PUBLIC LAW 95-30—MAY 23, 1977 of allowing such carryback as a credit under such section. The entire amount of the unused credit for an unused credit year shall be carried to the earliest of the 10 taxable years to which (by reason of subparagraphs (A) and (B)) such credit may be carried, and then to each of the other 9 taxable years to the extent that, because of the limitation contained in paragraph (2), such . unused credit may not be added for a prior taxable year to which such unused credit may be carried. " (2) LIMITATION.—The amount of the unused credit which may be added under paragraph (1) for any preceding or succeeding taxable year shall not exceed the amount by which the limitation provided by subsection (a) for such taxable year exceeds the sura of— " (A) the credit allowable under section 44B for such taxable year, and
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" (B) the amounts which, by reason of this subsection, are added to the amount allowatsle for such taxable year and which are attributable to taxable years preceding the unused credit year."
9 1 STAT. 147
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Ante, p. 141.
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(c) DEDUCTION FOR WAGES P A I D REDUCED BY A M O U N T OF CREDIT.—
(1) IN GENERAL.—Part IX of subchapter B of chapter 1 (relating to items not deductible) is amended by adding at the end thereof the following new section: "SEC. 280C. PORTION OF WAGES FOR WHICH CREDIT IS CLAIMED UNDER SECTION 44B. "No deduction shall be allowed for that portion of the wages or salaries paid or incurred for the taxable year which is equal to the amount of the credit allowable for the taxable year under section 44B (relating to credit for employment of certain new employees) determined without regard to the provisions of section 53 (relating to limitation based on amount of tax). I n the case of a corporation which is a member of a controlled group of corporations (within the meaning of section 5 2 (a)) or a trade or business which is treated as being under common control with other trades or businesses (within the meaning of section 5 2 (b)), this section shall be applied under rules prescribed by the Secretary similar to the rules applicable under subsections (a) and (b) of section 52.". (2) CLERICAL AMENDMENT.—The table of sections for such part is amended by adding at the end thereof the following new item: "Sec. 280C. Portion of wages for which credit is claimed under section 44B." (d) T E C H N I C A L AND CONFORMING AMENDMENTS. — (1) CLERICAL AMENDMENTS.—
(A) The table of sections for subpart A of part IV of subchapter A of chapter 1 is amended by inserting after the item relating to section 44A the following new item: "Sec. 44B. Credit for employment of certain new employees."
(B) The table of subparts for part IV of subchapter A of chapter 1 is amended by adding at the end thereof the following new item: "Subpart D. Rules for computing credit for employment of certain new employees."
26 USC 280C.
Ante, p. 146. Ante, p. 143.
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