PUBLIC LAW 97-248—SEPT. 3, 1982
96 STAT. 575
SEC. 293. TREATMENT OF CERTAIN LENDING OR FINANCE BUSINESSES FOR PURPOSES OF THE TAX ON PERSONAL HOLDING COMPANIES. (a) REMOVAL OF LIMITATION ON A M O U N T OF ORDINARY GROSS INCOME F R O M L E N D I N G OR F I N A N C E BUSINESS T A K E N INTO
ACCOUNT.—Clause (ii) of section 542(c)(6)(C) (relating to exceptions from definition of personal holding company) is amended by striking out "but not $1,000,000".
26 USC 542.
(b) C H A N G E S IN DEFINITION OF L E N D I N G OR F I N A N C E B U S I N E S S. —
Clause (i) of section 542(d)(1)(B) (relating to exceptions from definition of lending or finance business) is amended to read as follows: "(i) making loans, or purchasing or discounting accounts receivable, notes, or installment obligations, if (at the time of the loan, purchase, or discount) the r e m a i n i n g m a t u r i t y exceeds 144 months; unless— "(I) the loans, notes, or installment obligations a r e evidenced or secured by contracts of conditional sale, chattel mortgages, or chattel lease a g r e e m e n t s arising out of the sale of goods or services in the course of the borrower's or transferor's trade or business, or "(II) the loans, notes, or installment obligations a r e m a d e or acquired by the tax p a y e r and meet the requirements of subparagraph (C), or". (c) INDEFINITE MATURITY CREDIT T R A N S ACTION S. — Paragraph (1) of
section 542(d) (relating to special rules) is amended by adding a t the end thereof the following new subparagraph: "(C)
INDEFINITE
MATURITY
CREDIT
TRANSACTIONS.—For
purposes of subparagraph (B)(i), a loan, note, or installment obligation meets the requirements of this subparagraph if it is m a d e under a n agreement— "(i) under which the creditor agrees to m a k e loans or advances (not in excess of a n agreed upon maximum a m o u n t) from time to t i m e to or for the account of the debtor upon request, and "(ii) under which the debtor may repay the loan or advance in full or in installments. " (d) EFFECTIVE D A T E S. —
26 USC 542 note.
(1) SUBSECTION (a).—The amendment m a d e by subsection (a) shall apply to taxable year s beginning after December 31, 1981. (2) SUBSECTIONS
(b)
AND (C). — The amendments
made
by
subsections (b) and (c) shall apply to taxable years beginning after December 31, 1980. SEC. 294. ADDITIONAL REFUNDS RELATING TO REPEAL OF EXCISE TAX ON BUSES. (a) T I M E FOR F I L I N G C L A I M. — Subparagraph (C) of section 231(c)(2)
of the Energy Tax Act of 1978 (relating to refunds with respect to 26 USC 4063 certain consumer purchases) is amended by striking out " the first "°^®day of such 10th calendar month " and inserting in lieu thereof "December 31, 1982". (b) PROCEDURE FOR PASSING T H R O U G H R E F U N D. — Subparagraph (A)
of section 231(c)(2) of such Act is amended by inserting before the semicolon ", or, in lieu of evidence of reimbursement, he m a k e s such reimbursement simultaneously with the receipt of such a refund under an a r r a n g e m e n t satisfactory to such Secretary which assures such simultaneous reimbursement ".
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