PUBLIC LAW 106-170—DEC. 17, 1999 113 STAT. 1921 26 USC 953, 954. taxable year bears to the number of months in such taxable M year. (B) WAIVER OF ESTIMATED TAX PENALTIES.—No addition to tax shall be made under section 6654 or 6655 of such Code for any period before July 1, 1999, with respect to any underpayment of tax imposed by such Code to the extent such underpayment was created or increased by reason of subparagraph (A). (5) SECRETARY.— For purposes of this subsection, the term "Secretary" means the Secretary of the Treasury (or such Secretary's delegate). SEC, 503. SUBPART F EXEMPTION FOR ACTP/E FINANCING INCOME. (a) IN GENERAL.—Sections 953(e)(10) and 954(h)(9) of the Internal Revenue Code of 1986 (relating to application) are each amended— (1) by striking "the first taxable year" and inserting "taxable years"; (2) by striking "January 1, 2000" and inserting "January 1, 2002"; and (3) by striking "within which such" and inserting "within which any such". (b) TECHNICAL AMENDMENT. —Paragraph (10) of section 953(e) of such Code is amended by adding at the end the following new sentence: "If this subsection does not apply to a taxable year of a foreign corporation beginning after December 31, 2001 (and taxable years of United States shareholders ending with or within such taxable year), then, notwithstanding the preceding sentence, subsection (a) shall be applied to such taxable years in the same manner as it would if the taxable year of the foreign corporation began in 1998.". (c) EFFECTIVE DATE. —The amendments made by this section shall apply to taxable years beginning after December 31, 1999. SEC. 504. TAXABLE INCOME LIMIT ON PERCENTAGE DEPLETION FOR MARGINAL PRODUCTION. (a) IN GENERAL. — Subparagraph (H) of section 613A(c)(6) of the Internal Revenue Code of 1986 (relating to temporary suspen- 26 USC 613A sion of taxable limit with respect to marginal production) is amended by striking "January 1, 2000" and inserting "January 1, 2002". (b) EFFECTIVE DATE. —The amendment made by this section shall apply to taxable years beginning after December 31, 1999. SEC. 505. WORK OPPORTUNITY CREDIT /^D WELFARE-TO-WORK CREDIT. (a) TEMPORARY EXTENSION.—Sections 51(c)(4)(B) and 51A(f) of the Internal Revenue Code of 1986 (relating to termination) are each amended by striking "June 30, 1999" and inserting "December 31, 2001". (b) CLARIFICATION OF FIRST YEAR OF EMPLOYMENT.— Paragraph (2) of section 51(i) of such Code is amended by striking "during which he was not a member of a targeted group". (c) EFFECTIVE DATE. —The amendments made by this section shall apply to individuals who begin work: for the employer after June 30, 1999. Applicability. 26 USC 953 note. 26 USC 613A note. 26 USC 51, 51A. Applicability. 26 USC 51 note.
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