PUBLIC LAW 98-369—JULY 18, 1984
98 STAT. 829
taxable year exceeds the amount of the limitation imposed by subsection (c) of section 38 for such taxable year (hereinafter in Ante, p. 827. this section referred to as the 'unused credit year'), such excess (to the extent attributable to the amount of the current year business credit) shall be— "(A) a business credit carryback to each of the 3 taxable years preceding the unused credit year, and . M>* "(B) a business credit carryforward to each of the 15 . r.ttaxable years following the unused credit year, and, subject to the limitations imposed by subsections (b) and (c), .. yk shall be taken into account under the provisions of section 38(a) in the manner provided in section 38(a). "(2) AMOUNT CARRIED TO EACH YEAR.— "(A) ENTIRE AMOUNT CARRIED TO FIRST YEAR.—The
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entire amount of the unused credit for an unused credit year shall be carried to the earliest of the 18 taxable years to which (by reason of paragraph (1)) such credit may be carried. "(B) AMOUNT CARRIED TO OTHER 17 YEARS.—The amount of the unused credit for the unused credit year shall be carried to each of the other 17 taxable years to the extent that such unused credit may not be taken into account under section 38(a) for a prior taxable year because of the limitations of subsections (b) and (c).
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"(b) LIMITATION ON CARRYBACKS.—The amount of the unused
credit which may be taken into account under section 38(a)(3) for any preceding taxable year shall not exceed the amount by which the limitation imposed by section 38(c) for such taxable year exceeds the sum of— "(1) the amounts determined under paragraphs (1) and (2) of •. section 38(a) for such taxable year, plus "(2) the amounts which (by reason of this section) are carried back to such taxable year and are attributable to taxable years preceding the unused credit year.
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"(c) LIMITATION ON CARRYFORWARDS.—The amount of the unused
credit which may be taken into account under section 38(a)(1) for any succeeding taxable year shall not exceed the amount by which the limitation imposed by section 38(c) for such taxable year exceeds the sum of the amounts which, by reason of this section, are carried to such taxable year and are attributable to teixable years preceding the unused credit year. "(d) TRANSITIONAL RULES.— "(1) CARRYFORWARDS.—
"(A) IN GENERAL.—Any carryforward from an unused credit year under section 46, 50A, 53, 44E, or 44G which has Post, p. 838; ante, not expired before the beginning of the first taxable year P 826. beginning after December 31, 1983, shall be aggregated with other such carryforwards from such unused credit year and shall be a business credit carryforward to each ji taxable year beginning after December 31, 1983, which is 1 •; M of the first 15 taxable years after such unused credit year. "(B) AMOUNT CARRIED FORWARD.—The amount carried forward under subparagraph (A) to any taxable year shall be properly reduced for any amount allowable as a credit with respect to such carryforward for any taxable year before the year to which it is being carried. "(2) CARRYBACKS.—In determining the amount allowable as a credit for any taxable year beginning before January 1, 1984, as ^
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