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TITLE 26-INTERNAL REVENUE CODE this title] or to section 203(e) of the Revenue Act of 1964 (as modified by section 105(e) of this Act) [set out as note below]." TREATMENT OF INVESTMENT CREDIT BY FEDERAL REGULATORY AGENCIES Pub. L. 88-272, title II, § 203(e), Feb. 26, 1964, 78 Stat. 35, provided that: "It was the intent of the Congress in providing an investment credit under section 38 of the Internal Revenue Code of 1954 [this section] and it is the intent of the Congress in repealing the reduction in basis required by section 48(g) of such Code [section 48(g) of this title] to provide an incentive for modern- ization and growth of private industry (including that portion thereof which is regulated). Accordingly, Con- gress does not intend that any agency or instrumental- ity of the United States having jurisdiction with re- spect to a taxpayer shall, without the consent of the taxpayer, use- "(1) in the case of public utility property (as de- fined In section 46(c)(3)(B) of the Internal Revenue Code of 1954) [section 46(c)(3)(B) of this title], more than a proportionate part (determined with refer- ence to the average useful life of the property with respect to which the credit was allowed) of the credit against tax allowed for any taxable year by section 38 of such Code, or "(2) in the case of any other property, any credit against tax allowed by section 38 of such Code, to reduce such taxpayer's Federal income taxes for the purpose of establishing the cost of service of the taxpayer or to accomplish a similar result by any other method." Section 203(e) of Pub. L. 88-272, not applicable to public utility property to which section 46(e) of this title applies, see section 105(e) of Pub. L. 92-178, set out as a note under section 46 of this title. SECTION REFERRED TO IN OTHER SECTIONS This section is referred to in sections 41, 42, 44, 44A, 46 to 49, 50A, 56, 167, 185, 381, 861, 1351, 6096, 6428, 6601 of this title. § 39. Certain uses of gasoline, special fuels, and lubri- cating oil (a) General rule There shall be allowed as a credit against the tax imposed by this subtitle for the taxable year an amount equal to the sum of the amounts payable to the taxpayer- (1) under section 6420 with respect to gaso- line used during the taxable year on a farm for farming purposes (determined without regard to section 6420(g)), (2) under section 6421 with respect to gaso- line used during the taxable year (A) other- wise than as a fuel in a highway vehicle or (B) in vehicles while engaged in furnishing certain public passenger land transportation service (determined without regard to section 6421(i)), (3) under section 6424 with respect to lubri- cating oil used during the taxable year other- wise than in a highway motor vehicle (deter- mined without regard to section 6424(f)), and (4) under section 6427 with respect to fuels used for nontaxable purposes or resold during the taxable year (determined without regard to section 6427(g)). (b) Exception Credit shall not be allowed under subsection (a) for any amount payable under section 6421, 6424, or 6427, if a claim for such amount is timely filed and, under section 6421(i), 6424(f), or 6427(g), is payable under such section. (Added Pub. L. 89-44, title VIII, 809(c), June 21, 1965, 79 Stat, 167, and amended Pub. L. 91-258, title II, § 207(c), May 21, 1970, 84 Stat. 248; Pub. L. 94-455, title XIX, §§ 1901(a)(3), 1906(b)(8), (9), Oct. 4, 1976, 90 Stat. 1764, 1834; Pub. L. 94- 530, § 1(c)(1), Oct. 17, 1976, 90 Stat. 2487.) CODIFICATION Amendment by Pub. L. 94-530 has been executed to subsec. (b). in light of redesignation of subsec. (c) as subsec. (b) by Pub. L. 94-455. PRIOR PROVISIONS A prior section 39 was renumbered section 45 of this title. AMENDMENTS 1976-Subsec. (a)(1). Pub. L. 94-455, § 1906(b)(8), substituted "section 6420(g)" for "section 6420(h)". Subsec. (a)(3). Pub. L. 94-455, § 1906(b)(9), substitut- ed "section 6424(f)" for "section 6424(g)". Subsec. (a)(4). Pub. L. 94-530 substituted "section 6427(g)" for "section 6427(f)". Subsec. (b). Pub. L. 94-530 substituted "or 6427(g)" for "or 6427(f)". See Codification note above. Pub. L. 94-455, § 1901(a)(3), redesignated former subsec. (c) as (b), and in subsec. (b) as so redesignated, substituted "section 6421(i), 6424(f), or 6427(f), is pay- able" for "section 6421(1), 6424(g) or 6427(f) is pay- able," and struck out former subsec, (b) relating to de- termination of taxpayers first taxable year with re- spect to tax credit for certain uses of gasoline and lu- bricating oil. Subsec. (c). Pub. L. 94-455, § 1901(a)(3), redesignated subsec. (c) as subsec. (b). 1970-Pub. L. 91-258, §207(c)(1), inserted reference to special fuels in the catchline. Subsec. (a). Pub. L. 91-258, § 207(c)(2), added par. (4). Subsec. (c). Pub. L. 91-258, § 207(c)(3), (4), inserted references to sections 6427 and 6427(f), respectively. EFFECTIVE DATE OF 1976 AMENDMENT Amendment by Pub. L. 94-530 effective on Oct. 1, 1976, see section l(d) of Pub. L. 94-530, set out as an Effective Date of 1976 Amendment note under section 4041 of this title. Amendment of subsec (b) by section 1901(a)(3) of Pub. L. 94-455 applicable with respect to taxable years beginning after Dec. 31, 1976, see section 1901(d) of Pub. L. 94-455, set out as an Effective Date of 1976 Amendment note under section 2 of this title. Amendment of subsec. (a)(1), (3), by section 1906(b)(8), (9) of Pub. L. 94-455, to take effect on Feb. 1, 1977, see section 1906(d) of Pub. L. 94-455, set out as an Effective Date of 1976 Amendment note under sec- tion 6013 of this title. EFFECTIVE DATE OF 1970 AMENDMENT Amendment by Pub. L. 91-258 applicable with re- spect to taxable years ending after June 30, 1970, see section 211(b) of Pub. L. 91-258, set out as an Effective Date of 1970 Amendment note under section 4041 of this title. EFFECTIVE DATE Section applicable to taxable years beginning on or after July 1, 1965, see section 809(f) of Pub. L. 89-44, set out as an Effective Date of 1965 Amendment note under section 6420 of this title. SECTION REFERRED TO IN OTHER SECTIONS This section is referred to in sections 874, 882, 1378, 6201, 6211, 6213, 6362, 6401, 6420, 6421, 6424, 6427 of this title; title 49 section 4742. Page 44