92 STAT. 2826
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PUBLIC LAW 95-600—NOV. 6, 1978
erty (as the case may be) bears to his aggregate qualified investment. If the proportion referred to in clause (ii) is 75 percent or more, the applicable percentage of the taxpayer for the taxable year shall be 90 percent (80 percent in the case of a taxable year ending in 1980). "(C) TENTATIVE PERCENTAGE.—For purposes of subparagraph (B), the tentative percentage shall be determined under the following table: "If the taxable year ends in: The tentative percentage is: 1979 40 1980 30 "(D) RAILROAD PROPERTY DEFINED.—For purposes of this
paragraph, the term 'railroad property' means section 38 property used by the taxpayer directly in connection with the trade or business carried on by the taxpayer of operating a railroad (including a railroad switching or terminal company). "(E) AIRLINE PROPERTY DEFINED.—For purposes of this paragraph, the term 'airline property' means section 38 property used by the taxpayer directly in connection with the trade or business carried on by the taxpayer of the furnishing or sale of transportation as a common carrier by air subject to the jurisdiction of the Civil Aeronautics Board or the Federal Aviation Administration." (c) REPEAL OF CERTAIN OBSOLETE PROVISIONS.— 26 USC 50. 26 USC 26 USC 26 USC 26 USC 26 USC
48, 49, 46. 48. 50. 48. 167
26 USC 46. 26 USC 49, 50. 26 USC 46 note
(1) Subsections (h), (i), and (j) of section 48 and sections 49 and 50 are hereby repealed. (2) Paragraphs (1) and (2) of section 46(f) and subparagraph (B) of section 48(a)(7) are each amended by striking out "described in section 50". (3) Subparagraph (A) of section 48(a)(7) is amended by striking out "(other than pre-termination property)". (4) Subsection (i) of section 167 is hereby repealed. (5) The table of sections for subpart B of part IV of subchapter A of chapter 1 is amended by striking out the items relating to sections 49 and 50. (d) EFFECTIVE DATE.—The amendments made by this section shall apply to taxable years ending after December 31, 1978. SEC. 313. INVESTMENT CREDIT FOR POLLUTION CONTROL FACILITIES.
26 USC 46.
(a) IN GENERAL.—Paragraph (5) of section 46(c) (relating to applicable percentage in the case of certain pollution control facilities) is amended to read as follows: "(5) APPLICABLE PERCENTAGE IN THE CASE OF CERTAIN POLLUTION CONTROL FACILITIES.—
26 USC 169.
(A) IN GENERAL.—Notwithstanding paragraph (2), in the case of property— "(i) with respect to which an election under section 169 applies, and "(ii) the useful life of which (determined without regard to section 169) is not less than 5 years. 100 percent shall be the applicable percentage for purposes of applying paragraph (1) with respect to so much of the adjusted basis of the property as (after the application of section 169(f)) constitutes the amortizable basis for purposes of section 169.
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