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TITLE 26-INTERNAL REVENUE CODE 1956-Subsec. (d)(2). Act Jan. 28, 1956, reduced from 75 to 72 the age at which there will be no limitation on earned income and increased from $900 to $1,200 the amount that an individual over 65 can earn without reducing the $1,200 on which the retirement credit is computed. 1955-Subsec. (f). Act Aug. 9, 1955, extended the re- tirement income tax credit to members of the Armed Forces. EFFECTIVE DATE OF 1976 AMENDMENT Amendment by Pub. L. 94-455 applicable with re- spect to taxable years beginning after Dec. 31, 1975, see section 508 of Pub. L. 94-455, set out as an Effec- tive Date of 1976 Amendment note under section 3 of this title. EFFECTIVE DATE OF 1974 AMENDMENT Amendment by Pub. L. 93-406 effective Jan. 1, 1974, see section 2002(i)(2) of Pub. L. 93-406. set out as an Effective Date note under section 4973 of this title. EFFECTIVE DATE OF 1964 AMENDMENT Amendment of subsec. (a) by section 113(a) of Pub. L. 88-272, except for purposes of section 21 of this title, effective with respect to taxable years beginning after Dec. 31, 1963, see section 131 of Pub. L. 88-272, set out as an Effective Date of 1964 Amendment note under section 1 of this title. Amendment of subsec. (a) by section 201(d)(3) of Pub. L. 88-272 applicable with respect to dividends re- ceived after Dec. 31, 1964, in taxable years ending after such date, see section 201(e) of Pub. L. 88-272 set out below. Section 201(e) of Pub. L. 88-272 provided that: "The amendments made by subsection (a) [to section 34 of this title] shall apply with respect to taxable years ending after December 31, 1963. The amendment made by subsection (b) [repealing section 34 of this title] shall apply with respect to taxable years ending after December 31, 1964. The amendment made by subsection (c) [to section 116(a) of this title] shall apply with respect to taxable years beginning after December 31, 1963. The amendments made by subsec- tion (d) [to the analysis preceding section 31 and sec- tions 35, 37, 46, 116(c)(3), 584, 642, 702, 854, 857, 871, 1375, and 6014 of this title] shall apply with respect to dividends received after December 31, 1964, in taxable years ending after such date". Section 202(b) of Pub. L. 88-272 provided that: "The amendments made by subsection (a) [to this section] shall apply to taxable years beginning after December 31, 1963." EFFECTIVE DATE OF 1962 AMENDMENT Section 2 of Pub. L. 87-876 provided that: "The amendment made by the first section of this Act [to subsec. (d) of this section] shall apply only to taxable years ending after the date of the enactment of this Act [Oct. 24, 1962)." Section 8 of Pub. L. 87-792 provided that: "The amendments made by this Act [enacting sections 405 and 6047 of this title, and amending sections 37, 62, 72, 101, 104, 105, 172, 401 to 404, 503, 805, 1361, 2039, 2517, 3306, 3401 and 7207 of this title] shall apply to taxable years beginning after December 31, 1962." EFFECTIVE DATE OF 1956 AMENDMENT Section 2 of act Jan. 28, 1956, provided that: "The amendment made by the first section of this Act [to subsec. (d)(2)] shall apply only with respect to taxable years beginning after December 31, 1955." EFFECTIVE DATE OF 1955 AMENDMENT Section 2 of act Aug. 9, 1955, provided that: "The amendment made by this Act [to subsec. Mf)) shall be applicable to taxable years beginning after December 31, 1954." CROSS REFZRENCES Dividends received credit not allowed on distribu- tions of electing small business corporations, see sec- tion 1375 of this title. Disallowance of credit where tax is computed by Secretary or his delegate, see section 6014 of this title. SECTION REFERRED TO IN OTHER SECTIONS This section is referred to in sections 41, 42, 44, 44A, 46, 50A, 56, 904, 1375, 6014, 6096, 6428 of this title. § 38. Investment in certain depreciable property (a) General rule There shall be allowed, as a credit against the tax imposed by this chapter, the amount deter. mined under subpart B of this part. (b) Regulations The Secretary shall prescribe such regula- tions as may be necessary to carry out the pur- poses of this section and subpart B. (Added Pub. L. 87-834, § 2(a), Oct. 16, 1962, 76 Stat. 962, and amended Pub. L. 94-455, title XIX, § 1906(b)(13)(A), Oct. 4, 1976, 90 Stat. 1834.) PRIOR PROVISIONS A prior section 38 was renumbered section 45 of this title. AMENDMENTS 1976-Subsec. (b). Pub. L. 94-455 struck out "or his delegate" following "Secretary". EFFECTIVE DATE Section 2(h) of Pub. L. 87-834 provided that: "The amendments made by this section [adding sections 38, 46 to 48 and 181 of this title, amending sections 381, 1016, 6501, 6511, 6601 and 6611 of this title, and re- numbering former section 38 as section 39 of this title] shall apply with respect to taxable years ending after December 31, 1961." ACCOUNTING FOR INVESTMENT CREDIT IN CERTAIN FINANCIAL REPORTS AND REPORTS TO FEDERAL AGENCIES Pub. L. 92-178, title I, § 101(c), Dec. 10, 1971, 85 Stat. 499, provided that: "(1) In genera--It was the intent of Congress in enacting, in the Revenue Act of 1962 [see Short Title of 1962 Amendment note set out under section 1 of this title), the investment credit allowed by sec- tion 38 of the Internal Revenue Code of 1954 (this section), and it is the intent of the Congress in re- storing that credit in this Act [section 50 of this title), to provide an incentive for modernization and growth of private industry. Accordingly, notwith- standing any other provision of law, on and after the date of the enactment of this Act [Dec. 10, 1971- "(A) no taxpayer shall be required to use, for purposes of financial reports subject to the Juris- diction of any Federal agency or reports made to any Federal agency, any particular method of ac- counting for the credit allowed by such section 38 [this section), "(B) a taxpayer shall disclose, in any such report, the method of accounting for such credit used by him for purposes of such report, and "(C) a taxpayer shall use the same method of ac- counting for such credit in all such reports made by him, unless the Secretary of the Treasury or his delegate consents to a change to another method. "(2) Exceptions.-Paragraph (1) shall not r ply to taxpayers who are subject to the provisionm of sec- tion 46(e) of the Internal Revenue Code of 1954 (as added by section 105(c) of this Act) [section 46(e) of Page 43