PUBLIC LAW 101-239—DEC. 19, 1989 103 STAT. 2413 subparagraph (Q), and by striking the period at the end of subpara- graph (R) and inserting '\ or". (b) AMENDMENTS RELATED TO SECTION 3011 OF THE 1988 ACT. — Paragraphs (4) and (5) of section 3011(b) of the 1988 Act are each 26 USC 414. amended— (1) by striking "lllB(a)" and inserting "1011B(ar, and (2) by striking "162(k)(2)" and inserting "162(k)". SEC. 7814. AMENDMENTS RELATED TO TITLE IV OF THE 1988 ACT. (a) AMENDMENT RELATED TO SECTION 4001 OF THE 1988 ACT.— Subsection (c) of section 127 is amended by striking paragraph (8). (b) AMENDMENT RELATED TO SECTION 4002 OF THE 198JB ACT. — Subparagraph (A) of section 125(e)(2) is amended by striking "includ- able and inserting "includible". (c) AMENDMENTS RELATED TO SECTION 4005 OF THE 1988 ACT.— (1) The paragraph (3) of section 6045(e) added by section 4005 of the 1988 Act is redesignated as paragraph (4). (2) Qause (ii) of section 148(d)(3)(E) is amended by striking "a qualified mortgage bond or". (d) AMENDMENT RELATED TO SECTION 4006 OF THE 1988 ACT.— Section 4006 of the 1988 Act is amended— 26 USC 46. (1) by striking "December 31, 1988" and inserting "Dec. 31, 1988", and (2) by striking "December 31, 1989" and inserting "Dec. 31, 1989". (e) AMENDMENTS RELATED TO SECTION 4008 OF THE 1988 ACT.— (1) Subsection (d) of section 196 is amended by striking "substituting" and all that follows through "in the case of— and inserting "substituting 'an amount equal to 50 percent of for 'an amount equal to* in the case of—". (2)(A) Subsection (c) of section 280C is amended by redesignat- ing paragraph (3) as paragraph (4) and by inserting after para- graph (2) the following new paragraph: "(3) ELECTION OF REDUCED CREDir.— "(A) IN GENERAL. —In the case of any taxable year for which an election is made under this paragraph— "(i) paragraphs (1) and (2) shall not apply, and "(ii) the amount of the credit under section 41(a) shall be the amount determined under subparagraph (B). "(B) AMOUNT OF REDUCED CREDIT. —The amount of credit determined under this subparagraph for any taxable year shall be the amount equal to the excess of— "(i) the amount of credit determined under section 41(a) without regard to this paragraph, over "(ii) the product of— "(I) 50 percent of the amount described in clause (i), and "(II) the maximum rate of tax under section ll(b)(l). "(O ELECTION.—An election under this paragraph for any taxable year shall be made not later than the time for filing the return of tax for such year (including extensions), shall be made on such return, and shall be made in such manner as the Secretary may prescribe. Such an election, once made, shall be irrevocable." (B) In the case of a taxable year for which the last date for 26 USC 28oe making the election under section 280C(c)(3) of the Internal note.
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