91 STAT. 150
PUBLIC LAW 95-30—MAY 23, 1977 ^•
,,,
,.,,
- the decision of the court has become final shall not be conelusive with respect to the new employee credit, and the
effect of such credit, to the extent that such credit is affected by a carryback which was not in issue in such proceeding."
26 USC 6601.
(C)
INTEREST
ON UNDERPAYMENTS.—Section
6601(d)
(relating to income tax reduced by carryback or adjustment for certain unused deductions) is amended by adding at the end thereof the following new paragraph: " (5) N E W EMPLOYEE CREDIT CARRYBACK.—If the credit allowed
Anu, p. 141.
' 26 USC 6611.
by section 44B for any taxable year is increased by reason of a new employee credit carryback, such increase shall not affect the computation of interest under this section for the period ending with the last day of the taxable year in which the new employee credit carryback arises, or, with respect to any portion of a new employee credit carryback from a taxable year attributable to a net operating loss carryback, an investment credit carryback, a work incentive program credit carryback, or a capital loss carryback from a subsequent taxable year, such increase shall not affect the computation of interest under this section for the period ending with the last day of such subsequent taxable year." (D) INTEREST ON ovERPiVYMENTS.—Section 6611(f) (relating to refund of income tax caused by carryback or adjustment for certain unused deductions) is amended by adding at the end thereof the following new paragraph: "(5)
N E W EMPLOYEE CREDIT CARRYBACK.—For
purposes
of
subsection (a), if any overpayment of tax imposed by subtitle A results from a new employee credit carryback, such overpayment shall be deemed not to have been made before the close of the taxable year in which such new employee credit carryback arises, or, with respect to any portion of a new employee credit carryback from a taxable year attributable to a net operating loss carryback, an investment credit carryback, a work incentive program credit carryback, or a capital loss carryback from a subsequent taxable year, such overpayment shall be deemed not to have been made before the close of such subsequent taxable year." 26 USC 6411.
Ante, p. 146.
(5) TENTATIVE CARRYBACK ADJUSTMENTS.— (A) APPLICATION FOR ADJUSTMENT.—Section 6411 (relat-
ing to quick refunds in respect of tentative carryback adjustments) is amended— (i) by striking o u t " o r unused work incentive program credit" each place it appears in such section and inserting in lieu thereof "unused work incentive program credit, or unused new employee credit", (ii) by inserting after "section 5 0 A (b), " in the first sentence of subsection (a) "by a new employee credit carryback provided in section 53(c),", (iii) by striking out " o r a work incentive program carryback from" in the second sentence of subsection (a) and inserting in lieu thereof ", a work incentive program carryback, or a new employee credit carryback from", and (iv) by striking out "investment credit c a r r y b a c k) " in the second sentence of subsection (a) and inserting in lieu thereof "investment credit carryback, or, in the case
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