PUBLIC LAW 98-369—JULY 18, 1984 "(2) TIME FOR MAKING ELECTION.—An election under paragraph (1) 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). "(3) MANNER OF MAKING ELECTION.—An election under paragraph (1) (or revocation thereof) shall be made in such manner as the Secretary may by regulations prescribe." (1) N E W SECTION 41.—New section 41 (relating to employee stock ownership plan) is amended— (1) by amending paragraph (1) of subsection (a) to read as follows: "(1) AMOUNT OF CREDIT.—In the case of a corporation which elects to have this section apply for the taxable year and which meets the requirements of subsection (c)(1), for purposes of section 38, the amount of the employee stock ownership credit determined under this section for the taxable year is an amount equal to the amount of the credit determined under paragraph (2) for such taxable year.", (2) by amending subsection (b) to read as follows: "(b) CERTAIN REGULATED COMPANIES.—No credit attributable to compensation taken into account for the ratemaking purposes involved shall be determined under this section with respect to a taxpayer if— "(1) the taxpayer's cost of service for ratemaking purposes or in its regulated books of account is reduced by reason of any portion of such credit which results from the transfer of employer securities or cash to a tax credit employee stock ownership plan which meets the requirements of section 409; "(2) the base to which the taxpayer's rate of return for ratemaking purposes is applied is reduced by reason of any portion of such credit which results from a transfer described in paragraph (1) to such employee stock ownership plan; or "(3) any portion of the amount of such credit which results from a transfer described in paragraph (1) to such employee stock ownership plan is treated for ratemaking purposes in any way other than as though it had been contributed by the taxpayer's common shareholders. Under regulations prescribed by the Secretary, rules similar to the rules of paragraphs (4) and (7) of section 46(f) shall apply for purposes of the preceding sentence.", and (3) by striking out "the credit allowed under this section" in subsection (c)(3) and inserting in lieu thereof "the credit determined under this section".
98 STAT. 833
26 USC 4i. ^"^^' P- ^^^- ^ '•- » '^'*^ Ante, p. 827.
Post, p. 852.
(m) REPEAL OF CERTAIN OLD PROVISIONS.—
(1) Old sections 38, 40, 44, and 44B are hereby repealed. 26 USC 38,40, (2) Old subpart C of part IV of subchapter A of chapter 1 is ^4 44B. hereby repealed. ^6^^^^ ^^^> (n) REDESIGNATION OF OLD SUBPARTS.—
(1) Old subparts B and D of part IV of subchapter A of chapter 1 are redesignated as subparts E and F, respectively. (2) The subpart heading for subpart F of part IV of subchapter A of chapter 1 (as so redesignated) is amended to read as follows:
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