Page:United States Statutes at Large Volume 98 Part 1.djvu/880

 98 STAT. 832

PUBLIC LAW 98-369—JULY 18, 1984 ggo'j.

Ante, p. 827. Ante, pp. 825, 826. 26 USC 30 note.

Ante, p. 826.

26 USC 33. Ante, p. 826.

thereof "in determining the targeted jobs credit under section 51(a)", and (B) by amending subparagraph (A) of subsection (g)(1) to read as follows: "(A) IN GENERAL.—Except as provided in subparagraph (B), the credit allowed by subsection (a) 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 sections 27, 28, and 29." (2) N E W SECTION 30 TREATED AS CONTINUATION OF OLD SECTION

44F.—For purposes of determining— (A) whether any excess credit under old section 44F for a taxable year beginning before January 1, 1984, is allowable as a carryover under new section 30, and (B) the period during which new section 30 is in effect, new section 30 shall be treated as a continuation of old section 44F (and shall apply only to the extent old section 44F would have applied). (j) NEW SECTION 33.—New section 33 (relating to tax withheld at source on nonresident aliens and foreign corporations and on taxfree covenant bonds) is amended to read as follows: "SEC. 33. TAX WITHHELD AT SOURCE ON NONRESIDENT ALIENS AND FOREIGN CORPORATIONS.

26 USC 1441. 26 USC 40. Ante, p. 826. Post, p. 833. Ante, p. 827.

"There shall be allowed as a credit against the tax imposed by this subtitle the amount of tax withheld at source under subchapter A of chapter 3 (relating to withholding of tax on nonresident aliens and on foreign corporations)." (k) N E W SECTION 40.—New section 40 (relating to alcohol used as fuel) is amended— (1) by amending subsection (a) to read as follows: "(a) GENERAL RULE.—For purposes of section 38, the alcohol fuels credit determined under this section for the taxable year is an amount equal to the sum of— "(1) the alcohol mixture credit, plus "(2) the alcohol credit.", (2) by striking out "the credit allowable under this section" in subsection (c) and inserting in lieu thereof "the credit determined under this section", (3) by striking out "credit was allowable" each place it appears in paragraph (3) of subsection (d) and inserting in lieu thereof "credit was determined", (4) by striking out subsection (e) and redesignating subsection (f) as subsection (e), (5) by amending paragraph (2) of subsection (e) (as redesignated by paragraph (4)) to read as follows: "(2) N O CARRYOVERS TO YEARS AFTER 1994.—No amount may

Ante, p. 828.

be carried under section 39 by reason of this section (treating the amount allowed by reason of this section as the first amount allowed by this subpart) to any taxable year beginning after December 31, 1994.", and (6) by adding at the end thereof the following new subsection: "(f) ELECTION TO HAVE ALCOHOL FUELS CREDIT NOT APPLY.—

"(1) IN GENERAL.—A taxpayer may elect to have this section not apply for any taxable year.

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