PUBLIC LAW 97-34—AUG. 13, 1981
95 STAT. 295
(i) by inserting "to any unused credit of the corporation which could otherwise be carried forward under section 44G(b)(2)," after "44F(g)(2),", and (ii) by inserting "EMPLOYEE STOCK OWNERSHIP CREDITS," after "RESEARCH CREDITS," in the section heading. (E) The table of sections for part V of subchapter C of chapter 1 is amended by inserting "employee stock ownership credits," after "research credits," in the item relating to section 383. (2) CARRYBACK OF CREDIT.—
(A) Subparagraph (C) of section 6511(d)(4) (defining credit carryback), as amended by this Act, is amended by striking out "and research credit carryback" and inserting in lieu thereof "research credit carryback, and employee stock ownership credit carryback". (B) Section 6411 (relating to quick refunds in respect of tentative carryback adjustments), as amended by this Act, is amended— (i) by striking out "or unused research credit" each place it appears and inserting in lieu thereof "unused research credit, or unused employee stock ownership credit"; (ii) by inserting "by an employee stock ownership credit carryback provided by section 44G(b)(2)" after "by a research and experimental credit carryback provided in section 44F(g)(2)", in the first sentence of subsection (a); (iii) by striking out "or a research credit carryback from" each place it appears and inserting in lieu thereof "a research credit carryback, or employee stock ownership credit carryback from"; and (iv) by striking out "new employee credit carryback)" in the second sentence of subsection (a) and inserting in lieu thereof "new employee credit carryback, or, in the case of an employee stock ownership credit carryback, to an investment credit carryback, a new employee credit carryback or a research and experimental credit carryback)".
Ante, p. 247.
Ante, p. 247.
Ante, p. 290. Ante, p. 241.
(e) OTHER TECHNICAL AND CLERICAL AMENDMENTS.—
(1) Subsection (b) of section 6096 (relating to designation of Ante, p. 247. income tax payments to Presidential Election Campaign Fund), as amended by this Act, is amended by striking out "and 44F" and inserting in lieu thereof "44F, and 44G". (2) 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 44F the following new item: "Sec. 44G. Employee stock ownership credit." (f) EFFECTIVE DATE.—
(1) The amendments made by subsection (a) shall apply to aggregate compensation (within the meaning of section 415(c)(3) of the Internal Revenue Code of 1954), paid or accrued after December 31, 1982, in taxable years ending after such date. (2) The amendments made by subsections (b) and (c) shall apply to taxable years ending after December 31, 1982.
-194 O—82
21: QL3
26 USC 44G note.
26 USC 404 note.
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