PUBLIC LAW 95-618—NOV. 9, 1978
92 STAT. 3195
"(B) KEGULAR PERCENTAGE.—For purposes of this paragraph, the regular percentage is— "(i) 10 percent with respect to the period beginning on January 21, 1975, and ending on December 31, 1980, or " (ii) 7 percent with respect to the period beginning on January 1, 1981. "(C) ENERGY PERCENTAGE.—For purposes of this paragraph, the energy percentage is— " (i) 10 percent with respect to the period beginning on October 1, 1978, and ending on December 31, 1982, or " (ii) zero with respect to any other period. "(D)
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SPECIAL RULE FOR CERTAIN ENERGY PROPERTY.—For
purposes of this paragraph, the regular percentage shall not apply to any energy property which, but for section 48(1)(1), would not be section 38 property. " (E) E S O P PERCENTAGE.—For purposes of this paragraph, the E S O P percentage is— "(i) with respect to the period beginning on January 21, 1975, and ending on December 31, 1980,1 percent, and "(ii) with respect to the period beginning on January 1, 1977, and ending on December 31, 1980, an additional percentage (not in excess of ^ of 1 percent) which results in an amount equal to the amount determined under section 301(e) of the Tax Reduction Act of 1975. This subparagraph shall a^ply to a corporation only if it meets the requirements of sdbtion 301(d) of the Tax Reduction Act of 1975 and only if it elects (at such time, in such form, and in such manner as the Secretary prescribes) to have this subparagraph apply."
Infra. 26 USC 38.
26 USC 46 note. 26 USC 46 note,
(2) CONFORMING AMENDMENTS.—
(A) Subparagraph (A) of section 46(c)(3) (relating to 26 USC 46. public utility property) is amended to read as follows: "(A) For the period beginning on January 1, 1981, in the case of any property which is public utility property, the amount of the qualified investment shall be % of the amount determined under paragraph (1). The preceding sentence shall not apply for purposes of applying the energy percentage." (B) The first sentence of section 46(f)(8) (relating to prohibition of immediate flow through) is amended by striking out "and the Tax Reform Act of 1976" and insert- 26 USC 1 note, ing in lieu thereof ", the Tax Reform Act of 1976, and the Energy Tax Act of 1978". Ante, p. 3174. (b^ DEFINITIONS AND TRANSITIONAL RULES.—Section 48 (relating to
definitions and special rules) is amended by redesignating subsection (1) as subsection (n) and by inserting after subsection (k) the following new subsections: "(1) ENERGY PROPERTY.—For purposes of this subpart— " (1) TREATMENT AS SECTION 3 8 PROPERTY.—For the period beginning on October 1, 1978, and ending on December 31, 1982— " (A) any energy property shall be treated as meeting the requirements of paragraph (1) of subsection (a), and "(B) paragraph (3) of subsection (a) shall not apply to any energy property.
26 USC 48.
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