PUBLIC LAW 103-465—DEC. 8, 1994 108 STAT. 4999 "(i) IN GENERAL.—Any amounts required to be included in gross income under section 936(h) or 951(a) (and credits properly allocable thereto) shall be taken into account in computing any annualized income installment under subparagraph (B) in a manner similar to the manner under which partnership income inclusions (and credits properly allocable thereto) are taken into account. "(ii) PRIOR YEAR SAFE HARBOR. —If a taxpayer elects to have this clause apply to any taxable year— "(I) clause (i) shall not apply, and "(II) for purposes of computing any annualized income installment for such taxable year, the taxpayer shall be treated as having received ratably dining such taxable year items of income and credit described in clause (i) in an amount equal to the amount of such items shown on the return of the taxpayer for the preceding taxable year (the second preceding taxable year in the case of the first and second required instsdlments for such taxable year)." (c) EFFECTIVE DATE.—The amendments made by this section 26 USC 6654 shall apply for purposes of determining underpayments of estimated ^°^- tax for taxable years beginning after December 31, 1994. SEC. 712. TIME FOR PAYMENTS AND DEPOSITS OF CERTAIN TAXES. (a) DEPOSITS REQUIRED FOR SEMIMONTHLY PERIODS. —Subsection (f) of section 6302 (relating to collection authority) is 26 USC 6302. amended to read as follows: " (f) TIME FOR DEPOSIT OF CERTAIN EXCISE TAXES.— "(1) GENERAL RULE.— Except as otherwise provided in this subsection and subsection (e), if any person is required under regulations to make deposits of taxes under subtitle D with respect to semimonthly periods, such person shall make deposits of such taxes for the period beginning on September 16 and ending on September 26 not later than September 29. In the case of taxes imposed by sections 4261 and 4271, this paragraph shall not apply to periods before January 1, 1997. "(2) TAXES ON OZONE DEPLETING CHEMICALS. — If any person is required under regulations to make deposits of taxes under subchapter D of chapter 38 with respect to semimonthly periods, in Heu of paragraph (1), such person shall make deposits of such taxes for— "(A) the second semimonthly period in August, and "(B) the period beginning on September 1 and ending onSentember 11, not later tnan September 29. " (3) TAXPAYERS NOT REQUIRED TO USE ELECTRONIC FUNDS TRANSFER.— In the case of deposits not required to be made by electronic funds transfer, paragraphs (1) and (2) shall be applied by substituting 'September 25' for 'September 26', 'September Icy for 'September 11', and 'September 28' for ' September 29'. "(4) SPECLfVL RtrUB WHERE DUE DATE ON SATURDAY OR SUN- DAY. — If, but for this paragraph, the due date under paragraph
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