Page:United States Statutes at Large Volume 98 Part 1.djvu/885

 PUBLIC LAW 98-369—JULY 18, 1984

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98 STAT. 837

(11) Subparagraph (B) of section 48(d)(1) is amended by strik- 26 USC 48. ing out "section 46(a)(6)" and inserting in lieu thereof ' section 38(c)(3)(B)". (12) Subsection (f) of section 48 is amended— (A) by adding "and" at the end of paragraph (1), (B) striking out ", and" at the end of paragraph (2) and inserting in lieu thereof a period, and (C) by striking out paragraph (3). (13) Paragraph (1) of section 48(1) is amended by striking out "section 46(a)(2)(C)" and inserting in lieu thereof "section 46(b)(2)". (14) Subsection (m) of section 48 is amended by striking out "subsection (a)(2)" and inserting in lieu thereof "subsection (b)". (15) Subsection (n) of section 48 (relating to requirements for allowance of employee plan percentage) is hereby repealed; except that paragraph (4) of section 48(n) of the Internal Revenue Code of 1954 (as in effect before its repeal by this paragraph) shall continue to apply in the case of any recapture under section 47(f) of such Code of a credit allowable for a taxable year beginning before January 1, 1984. (16) Subsection (o) of section 48 (defining certain credits) is amended by striking out paragraphs (3), (4), (5), (6), and (7) and by redesignating paragraph (8) as paragraph (3). (17) Subsection (q) of section 48 is amended— (A) by striking out "section 46(a)(2)" each place it appears and inserting in lieu thereof "section 46(a)", and (B) by striking out "section 46(a)(2)(B)" each place it appears and inserting in lieu thereof "section 46(b)(1)". (18) Subsection (r) of section 48 is amended by striking out Ante, p. 635. "section 381(c)(23)" and inserting in lieu thereof "section 381(c)(26)". (p) TARGETED JOBS CREDIT.—

(1) Subsection (a) of section 51 (relating to amount of targeted jobs credit) is amended to read as follows:

26 USC 51.

"(a) DETERMINATION OF AMOUNT.—For purposes of section 38, the

amount of the targeted jobs credit determined under this section for the taxable year shall be the sum of— "(1) 50 percent of the qualified first-year wages for such year, and "(2) 25 percent of the qualified second-year wages for such year." (2) Subsection (g) of section 51 is amended by striking out "the credit provided by section 44B" and inserting in lieu thereof "the targeted jobs credit determined under this subpart". (3) Section 51 is amended by adding at the end thereof the following new subsection: "(j) ELECTION TO HAVE TARGETED JOBS CREDIT NOT APPLY.—

"(1) IN GENERAL.—A taxpayer may elect to have this section not apply for any taxable year. "(2) TIME FOR MAKING ELECTION.—An election under paragraph (1) for any taxable year may be made (or revoked) at any time before the expiration of the 3-year period beginning on the last date prescribed by law for filing the return for such taxable year (determined without regard to extensions). "(3) MANNER OF MAKING ELECTION.—An election under paragraph (1) (or revocation thereof) shall be made in such manner as the Secretary may by regulations prescribe."

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