Prior Provisions
A prior section 247, [Aug. 16, 1954, ch. 736], [68A Stat. 75]; [Pub. L. 94–455, title XIX, § 1901(a)(35)], Oct. 4, 1976, [90 Stat. 1770]; [Pub. L. 95–600, title III, § 301(b)(4)], Nov. 6, 1978, [92 Stat. 2820]; [Pub. L. 101–508, title XI, § 11801(c)(8)(C)], Nov. 5, 1990, [104 Stat. 1388–524]; [Pub. L. 104–188, title I, § 1704(t)(49)], Aug. 20, 1996, [110 Stat. 1890]; [Pub. L. 109–135, title IV, § 402(a)(5)], Dec. 21, 2005, [119 Stat. 2610], allowed to public utilities as a deduction a percentage of the amount of the lesser of dividends paid during the taxable year on its preferred stock or taxable income for the taxable year under certain conditions, prior to repeal by [Pub. L. 113–295, div. A, title II, § 221(a)(41)(A)], Dec. 19, 2014, [128 Stat. 4043].
Effective Date
[Pub. L. 115–97, title I, § 13821(b)(3)], Dec. 22, 2017, [131 Stat. 2181], provided that:“(A)
In general.—
The amendments made by this subsection [enacting this section] shall apply to taxable years for which the period of limitation on refund or credit under section 6511 of the Internal Revenue Code of 1986 has not expired.
“(B)
One-year waiver of statute of limitations.—
If the period of limitation on a credit or refund resulting from the amendments made by paragraph (1) expires before the end of the 1-year period beginning on the date of the enactment of this Act [Dec. 22, 2017], refund or credit of such overpayment (to the extent attributable to such amendments) may, nevertheless, be made or allowed if claim therefor is filed before the close of such 1-year period.”