Page:United States Statutes at Large Volume 90 Part 2.djvu/436
90 STAT. 1904
PUBLIC LAW 94-455—OCT. 4, 1976 (c) BECAPTURE NOT TO APPLY WHERE TERMINATION I S RESULT OF
26 USC 50A.
DECLINING B U S I N E S S. — Subparagraph (A) of section 50A(c)(2) (relating to certain terminations of employment) is amended— (1^ by striking out " o r " at the end of clause ( i i i), (2) by striking out the period at the end of clause (iv) and inserting in lieu thereof a comma and "or", and (3) by a d d i n g at the end thereof the following: " (v) a termination of employment of an individual due to a substantial reduction in the trade or business operations of the tax p a y e r. " (d) Ex'raNSiON OF WELFARE EMPLOYEE INCENTIVES.—Paragrafth (2)
26 USC SOB.
of section SOB (a) (relating to definition of Federal welfare recipient employment incentive expenses) is amended by striking out "before July 1, 1976," and inserting in lieu thereof "before January 1, 1980,". (e) L I M I T A T I O N OF FEDERAL W E L F A R E R E C I P I E N T EMPLOYMENT INCENTIVE E X P E N S E S TO F I R S T 12 M O N T H S OF EMPLOYMENT. — S u b -
paragraph (B) of section 5 0 B (a)(1) is amended to read as follows: " (B) the amount of Federal welfare recipient employment incentive expenses paid or incurred by the taxpayer for services rendered during the first 12 months of employment (whether or not consecutive)." (f)
CERTIFICATION OF W E L F A R E R E C I P I E N T EMPLOYEES BY SECRE-
TARY OF LABOR.—Subparagraph (A) of section 5 0 B (g)(1) (relating to eligible employees) is amended by inserting "the Secretary of Labor or by " after "certified by". (g)
26 USC 6411.
(1) The second sentence of section 6411(a) (relating to application for adjustment) is amended by inserting " ( o r, in the case of a work incentive program carryback, to an investment credit c a r r y b a c k) " after "capital loss carryback". (2) The following provisions are each amended by inserting ", an investment credit carryback," after "net operating loss carryback": 26 USC 6501. (A) Section 6501(o). 26 USC 6511. (B) Section 6511(d)(7). 26 USC 6601. (C) Section 6601(d)(4). 26 USC 6611. (D) Section 6611(f)(4). SEC. 2108. REPEAL OF EXCISE TAX ON LIGHT-DUTY TRUCK PARTS. 26 USC 6416. (a) IN GENERAL.—Section 6416(b)(2) (relating to special cases in which tax payments are considered overpayments) is amended— (1) by striking "or" at the end of subparagraph (R); (2) by striking the period at the end of subparagraph (S) and inserting in lieu thereof "; or "; and
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(3) by a d d i n g a t the end thereof the following new subparagraph: " (T) in the case of any article taxable under section 4061 (b), sold on or in connection with the first retail sale of a . o n: c i:'• light-duty truck, as described in section 4061(a)(2), if credit or refund of such tax is not available under any other provisions of law." 26 USC 6416 (b) EFFECTIVE D A T E. — The amendments made by this section shall note. a p p l y to part s and accessories sold after the date of the enactment of this Act. SEC. 2109. EXCLUSION FROM EXCISE TAX ON CERTAIN ARTICLES RESOLD AFTER MODIFICATION. 26 USC 4063. (a) IN GENERAL.—Section 4063 (relating to exemptions from excise tax on motor vehicles) is amended by a d d i n g at the end thereof the following new subsection: