PUBLIC LAW 9 4 - 4 5 2 - ~ 0 C T. 2, 1976
90 STAT. 1515
(1) IN GENERAL.—The amendments made by this section shall take effect on October 1, 1977, with respect to sales after July 7, 1970, in taxable years ending after July 7, 1970, b u t only in the case of qualified bank holding corporations (within the meaning of section 1103(b) of the I n t e r n a l Revenue Code of 1954, as amended by section 2(a) of this Act). (2) SPECIAL RULE FOR CERTIFYING SALES W H I C H HAVE ALREADY
TAKEN PLACE.—For purposes of section 6158(a) of the I n t e r n a l Revenue Code of 1954 (as added by subsection (a) of this sec- Ante, p. 1512. tion) in the case of any sale which takes place on or before the 90th d a y after the date of the enactment of this Act, a certification by the Federal Reserve Board described in section 6158(a) shall be treated as made before the sale if application for such certification is made before the close of the 90th d a y after the date of the enactment of this Act. (3) R E F U N D OF TAX.—
(A) IN GENERAL.—If any tax attributable to a sale which occurred before October 1, 1977, is payable in annual installments by reason of an election under section 6158(a) of the I n t e r n a l Revenue Code of 1954, any portion of such tax for which the due date of the installment does not occur before October 1, 1977, shall, on application of the taxpayer, be treated as an overpayment of tax. (B^ INTEREST ON OVERPAYMENTS.—For purposes of section
6611 (b), in the case of any overpayment attributable to subparagraph (A), the date of the overpayment shall be the day which is 6 months after the latest of the following: (i) the date on which application for refund or credit of such overpayment is filed, (ii) the due date prescribed by law (determined without extensions) for filing the return of tax under chapter 1 of the I n t e r n a l Revenue Code of 1954 for the taxable year the tax of which is being refunded or credited, or (iii) the date of the enactment of this Act. (C) EXTENSION OF PERIOD OF LIMITATIONS.—If any refund
or credit of tax attributable to the application of subparagraph (A) is prevented a t any time before October 1, 1978, by the operation of any law or rule of law, refund or credit of such overpayment may, nevertheless, be made or allowed if claim therefor is filed before October 1, 1978. Approved October 2, 1976.
LEGISLATIVE HISTORY: HOUSE REPORT No. 94-879 (Comm. on Ways and Means). SENATE REPORT No. 94-1192 (Comm. on Finance). CONGRESSIONAL RECORD, Vol. 122 (1976): Mar. 15, considered and passed House. Sept. 2 1, considered and passed Senate.
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