94 STAT. 3514 26 USC 31,39,43. 26 USC 38, 40,
26 USC 55.
PUBLIC LAW 96-603—DEC. 28, 1980 number designation than such credit (other than the credits allowable by sections 31, 39, and 43), and "(B) in the case of any credit under section 38, 40, or 44B, such credit shall be reduced, under regulations prescribed by the Secretary, by that portion of such credit which is not attributable to an active trade or business of the taxpayer." (3) Paragraph (4) of section 55(c) (relating to carryover and carryback of certain credits), as redesignated by paragraph (2), is amended to read as follows: "(4) CARRYOVER AND CARRYBACK OF CERTAIN CREDITS.—
26 USC 31, 33. 26USe44E,44e, 26 USC 50A 46
26 USC 31,33,39,
"(A) IN GENERAL.—For purposes of determining the amount of any carryover or carryback to any other taxable year of any credit allowable under subpart A of part IV of this subchapter (other than section 33), the amount of the limitation under section 44E(e)(l), 44C03)(1) and (2), 53(b), 50A(a)(2), or 46(a)(3) (to the exent such limitation does not exceed the amount of the credit allowable in computing the regular tax for the current taxable year) shall be increased for the current taxable year by the amount determined under subparagraph (A) of paragraph (1) of this subsection, and decreased by— "(i) the sum of the credits allowed under a section having a lower number designation than the section allowing such credit (other than the credits allowable by sections 31, 33, 39, and 43) against the tax imposed by subsection (a), and "(ii) the amount determined with respect to such credit under paragraph (2)(B) for the current taxable year. "(B) AMOUNT OF CREDIT.—Any increase under paragraph (2)(A) shall be taken into account in determining the amount of any carryover or carryback from the current taxable year." (b) TECHNICAL AND CONFORMING AMENDMENTS.—
26 USC 55. 26 USC 33.
(1) Paragraph (2) of section 55(b) (defining regular tax) is amended by striking out "credit allowable under section 33" and inserting in lieu thereof "credits allowable under such subpart". (2) Paragraph (3) of section 55(c) (relating to foreign tax credit), as redesignated by subsection (a)(2), is amended— (A) by striking out subparagraph (B) and redesignating subparagraphs (C), (D), and (E) as subparagraphs (B), (C), and (D), respectively; (B) by striking out "subparagraph (C)" in subparagraphs
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