be allowed for the taxable year beginning in the calendar year in which the wages are received. For purposes of this paragraph, if more than 1 taxable year begins in a calendar year, such amount shall be allowed as a credit for the last taxable year so beginning. "(2) INTEREST, DIVIDENDS, AND PATRONAGE DIVIDENDS.—Any

credit allowed by subsection (b) shall be allowed for the taxable year of the recipient of the income in which the amount is received." (B) Paragraph (4) of section 3(i) of the Subchapter S Ante, p. 1687. Revision Act of 1982 is hereby repealed. 26 USC 31. (2) AMENDMENT RELATED TO SECTION 31O.—Subsection (d) of Ante, p. 595.

section 310 of the Tax Equity and Fiscal Responsibility Act of 26 USC 103 note. 1982 (relating to effective date for requirement that obligations be registered) is amended by adding at the end thereof the following new paragraph: "(4) EFFECTIVE DATE FOR TAX-EXEMPT OBLIGATIONS.—In the

case of obligations the interest on which is exempt from tax

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