PUBLIC LAW 95-600—NOV. 6, 1978
92 STAT. 2835
(A) by striking out "There shall be allowed" in subsection (a) and inserting in lieu thereof "At the election at the taxpayer, there shall be allowed", and (6) by adding at the end thereof the following new subsection: "(c) ELECTION.— "(1) TIME FOR MAKING ELECTION.—An
election under subsection (a) for any taxable year may be made (or revoked) at any time before the expiration of the 3-year period beginning on the last date prescribed by law for filing the return for such taxable year (determined without regard to extensions). "(2) MANNER OP MAKING ELECTION.—Any election under subsection (a) (or revocation thereof) shall be made in such manner as the Secretary may be regulations prescribe." (2) Section 6501 (relating to limitations on assessment and 26 USC 6501. collection) is amended by adding at the end thereof the following new subsection: "(q) DEFICIENCY ATTRIBUTABLE TO ELECTION UNDER SECTION 44B.— 26 USC 44B. The period for assessing a deficiency attributable to any election under section 44B (or any revocation thereof) shall not expire before the date 1 year after the date on which the Secretary is notified of such election (or revocation)." (c) TECHNICAL AND CONFORMING AMENDMENTS.— (1) AMENDMENTS OF SECTION 52.—
26 USC 52.
(A) Section 52 (relating to special rules for computing credit for employment of certain new employees) is amended— (i) by striking out subsections (c), (e), (i), and (j), and (ii) by redesignating subsections (d), (f), (g), and (h) as subsections (c), (d), (e), and (f), respectively. (B) Subsections (a) and (b) of section 52 are each amended by striking out "proportionate contribution to the increase in unemployment insurance wages" and inserting in lieu thereof "proportionate share of the wages". (C) Subsection (e) of section 52 (as redesignated by subparagraph (A)) is amended— (i) by adding "and" at the end of paragraph (1); (ii) by striking out ", and" at the end of paragraph (2) and inserting a period; and (iii) by striking out paragraph (3). (2) AMENDMENTS OF SECTION 53.—
26 USC 53.
(A) Subsection (a) of section 53 is amended by striking out "the amount of the tax imposed by this chapter for the taxable year, reduced by" and inserting in lieu thereof "90 percent of the excess of the tax imposed by this chapter for the taxable year over the sum of'. (B) Section 53 (relating to limitation based on amount of tax is amended by striking out subsection (b) and by redesignating subsection (c) as subsection (b), (d) EFFECTIVE DATE.— 26 USC 5i note. (1) IN GENERAL.—Except as otherwise provided in this subsection, the amendments made by this section shall apply to amounts paid or incurred after December 31, 1978, in taxable years ending after such date. If
(2) SPECIAL RULES FOR NEWLY TARGETED GROUPS.— (A) INDIVIDUAL MUST BE HIRED AFTER SEPTEMBER 26, 1978.—
In the case of a member of a newly targeted g r o u p s
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