Page:United States Statutes at Large Volume 98 Part 1.djvu/879

 PUBLIC LAW 98-369—JULY 18, 1984

98 STAT. 831

(3) by amending subsection (d) to read as follows: "(d) ADJUSTED GROSS INCOME LIMITATION.—If the adjusted gross income of the taxpayer exceeds— "(1) $7,500 in the case of a single individual, "(2) $10,000 in the case of a joint return, or "(3) $5,000 in the case of a married individual filing a separate return, the section 22 amount shall be reduced by one-half of the excess of the adjusted gross income over $7,500, $10,000, or $5,000, as the case ~ may be." (e) NEW SECTION 23.—Subsection (b) of new section 23 (relating to 26 USC 23. i residential energy credit) is amended by striking out paragraphs (5) ^"^e- P- 826. and (6) and inserting in lieu thereof the following: "(5) CARRYFORWARD OF UNUSED CREDIT.—

"(A) IN GENERAL.—If the credit allowable under subsec\ tion (a) for any taxable year exceeds the limitation imposed by section 25(a) for such taxable year reduced by the sum of Ante, p. 827. the credits allowable under this subpart (other than this section), such excess shall be carried to the succeeding taxable year and added to the credit allowable under sub: ':h J. section (a) for such succeeding taxable year. u;; >.u^nh i "(B) No CARRYFORWARD TO TAXABLE YEARS BEGINNING AFTER DECEMBER 31, 1987.—No amount may be carried ^- " under subparagraph (A) to any taxable year beginning after December 31, 1987." (f) NEW SECTION 24.—Subsection (b) of new section 24 (relating to 26 USC 24. contributions to candidates for political office) is amended by strik- ^"^^. P 826. ing out paragraph (2) and by redesignating paragraph (3) as para£ graph (2). (g) N E W SECTION 28.—

26 USC 28.

(1) New section 28 is amended— ^«^«' P- 826. (A) by striking out "section 44F" each place it appears and inserting in lieu thereof "section 30", and ,Slf!l\ (B) by striking out "section 44F(b)" in subsection (c)(2) and inserting in lieu thereof "section 30(b)," and (C) by striking out "section 44F(f)" in subsection (d)(4) and inserting in lieu thereof "section 30(f)". (2) Paragraph (2) of new section 28(d) is amended to read as follows: "(2) LIMITATION BASED ON AMOUNT OF TAX.—The

credit

allowed by this section for any taxable year shall not exceed the taxpayer's tax liability for the taxable year (as defined in section 25(b)), reduced by the sum of the credits allowable under subpart A and section 27." (h) N E W SECTION 29.—Paragraph (5) of new section 29(h) (relating to credit for producing fuel from a nonconventional source) is amended to read as follows:

Ante, p. 827. Ante, pp. 825, 826. ^^ Y^^ coc ^"^^' ^ ^''^•

"(5) APPLICATION WITH OTHER CREDITS.—The credit allowed by

subsection (a) for a taxable year shall not exceed the taxpayer's tax liability for the taxable year (as defined in section 25(b)), reduced by the sum of the credits allowable under subpart A and sections 27 and 28." (i) NEW SECTION 30.—

i

Ss8,q.>; 26 USC 30

(1) New section 30 (relating to credit for increasing research Ante, p. 826. activities) is amended— (A) by striking out "in computing the credit under section 40 or 44B" in subsection (b)(2)(D)(iii) and inserting in lieu

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