Page:United States Statutes at Large Volume 99 Part 1.djvu/101

 PUBLIC LAW 99-44—MAY 24, 1985 (b) RESTORATION OF PRIOR LAW FOR 1985.—For taxable years beginning in 1985, section 274(d) of the Internal Revenue Code of 1954 shall apply as it read before the amendments made by section 179(b)(l) of the Tax Reform Act of 1984. (c) EXCEPTION FROM SUBSTANTIATION REQUIREMENTS FOR QUAU-

FiED NoNPERSONAL UsE VEHICLES.—The amendments made by section 2 shall apply to taxable years beginning after December 31, 1985. (d) WITHHOLDING AMENDMENT.—The amendment made by section 3 shall take effect on January 1, 1985. (e) REDUCTION IN LIMITATIONS ON INVESTMENT TAX CREDIT AND DEPRECIATION.—

(1) Except as provided in paragraph (2), the amendments made by section 4 shall apply to— (A) property placed in service after April 2, 1985, in taxable years ending after such date, and (B) property leased after April 2, 1985, in taxable years ending after such date. (2) The amendments made by section 4 shall not apply to any property— (A) acquired by the taxpayer pursuant to a binding contract in effect on April 1, 1985, and at all times thereafter, but only if the property is placed in service before August 1, 1985, or (B) of which the taxpayer is the lessee, but only if the lease is pursuant to a binding contract in effect on April 1, 1985, and at all times thereafter, and only if the taxpayer first uses such property under the lease before August 1, 1985. Approved May 24, 1985.

LEGISLATIVE HISTORY—H.R. 1869 (S. 245): HOUSE REPORTS: No. 99-34 (Comm. on Ways and Means) and No. 99-67 (Comm. of SENATE REPORT No. 99-23 accompanying S. 245 (Coram, on Finance). CONGRESSIONAL RECORD, Vol. 131 (1985): Apr. 2, considered and passed House. Apr. 3, considered and passed Senate, amended. May 8, House agreed to conference report. May 15, 16, Senate considered and agreed to conference report. WEEKLY C O M P I L A T I O N OF PRESIDENTIAL DOCUMENTS, Vol. 21, No. 21 (1985): May 24, Presidential statement.

99 STAT. 79 26 USC 274 note. 26 USC 274. Ante, p. 77. 26 USC 274 note.

Effective date. 26 USC 3402 note. Effective dates. 26 USC 280F note.

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