Page:United States Statutes at Large Volume 85.djvu/529

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[85 STAT. 499]
[85 STAT. 499]
PUBLIC LAW 92-000—MMMM. DD, 1971

85 STAT. ]

PUBLIC LAW 92-178-DEC. 10, 1971

499

(2) Section 49(b) (defining pre-termination property) is 26 USC 49.°' amended by striking out "For purposes of this section" and inserting in lieu thereof'^'For purposes of this subpart". (3) Section 49(d) (relating to property placed in service after Repeal. 1975) is hereby repealed. (4) The heading for section 49 is amended to read as follows: "SEC. 49. TERMINATION FOR PERIOD BEGINNING APRIL 19, 1969, AND ENDING DURING 1971." (5) The table of sections for subpart B of part IV of subchapter A of chapter 1 is amended by striking out the item relating to section 49 and inserting in lieu thereof the following: "Sec. 49, Termination for period beginning April 19, 1969, and ending during 1971. Sec 50. Restoration of credit." (c) ACCOUNTING FOR INVESTMENT CREDIT I N CERTAIN FINANCIAL REPORTS AND REPORTS TO FEDERAL AGENCIES.—

(1) IN GENERAL.—It was the intent of the Congress in enacting, in the Revenue Act of 1962, the investment credit allowed by section 38 of the Internal Revenue Code of 1954, and it is the intent of the Congress in restoring that credit in this Act, to provide an incentive for modernization and growth of private industry. Accordingly, notwithstanding any other provision of law, on and after the date of the enactment of this Act— (A) no taxpayer shall be required to use, for purposes of financial reports subject to the jurisdiction of any Federal agency or reports made to any Federal agency, any particular method of accounting for the credit allowed by such section 38, (B) a taxpayer shall disclose, in any such report, the method of accounting for such credit used by him for purposes of such report, and (C) a taxpayer shall use the same method of accounting for such credit in all such reports made by him, unless the Secretary of the Treasury or his delegate consents to a change to another method. (2) EXCEPTIONS.—Paragraph (1) shall not apply to taxpayers who are subject to the provisions of section 46(e) of the Internal Revenue Code of 1954 (as added by section 105(c) of this Act) or to section 203(e) of the Revenue Act of 1964 (as modified by section 105(e) of this Act).

76 Stat. 962.

^o«'» p* 503. ^°st, p. soe.

SEC. 102. DETERMINATION OF QUALIFIED INVESTMENT. (a) CHANGE I N USEP^UL L I F E BRACKETS.—

(1) Section 46(c)(2) (relating to applicable percentage for purposes of determining qualified investment) is amended— (A) by striking out "4 years" and inserting in lieu thereof "3 years", (B) by striking out "6 years" each place it appears and inserting in lieu thereof "5 years", and (C) by striking out "8 years" each place it appears and inserting in lieu thereof "7 years". (2) The second sentence of section 48(a)(1) (defining section 38 property) is amended by striking out "4 years" and inserting in lieu thereof "3 years".

76 Stat. 96 3.

(b) USEFUL L I F E FOR INVESTMENT CREDIT PURPOSES.—The second

sentence of section 46(c)(2) is amended to read as follows: "For purposes of this subpart, the useful life of any property shall be the useful life used in computing the allowance for depreciation under section 167 for the taxable year in which the property is placed in service." 75-432 O - 72 - 34

^°« P* SOS,