§ 1.53-1. Limitation based on amount of tax.
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/us/cfr/t26/s§ 1.53-1·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)General rule—(1) Targeted jobs credit. For taxable years beginning after December 31, 1978, the amount of the targeted jobs credit allowed by section 44B (as amended by the Revenue Act of 1978) shall not exceed 90 percent of the tax imposed by chapter 1, reduced by the credits enumerated in section 53(a).
(2)New jobs credit. For taxable years beginning before January 1, 1979, the amount of the new jobs credit allowed by section 44B (as in effect prior to enactment of the Revenue Act of 1978) shall not exceed the tax imposed by chapter 1, reduced by the credits enumerated in section 53(a).
(b)Special rule for 1978-79 fiscal year. In the case of a taxable year beginning before January 1, 1979, and ending after that date, the sum of the targeted jobs credit (determined without regard to the tax liability limitation in paragraph (a)(1) of this section) and the new jobs credit (determined without regard to the tax liability limitation in (a)(2) of this section) shall not exceed the tax imposed by chapter 1, reduced by the credits enumerated in section 53(a). (Secs. 44B, 381, and 7805 of the Internal Revenue Code of 1954 (92 Stat. 2834, 26 U.S.C. 44B); 91 Stat. 148, 26 U.S.C. 381(c)(26); 68A Stat. 917, 26 U.S.C. 7805) [T.D. 7921, 48 FR 52906, Nov. 23, 1983]
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- 92 Stat. 2834
- 26 USC 44B
- 91 Stat. 148
- T.D. 7921
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§ 1.53-1
Limitation based on amount of tax.
Stat.92 Stat. 2834
Cite26 USC 44B
Stat.91 Stat. 148
Treas. Dec.T.D. 7921
Cites 6Cited by 0 across 0 sources