107 STAT. 460 PUBLIC LAW 103-66 —AUG. 10, 1993 (1) IN GENERAL. —At the election of the taxpayer, the additional 1993 taxes may be paid in 3 equal installments. (2) DATES FOR PAYING INSTALLMENTS.—In the case of any tax payable in installments by reason of paragraph (1)— (A) the first installment shall be paid on or before the due date for the taxpayer's taxable year beginning in calendar year 1993, (B) the second installment shall be paid on or before the date 1 year after the date determined under subparagraph (A), and (C) the third installment shall be paid on or before the date 2 years after the date determined under subparagraph (A). For purposes of the preceding sentence, the term due date" means the date prescribed for filing the taxpayer's return determined without regard to extensions. (3) EXTENSION WITHOUT INTEREST.— For purposes of section 6601 of the Internal Revenue Code of 1986, the date prescribed for the payment of any t£uc payable in installments under paragraph (1) shall be determined with regard to the extension under paragraph (1). (4) ADDITIONAL 1993 TAXES.— (A) IN GENERAL.— For purposes of this subsection, the term "additional 1993 taxes" means the excess of— (i) the taxpayer's net chapter 1 liability as shown on the taxpayer's return for the taxpayer's taxable year beginning in calendar year 1993, over (ii) the amount which would have been the taxpayer's net chapter 1 liability for such taxable year if such liability had been determined using the rates which would have been in effect under section 1 of the Internal Revenue Code of 1986 for taxable years beginning in ctdendar year 1993 but for the amendments made by this section and section 13202 and such liability had otherwise been determined on the basis of the amounts shown on the taxpayer's return. (B) NET CHAPTER i LIABILITY. -For purposes of subparagraph (A), the term "net chapter 1 liability" means the liability for tax under chapter 1 of the Internal Revenue Code of 1986 determined— (i) after the application of any credit against such tax other than the credits under sections 31 and 34, and (ii) before crediting any payment of estimated tax for the taxable year. (5) ACCELERATION OF PAYMENTS. —I f the taxpayer does not pay any installment under this section on or before the date prescribed for its payment or if the Secretary of the IVeasuiy or his delegate beUeves that the collection of any amount pay- able in installments under this section is in jeopardy, the Secretary shall immediately terminate the extension under paragraph (1) and the whole of the unpaid tax shall be paid on notice and demand from the Secretary. (6) ELECTION ON RETURN.— An election under paragraph (1) shall be made on the taxpayer's return for the taxpayer's taxable year beginning in calendar year 1993.
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