PUBLIC LAW 100-647—NOV. 10, 1988
102 STAT. 3435
for any taxable year not used against the normal limitation is the excess (if any) of— "(i) the portion of the credit under subsection (a) which is attributable to the application of the regular percenteige under section 46, over "(ii) the limitation of paragraph (1) (without regard to this paragraph) reduced by the portion of the credit under subsection (a) which is not so attributable. "(C) LIMITATION.—In no event shall this paragraph permit the allowance of a credit which would result in a net chapter 1 tax less than an amount equal to 10 percent of the amount determined under section 55(b)(l)(A) without regard to the alternative tax net operating loss deduction. For purposes of the preceding sentence, the term 'net chapter 1 tax' means the sum of the regular tax liability for the taxable year and the tax imposed by section 55 for the taxable year, reduced by the sum of the credits allowable under this part for the taxable year (other than under section 34)." (B) Subsection (c) of section 38 of the 1986 Code is amended— (i) by redesignating paragraph (4) as paragraph (3), and (ii) by striking out "subparagraphs (A) and (B) of paragraph (1)" each place it appears in such paragraph and inserting in lieu thereof "subparagraph (B) of paragraph (1). (3)(A) Subsection (c) of section 47 of the 1986 Code is amended by striking out "or D" and inserting in lieu thereof "D, or G". (B) Subparagraph (D) of section 42qX4) of the 1986 Code is amended by striking out "or D" and inserting in lieu thereof "D, or G". (4) The last sentence of clause (ii) of section 53(d)(l)(B) of the 1986 Code is amended by striking out "earnings and profits" and inserting in lieu thereof "current earnings". (5) Sections 173(b), 174(e)(2), and 263(c) of the 1986 Code are each amended by striking out "section 59(d)" and inserting in lieu thereof "section 59(e)". (6) Section 511 of the 1986 C!ode is amended by striking out subsection (d). (7) Sections 616(e) and 617g) of the 1986 Code are each amended by striking out "section 58(i)" and inserting in lieu thereof "section 59(e)". (8) Paragraph (4) of section 701(c) of the Reform Act is 26 USC 38. amended by striking out "section 631(a)" and inserting in lieu thereof "section 221(a)". (9) Subparagraph (B) of section 1362(e)(5) of the 1986 Code is amended by striking out "Subsection (d)(2)" and inserting in lieu thereof "Subsection (d)". (10) Subsection (a) of section 6154 of the 1986 Code (as in effect before its repeal by the Revenue Act of 1987) is amended by striking out "11, 59A" and inserting in lieu thereof "11, 55, 59 A". (11) Paragraph (1) of section 962(a) of the 1986 Code is amended— (A) by striking out "section 1" and inserting in lieu thereof "sections 1 and 55", and (B) by striking out "section 11" and inserting in lieu thereof "sections 11 and 55".
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