Page:United States Statutes at Large Volume 95.djvu/286

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PUBLIC LAW 97-000—MMMM. DD, 1981

95 STAT. 260

26 USC 83.

PUBLIC LAW 97-34—AUG. 13, 1981 Internal Revenue Code of 1954 shall not apply to any change in the terms of such option (or the terms of the plan under which granted, including shareholder approval) made within 1 year after such date of enactment to permit such option to qualify as a incentive stock option. SEC. 252. PROPERTY TRANSFERRED TO EMPLOYEES SUBJECT TO CERTAIN RESTRICTIONS. (a) GENERAL RULE.—Subsection (c) of section 83 (relating to special rules) is amended by adding at the end thereof the following new paragraph: "(3) SALES WHICH MAY GIVE RISE TO SUIT UNDER SECTION 16(b) OF THE SECURITIES AND EXCHANGE ACT OF 1934.—So l o n g aS the Sale

15 USC 78p.

26 USC 83 note.

26 USC 83 note.

of property at a profit could subject a person to suit under section 16(b) of the Securities and Exchange Act of 1934, such person's rights in such property are— "(A) subject to a substantial risk of forfeiture, and "(B) not transferable." (b) SPECIAL RuLE FOR CERTAIN ACCOUNTING RuLES.—For purpOSeS

of section 83 of the Internal Revenue Code of 1954, property is subject to substantial risk of forfeiture and is not transferable so long as such property is subject to a restriction on transfer to comply with the "Pooling-of-interests Accounting" rules set forth in Accounting Series Release Numbered 130 ((10/5/72) 37 FR 20937; 17 CFR 211.130) and Accounting Series Release Numbered 135 ((1/18/73) 38 FR 1734; 17 CFR 211.135). (c) EFFECTIVE DATE.—The amendment made by subsection (a) and the provisions of subsection (b) shall apply to taxable years ending after December 31, 1981.

Subtitle G—Miscellaneous Provisions 26 USC 51. "Wages."

SEC. 261. ADJUSTMENTS TO NEW JOBS CREDIT. (a) EXTENSION.—Paragraph (4) of section 51(c) (defining wages) is amended to read as follows: "(4) TERMINATION.—The term 'wages' shall not include any amount paid or incurred to an individual who begins work for the employer after December 31, 1982." (b) INDIVIDUALS QUALIFYING AS MEMBERS OF A TARGETED GROUP.—

(1) IN GENERAL.—Paragraph (1) of section 51(d) (defining members of targeted groups) is amended by striking out "or" at the end of subparagraph (F), by striking out the period at the end of subparagraph (G) and inserting in lieu thereof a comma, and by adding at the end thereof the following new subparagraphs: "(H) an eligible work incentive employee, or "(I) an involuntarily terminated CETA employee.". (2) DEFINITIONS.—

42 USC 601.

(A) IN GENERAL.—Subsection (d) of section 51 is amended by redesignating paragraphs (9), (10), (11), and (12) as paragraphs (11), (12), (13), and (14), respectively, and by inserting after paragraph (8) the following new paragraph: "(9) ELIGIBLE WORK INCENTIVE EMPLOYEES.—The term 'eligible work incentive employee' means an individual who has been certified by the designated local agency as— "(A) being eligible for financial assistance under part A of title IV of the Social Security Act and as having continually received such financial assistance during the 90-day period