[Code of Federal Regulations]
[Title 26, Volume 1]
[Revised as of April 1, 2003]
From the U.S. Government Printing Office via GPO Access
[CITE: 26CFR1.53-1]

[Page 440]
 
                       TITLE 26--INTERNAL REVENUE
 
     CHAPTER I--INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY
 
PART 1--INCOME TAXES--Table of Contents
 
Sec. 1.53-1  Limitation based on amount of tax.

    (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]