Reg. § 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 (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 .
(2) New jobs credit For taxable years beginning before January 1, 1979, the amount of the new jobs credit allowed by section (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 .
(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 of this section) and the new jobs credit (determined without regard to the tax liability limitation in of this section) shall not exceed the tax imposed by chapter 1, reduced by the credits enumerated in section .
(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]