Page:United States Statutes at Large Volume 94 Part 1.djvu/304

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PUBLIC LAW 96-000—MMMM. DD, 1980

94 STAT. 254

PUBLIC LAW 96-223—APR. 2, 1980 "(3) PARTNERSHIP ITEMS OF FEDERALLY REGISTERED PARTNER-

Ante, p. 230. 26 USC 6511.

SHIPS.—Under regulations prescribed by the Secretary, rules similar to the rules of subsection (o) shall apply to the tax imposed by section 4986." (2) REFUND.—Section 6511 (relating to limitations on credit or refund) is amended by redesignating subsection (h) as (i) and by inserting after subsection (g) the following new subsection: "(h) SPECIAL RULES FOR WINDFALL PROFIT TAXES.— "(1) OIL SUBJECT TO WITHHOLDING.—In the case

Ante, p. 253. Ante, p. 230.

of any oil to which section 4995(a) applies and with respect to which no return is required, the return referred to in subsection (a) shall be the return (of the person liable for the tax imposed by section 4986) of the taxes imposed by subtitle A for the taxable year in which the removal year (as defined in section 6501(q)(l)(B)) ends. "(2) SPECIAL RULE FOR DOE RECLASSIFICATION.—In the case of any tax imposed by chapter 45, if a Department of Energy change (as defined in section 6501(q)(2)(B)) becomes final, the period for filing a claim for credit or refund for any overpayment attributable to such change shall not expire before the date which is 1 year after the date on which such change becomes final. "(3) PARTNERSHIP ITEMS OF FEDERALLY REGISTERED PARTNER-

SHIPS.—Under regulations prescribed by the Secretary, rules similar to the rules of subsection (g) shall apply to the tax imposed by section 4986." (h) INTEREST ON OVERPAYMENTS.—Section 6611 (relating to interest

26 USC 6611.

on overpayment) is amended by redesignating subsection (h) as subsection (i) and by inserting after subsection (g) the following new subsection: "(h) SPECIAL RULE FOR WINDFALL PROFIT TAX.—

"(1) IN GENERAL.—If any overpayment of tax imposed by section 4986 is refunded within 45 days after— "(A) the last date (determined without regard to any extension of time for filing the return) prescribed for filing the return of the tax imposed by section 4986 for the taxable period with respect to which the overpayment was made, or "(B) if such return is filed after such last date, the date on which the return is filed, no interest shall be allowed under subsection (a) on such overpayment. "(2) SPECIAL RULE WHERE NO RETURN IS REQUIRED.—In the case of any oil for which no return of the tax imposed by section 4986 is required, the return referred to in paragraph (1) shall be the return of the tax imposed by subtitle A for the taxable year of the producer in which the removal year (with respect to which the overpayment was made) ends. For purposes of the preceding sentence, the term 'removal year' means the calendar year in which the oil is removed from the premises." 26 USC 4986

^°^-

26 USC 6001.

(i) EFFECTIVE D A T E. —

(1) IN GENERAL.—The amendments made by this section shall apply to periods after February 29, 1980. (2) TRANSITIONAL RULES.—For the period ending June 30, 1980, the Secretary of the Treasury or his delegate shall prescribe rules relating to the administration of chapter 45 of the Internal Revenue Code of 1954. To the extent provided in such rules, such rules shall supplement or supplant for such period the administrative provisions contained in chapter 45 of such Code (or in so much of subtitle F of such Code as relates to such chapter 45).