Page:United States Statutes at Large Volume 85.djvu/583

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[85 STAT. 553]
[85 STAT. 553]
PUBLIC LAW 92-000—MMMM. DD, 1971

85 STAT.]

PUBLIC LAW 92-1 7 8 - D E C. 10, 1971

be applicable in such cases to the extent, and in 9,ccordance with such rules, as may be prescribed by the Secretary or his delegate. (4) TREATMENT or EXPORT TRADE ASSETS.—If the provisions of this subsection are applicable, accounts receivable held by an export trade corporation and transferred to a D I S C, to the extent such receivables were export trade assets in the hands of the export trade corporation, shall be treated as qualified export assets for purposes of section 993(b). (c) LIMITATION OF APPLICATION or SUBPART G.—Section 971(a) (relating to definition of export trade corporation) is amended by adding at the end thereof the following new paragraph: "(3) LIMITATION.—No controlled foreign corporation may qualify as an export trade corporation for any taxable year beginning after October 31, 1971, unless it qualified as un export trade corporation for any taxable year beginning before suoh date. If a corporation fails to qualify as an export trade corporation for a period of any 3 consecutive taxable years beginning after such date, it may not qualify as an export trade corporation for amy taxable year beginning after such period." SEC. 506. SUBMISSION OF ANNUAL REPORTS TO CONGRESS. The Secretary of the Treasury shall, commencing for the calendar year 1972, submit an annual report to the Congress within 15i/^ months following the close of each calendar year setting forth an analysis of the operation and effect of the provisions of this title. SEC. 507. GENERAL EFFECTIVE DATE OF TITLE. Except as provided in section 505 of this title, the amendments made by sections 501 through 504 of this title shall apply with respect to taxable years ending after December 31, 1971, except that a corporation may not be a D I S C (as defined in section 992(a) of the Internal Revenue Code of 1954, added by section 501 of this title) for any taxable year beginning before January 1, 1972.

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TITLE VI—JOB DEVELOPMENT RELATED TO WORK INCENTIVE PROGRAM SEC. 60L TAX CREDIT FOR CERTAIN EXPENSES INCURRED IN WORK INCENTIVE PROGRAM. (a) ALLOWANCE or CREDIT.—Subpart A of part IV of subchapter A of chapter 1 (relating to credits allowable) is amended by renumber- y/stlf'ieV^^' ing section 40 as section 42, and by inserting after section 39 the following new section: "SEC. 40. EXPENSES OF WORK INCENTIVE PROGRAMS. " (a) GENERAL RULE.—There shall be allowed, as a credit against the tax imposed by this chapter, the amount determined under subpart C Infra. of this part. " (b) REGULATIONS.—The Secretary or his delegate shall prescribe such regulations as may be necessary to carry out the purposes of this section and subpart C." (b) COMPUTATION OF CREDIT.—Part IV of subchapter A of chapter 1 (relating to credits against tax) is amended by adding at the end thereof the following new subpart: "Subpart C—Rules for Computing Credit for Expenses of Work Incentive Programs "Sec. 50A. Amount of credit. "Sec. oOB. Definitions; special rules.