Reading Room Document

Effect of the Order in Which the President Signs Two Bills

This document discusses the effect of the President's order of approval on the provisions of the Revenue Act of 1978 and the Energy Tax Act of 1978 relating to the 10 percent investment tax credit on certain depreciated property. It concludes that regardless of the order in which the President signs the two Acts, a court will be bound by the intent of Congress to extend the 10 percent investment tax credit rate indefinitely. The document presents a detailed analysis of the legislative history and amendments to the Internal Revenue Code, and raises questions about the interpretation of the bills and the potential contradictions between them.

November 6, 1978