Page:United States Statutes at Large Volume 94 Part 3.djvu/561

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PUBLIC LAW 96-000—MMMM. DD, 1980

PUBLIC LAW 96-541—DEC. 17, 1980

94 STAT. 3205

to depreciation of substantially rehabilitated historic property) is amended by adding at the end thereof the following new paragraph: "(3) APPLICATION OF SUBSECTION.—This subsection shall apply with respect to additions to capital account occurring after June 30, 1976, and before January 1, 1984.". (e) CONFORMING AMENDMENT.—The following provisions of section 2124 of the Tax Reform Act of 1976 are hereby repealed: (1) paragraph (4) of subsection (a), (2) paragraph (8) of subsection (b), (3) paragraph (2) of subsection (c), and (4) paragraph (2) of subsection (d).

Repeals. 26 USC 191 note. 26 USC 280B 26°USC 167 note

SEC. 3. TWO-YEAR EXTENSION OF PROVISION FOR 60-MONTH DEPRECIATION OF EXPENDITURES TO REHABILITATE LOW-INCOME RENTAL HOUSING.

Subsection (k) of section 167 of the Internal Revenue Code of 1954 26 USC 167. (relating to depreciation of expenditures to rehabilitate low-income rental housing) is amended by striking out "January 1, 1982" each place it appears and inserting in lieu thereof "January 1, 1984". SEC. 4. TWO-YEAR EXTENSION OF CREDIT OR REFUND OF TAX ON FUELS USED IN CERTAIN TAXICABS.

Paragraph (3) of section 6427(e) of the Internal Revenue Code of 1954 (relating to termination of credit or refund of tax on fuels used in 26 USC 6427. certain taxicabs) is amended by striking out "1980" and inserting in lieu thereof "1982". SEC. 5. EXTENSION OF CERTAIN PROVISIONS RELATING TO EXCLUSION OF SCHOLARSHIP INCOME. (a) FEDERAL GRANTS NOT INCLUDABLE IN GROSS INCOME MERELY BECAUSE THE RECIPIENT IS REQUIRED TO RENDER FUTURE SERVICE AS A FEDERAL EMPLOYEE.—

(1) IN GENERAL.—Section 117 of the Internal Revenue Code of 1954 (relating to scholarships and fellowship grants) is amended 26 USC 117. by adding at the end thereof the following new subsection: "(c) FEDERAL GRANTS FOR TUITION AND RELATED EXPENSES N O T INCLUDABLE MERELY BECAUSE THERE IS REQUIREMENT OF FUTURE SERVICE AS FEDERAL EMPLOYEE.— "(1) IN GENERAL.—If—

"(A) an amount received by an individual under a Federal program would be excludable under subsections (a) and (b) as a scholarship or fellowship grant but for the fact that the individual is required to perform future service as a Federal employee, and "(B) the individual establishes that, in accordance with the terms of the grant, such amount was used for qualified tuition and related expenses, gross income shall not include such amount. "(2) QUALIFIED TUITION AND RELATED EXPENSES DEFINED.—For

purposes of this subsection— "(A) IN GENERAL.—The term 'qualified tuition and related expenses' means— "(i) tuition and fees required for the enrollment or attendance of a student at an institution of higher education, and "(ii) fees, books, supplies, and equipment required for courses of instruction at an institution of higher education.

79-194

O—81—pt. 3

36: QL3