This Act comes into effect on the date of promulgation; provided, however, that the provisions listed in the following items come into effect on the dates set forth in those items:

Unless otherwise provided, the provisions of Chapter II of the Act on Special Measures Concerning Taxation as amended (hereinafter referred to as "the New Act") apply to income tax for 1973 and subsequent years, and the provisions then in force continue to govern income tax for 1972 and prior years.

①The provisions of items (ii), (v) and (vi) of the table in Article 11, paragraph (1) of the New Act apply to specified equipment, etc. prescribed in that paragraph that an individual acquires, or manufactures or constructs, and uses for the individual's business on or after April 1, 1973.

②The provisions of item (viii) of the table in Article 11, paragraph (1) of the New Act apply to vessels prescribed in that item that an individual acquires or manufactures and uses for the individual's business on or after April 1, 1973, and the provisions then in force continue to govern the case where an individual uses for the individual's business a vessel prescribed in item (vi) of the table in Article 11, paragraph (1) of the Act on Special Measures Concerning Taxation prior to amendment (hereinafter referred to as "the Former Act") that the individual acquired or manufactured before that date.

③In the case where an individual uses for the individual's business depreciable assets listed in item (i) of the table in Article 11, paragraph (1) of the Former Act that the individual acquires, or manufactures or constructs, during the period from April 1, 1973 to March 31, 1976, the provisions of that Article govern, with the phrase "items (iii) through (v)" in that item deemed to be replaced with "items (i) through (ix) of the table in Article 11, paragraph (1) of the Act on Special Measures Concerning Taxation as amended by the Act Partially Amending the Act on Special Measures Concerning Taxation (Act No. 16 of 1975; hereinafter referred to as the '1975 Amendment Act') (hereinafter referred to as the 'Act on Special Measures Concerning Taxation as Amended in 1975')", and the phrase "one-quarter" deemed to be replaced with "one-quarter (or 16 percent in the case of using for business assets acquired, or manufactured or constructed, during the period from April 1, 1974 to March 31, 1975, and 8 percent in the case of using for business assets acquired, or manufactured or constructed, during the period from April 1, 1975 to March 31, 1976)".

④With regard to the application of the provisions of Articles 12 through 13-2, Article 16-2, Article 28-3, Article 33-6 and Article 37-3 of the Act on Special Measures Concerning Taxation as amended by the Act Partially Amending the Act on Special Measures Concerning Taxation (Act No. 16 of 1975) (hereinafter referred to as the "Act on Special Measures Concerning Taxation as Amended in 1975") in the case where the provisions of the preceding paragraph apply, the phrase "the preceding two Articles" in Article 12, paragraph (1) of the Act on Special Measures Concerning Taxation as Amended in 1975 is deemed to be replaced with "the preceding two Articles (including Article 3, paragraph (3) of the Supplementary Provisions of the Act Partially Amending the Act on Special Measures Concerning Taxation (Act No. 16 of 1973; hereinafter referred to as the '1973 Amendment Act'))", the phrase "the preceding three Articles" in Article 12-2, paragraph (1) of the Act on Special Measures Concerning Taxation as Amended in 1975 is deemed to be replaced with "the preceding three Articles (including Article 3, paragraph (3) of the Supplementary Provisions of the 1973 Amendment Act)", and the phrase "Article 11" in Article 12-3, paragraph (1), Article 13, paragraph (1), Article 13-2, paragraph (1), Article 16-2, paragraph (2), Article 28-3, paragraph (11), Article 33-6, paragraph (2) and Article 37-3, paragraph (2) of the Act on Special Measures Concerning Taxation as Amended in 1975 is deemed to be replaced with "Article 11 (including Article 3, paragraph (3) of the Supplementary Provisions of the 1973 Amendment Act)".

⑤The provisions of Article 12 of the New Act apply to machinery and equipment, etc. for commercializing new technology prescribed in paragraph (1) of that Article that an individual acquires or manufactures and uses for the individual's business on or after April 1, 1973, and the provisions then in force continue to govern the case where an individual uses for the individual's business machinery and equipment, etc. prescribed in Article 12, paragraph (1) of the Former Act that the individual acquired or manufactured before that date.

⑥With regard to the calculation of the amount of depreciation allowance to be included in necessary expenses in calculating the amount of business income of an individual for 1974 and prior years for assets prescribed in Article 13, paragraph (1) of the Former Act in the case where that individual falls under the case specified by Cabinet Order referred to in that paragraph, the provisions of that Article govern, with the phrase "Article 11 through the preceding Article" in that paragraph deemed to be replaced with "Article 11 (including Article 11 of the Act on Special Measures Concerning Taxation as amended by the 1973 Amendment Act (hereinafter referred to as 'the New Act') and Article 3, paragraph (3) of the Supplementary Provisions of the 1973 Amendment Act) through the preceding Article, and Article 13 of the New Act".

①With regard to income tax for 1973, if the total of the amounts calculated pursuant to the provisions of the items of Article 19, paragraph (1) of the New Act is less than whichever is the smaller of the amounts listed in the following items (referred to as the "1973 reserve limit" in paragraph (3)), that smaller amount is, notwithstanding the provisions of paragraph (1) of that Article, the total of the amounts calculated pursuant to the provisions of the items of that paragraph:

②In each year up to the year preceding the first year in which the total of the amounts calculated pursuant to the provisions of Article 19, paragraph (1) of the Act on Special Measures Concerning Taxation as Amended in 1975 of an individual who has received the application of the provisions of the preceding paragraph comes to exceed the adjusted reserve limit for the reserve for price fluctuations as of December 31 of the preceding year (meaning the amount calculated as of that date pursuant to the provisions of this paragraph (or, for 1974, the preceding paragraph); the same applies hereinafter up to the following paragraph) (limited to each year up to 1975), whichever is the smaller of the amounts listed in the following items is, notwithstanding the provisions of paragraph (1) of that Article, the total of the amounts calculated pursuant to the provisions of the items of that paragraph:

③The provisions of the preceding two paragraphs do not apply unless a written statement concerning the calculation of the 1973 reserve limit or the adjusted reserve limit for the reserve for price fluctuations is attached to the final return for each year from 1973 to the year for which the individual seeks the application of the provisions of the latter paragraph; provided, however, that this does not apply where, even if a final return without that attachment has been filed, the district director finds that there were unavoidable circumstances for the lack of that attachment and that written statement has been submitted.

①A resident prescribed in Article 25-2, paragraph (1) of the New Act may, with regard to income tax for 1973, at that resident's election, receive the application of the provisions of Article 25-2 of the New Act from a month in the middle of 1973 (limited to a month in or after July of that year; referred to as the "selected starting month" in this Article). In this case, the phrase "for that year" in paragraph (2), item (i) of that Article is deemed to be replaced with "in the period from the selected starting month prescribed in Article 5, paragraph (1) of the Supplementary Provisions of the Act Partially Amending the Act on Special Measures Concerning Taxation (Act No. 16 of 1973) to December 31, 1973 (referred to as the 'designated period' in item (i) of the following paragraph)", and the phrase "for that year" in paragraph (3), item (i), (a) and (b) of that Article is deemed to be replaced with "in the designated period".

②A resident who seeks the application of the provisions of the preceding paragraph must submit, by the last day of the month preceding the selected starting month, a document equivalent to the document referred to in Article 25-2, paragraph (4) of the New Act to the district director having jurisdiction over the place for tax payment. In this case, that document is deemed to be the document referred to in that paragraph with regard to income tax for 1974 and subsequent years.

③Details of the calculation of the amount of income tax for 1973 of a person who has made the election referred to in paragraph (1), and other necessary matters concerning the application of the provisions of that paragraph, are specified by Cabinet Order.

The provisions of Article 28-6 of the New Act apply in the case where an individual carries out a transfer, etc. of land listed in the following items (meaning a transfer, etc. of land prescribed in paragraph (1) of that Article; the same applies hereinafter in this Article) on or after the date set forth in the respective items.