PUBLIC LAW 95-30—MAY 23, 1977 (b) AUTHORIZATION.—There are authorized to be appropriated to carry out the work incentive program under title IV of the Social Security Act, as modified by this Act (in addition to any sums otherwise appropriated pursuant to title IV of such Act), $435,000,000 for fiscal year 1978 and $435,000,000 for fiscal year 1979. SEC. 402. RAPID AMORTIZATION OF CHILD CARE FACILITIES.
91 STAT. 155
42 USC 601.
(a) R A P I D AMORTIZATION OF C H I L D CARE F A C I L I T I E S, —
(1) Subsection (c) of section 188 (relating to application of 26 USC 188. section 188) is amended by striking out " January 1, 1977" and inserting in lieu thereof " January 1, 1982". (2) Subsection (b) of section i88 (relating to definition of section 188 property) is amended by striking out "as a facility for on-the-job training of employees (or prospective employees) of the taxpayer, or". (8) The caption of section 188 is amended by striking out "ONTHE-JOB TRAINING AND. (4) The table of sections for part VI of subchapter B of chapter 1 is amended by striking out the item relating to section 188 and inserting in lieu thereof the following new item: "Sec. 188. Amortization of certain expenditures for child care facilities." (5) The caption of paragraph (10) of section 57(a) (relating 26 USC 57. to items of tax preference) is amended by striking out "ON-THEJOB TRAINING AND".
(b) EFFECTIVE DATE.—The amendments made by subsection (a) shall apply with respect to expenditures made after December 31, 1976. SEC. 403. ELECTION OF FORMER RETIREMENT INCOME CREDIT PROVISIONS FOR 1976. A taxpayer may elect (at such time and in such manner as the Secretary of the Treasury or his delegate shall prescribe) to determine the amount of his credit under section 37 of the Internal Revenue Code of 1954 for his first taxable year beginning in 1976 under the provisions of such section as they existed before the amendment made by section 503 of the T a x Reform Act of 1976. SEC. 404. POSTPONEMENT OF EFFECTIVE DATE OF CHANGES MADE BY THE TAX REFORM ACT OF 1976 IN THE METHOD OF ACCOUNTING FOR CERTAIN CORPORATIONS ENGAGED IN FARMING. Section 2 0 7 (c)(2) of the T a x Reform Act of 1976 is amended to read as follows: "(2)
26 USC 188 note.
26 USC 37 note. 26 USC 37. 26 USC 37.
26 USC 447 note,
EFFECTIVE DATES.—
" (A) IN GENERAL.—Except as provided in subparagraph (B), the amendments made by paragraph (1) shall apply to taxable years beginning after December 31, 1976. I i PI
"(B)
SPECIAL RULE FOR CERTAIN CORPORATIONS.—In the case
of a corporation engaged in the trade or business of farming and with respect to which— " (i) members of two families (within the meaning of paragraph (1) of section 447(d) of the I n t e r n a l Revenue Code of 1954, as added by paragraph (1)) owned, on October 4, 1976 (directly or through the application of such section 447(d)), at least 65 percent of the total combined voting power of all classes of stock of such corpo-
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