Page:United States Statutes at Large Volume 98 Part 1.djvu/886

 98 STAT. 838 26 USC 52.

Repeal. 26 USC 53.

PUBLIC LAW 98-369—JULY 18, 1984 (4) Subsection (a) of section 52 is amended by striking out "the credit (if any) allowable by section 44B to each such member" and inserting in lieu thereof "the credit (if any) determined under section 51(a) with respect to each such member". (5) Subsection (b) of section 52 is amended by striking out "the fen credit (if any) allowable by section 44B" and inserting in lieu thereof "the credit (if any) determined under section 51(a)". (6) Subsection (c) of section 52 is amended by striking out "credit shall be allowed under section 44B" and inserting in lieu thereof "credit shall be allowed under section 38 for any targeted jobs credit determined under this subpart". (7) Paragraph (2) of section 52(d) is amended by striking out ", subject to section 53, a credit under section 44B" and inserting in lieu thereof ", subject to section 38(c), a credit under section 38(a)". (8) Section 53 (relating to limitation based on amount of tax) is hereby repealed. (9) The table of sections for old subpart D of part IV of subchapter A of chapter 1 is amended by striking out the item relating to section 53. (q) SECTION 55.—

26 USC 55.

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(1) Paragraph ^ (1) of section 55(c) (relating to credits) is amended— (A) by striking out "subpart A of part IV" and inserting (B) by striking out "section 33(a)" each place it appears and inserting in lieu thereof "section 27(a)". (2) Clause (i) of section 55(c)(2)(B) is amended by striking out x\m q Mwi"section 33(a)" and inserting in lieu thereof "section 27(a)". (3) Paragraph (3) of section 55(c) is amended to read as follows: "(3) CARRYOVER AND CARRYBACK OF CERTAIN CREDITS.—In the
 * i iB««5c in lieu thereof "subpart A, B, or D of part IV", and

case of any tsixable year for which a tax is imposed by this ..In 'WSm li * section, for purposes of determining the amount of any carryover or carryback to any other taxable year of any credit Ante, p. 826. allowable under section 23, 30, or 38, the amount of the limitaAnte, p. 827. tion Under section 25, 30(g), or 38(c) (as the case may be) shall be deemed to be— jf "(A) the amount of such limitation for such taxable year (determined without regard to this paragraph), reduced (but ^ dm.m J not below zero) by "(B) the amount of the tax imposed by this section for the £,*f i', taxable year, reduced by— 1,9, "(i) the amount of the credit allowable under section Ante, p. 826. 27(a), ^fit;,•< "(ii) in the case of the limitation under section 30(g), the amount of such tax taken into account under this subparagraph with respect to the limitation under seci!Oi j'Ji* tion 25, and "(iii) in the case of the limitation under section 38(c), the amount of such tax taken into account under this subparagraph with respect to limitations under sections 25 and 30(g)." (4) Paragraph (2) of section 55(f) is amended by striking out "allowable under subpart A of part IV of this subchapter (other -iy. than under sections 31, 39, and 43)" and inserting in lieu thereof »r5 "allowable under subparts A, B, and D of part IV of this subchapter".

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