666
Ts^stft^'i/^^' 26 USC 48.
PUBLIC LAW 91-172-DEC. 30, 1969
manufacture or assembly of the production under the project and which Avere described in written engineering and internal financial plans of the taxpayer in existence on April 18, 1969, shall be treated as property which on such date was under a binding contract for construction. "(c) LEASED PROPERTY.—In the case of property which is leased after April 18, 1969 (other than pursuant to a binding contract to lease entered into before April 19, 1969), which is section 38 property with respect to the lessor but is property which would not be section 38 property because of the application of subsection (a) if acquired by the lessee, and which is property of the same kind which the lessor ordinarily sold to customers before April 19, 1969, or ordinarily leased before such date and made an election under section 48(d), such propt I'ty sjiall not be section 38 property with respect to either the lessor or the lessee. " (d) PROPERTY PLACED IN SERVICE ArTi:R 1975.—For purposes of this subpart, the term 'section 38 property' does not include any property placed in service after December 31, 1975." (b)
76 Stat. 963.
[83 STAT.
LIMITATIONS ON U S E OF CARRYOVERS AND CARRYBACKS.—Section
46(b) (relating to carryback and carryover of unused credits) is amended by adding at the end thereof the following new paragraphs: " (5) TAXABLE YEARS BEGINNING AFTER DECEMBER S I, I 9 6 8, AND ENDING AFTER APRIL 18, 1909.—The amount which may be added
under this subsection for any taxable year beginning after December 31, 1968, and ending after April 18, 1969, shall not exceed 20 percent of the higher of— " (A) the aggregate of the investment credit carrybacks and investment credit carryovers to the taxable year, or " (B) the highest amount computed under subparagraph (A) for any preceding taxable year wdiich began after December 31, 1968, and ended after April 18, 1969. "(6)
ADDITIONAL S-YEAR CARRYOVER PERIOD I N CERTAIN CASES.—
Any portion of an investment credit carryback or carryover to any taxable year beginning after December 31, 1968, and ending after April 18, 1969, which— " (A) may be added under this subsection under the limitation provided by paragraph (2), and " (B) may not be added under the limitation provided by paragraph (5), shall be an investment credit carryover to each of the 3 taxable years following the last taxable year for which such portion may be added under paragraph (1), and shall (subject to the provisions of paragraphs (1), (2), and (5)) be added to the amount allowable as a credit by section 38 for such years." 26 USC 47.
(c) RULES RELATING TO CERTAIN CASUALTIES AND THEFTS AND TO REPLACEMENT OF CERTAIN SECTION 38 PROPERTY.— (1) PROPERTY DESTROYED BY CASUALTY.—Section 47(a)(4) (re-
lating to rules with respect to section 38 property destroyed by casualty, etc.) is amended by adding at the end thereof the following new sentence: "Subparagraphs (B) and (C) shall not apply with respect to any casualty or theft occurring after April 18, 1969." (2)
REPLACE]MENT OF CERTAIN SECTION;?8 PROPERTY.—Section
47(a) (relating to certain dispositions of section 38 property) is amended by adding at the end thereof the following new paragraph: "(5)
CERTAIN PROPERTY REPLACED AFTJ:R APRIL I S,
any case in which— " (A) section 38 property is disposed of, and
1969.—In
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