Highlight any text to annotate

“(a) Extension of Due Date for Excise Tax Deposits.—“(1) In general.—In the case of an eligible air carrier, any airline-related deposit required under section 6302 of the Internal Revenue Code of 1986 [26 U.S.C. 6302] to be made after September 10, 2001, and before November 15, 2001, shall be treated for purposes of such Code [26 U.S.C. 1 et seq.] as timely made if such deposit is made on or before November 15, 2001. If the Secretary of the Treasury so prescribes, the preceding sentence shall be applied by substituting for ‘November 15, 2001’ each place it appears—“(A) ‘January 15, 2002’; or “(B) such earlier date after November 15, 2001, as such Secretary may prescribe. “(2) Eligible air carrier.—For purposes of this subsection, the term ‘eligible air carrier’ means any domestic corporation engaged in the trade or business of transporting (for hire) persons by air if such transportation is available to the general public. “(3) Airline-related deposit.—For purposes of this subsection, the term ‘airline-related deposit’ means any deposit of taxes imposed by subchapter C of chapter 33 of such Code [26 U.S.C. 4261 et seq.] (relating to transportation by air). “(b) Treatment of Loss Compensation.—Nothing in any provision of law shall be construed to exclude from gross income under the Internal Revenue Code of 1986 any compensation received under section 101(a)(2) of this Act.

Add a comment

Sign in to comment on this section.

Annotate the text

Highlight any passage on the Full Text tab to attach a note. Annotations appear on the Annotations tab.