110 HR 7201 IH: Energy Improvement and Extension Act of 2008
U.S. House of Representatives
2008-09-28
text/xml
EN
Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.
1.
(a)This Act may be cited as the Energy Improvement and Extension Act of 2008
.
(b)Except as otherwise expressly provided, whenever in this Act an amendment or repeal is expressed in terms of an amendment to, or repeal of, a section or other provision, the reference shall be considered to be made to a section or other provision of the Internal Revenue Code of 1986.
(c)The table of contents for this Act is as follows:
Sec. 1. Short title, etc.
Title I—Energy Tax Incentives
Subtitle A—Energy production incentives
Part 1—Renewable energy incentives
Sec. 101. Renewable energy credit.
Sec. 102. Production credit for electricity produced from marine renewables.
Sec. 103. Energy credit.
Sec. 104. Credit for residential energy efficient property.
Sec. 105. Special rule to implement FERC and State electric restructuring policy.
Part 2—Carbon mitigation provisions
Sec. 111. Expansion and modification of advanced coal project investment credit.
Sec. 112. Expansion and modification of coal gasification investment credit.
Sec. 113. Temporary increase in coal excise tax.
Sec. 114. Special rules for refund of the coal excise tax to certain coal producers and exporters.
Sec. 115. Carbon audit of the tax code.
Subtitle B—Transportation and domestic fuel security provisions
Sec. 121. Inclusion of cellulosic biofuel in bonus depreciation for biomass ethanol plant property.
Sec. 122. Credits for biodiesel and renewable diesel.
Sec. 123. Clarification that credits for fuel are designed to provide an incentive for United States production.
Sec. 124. Credit for new qualified plug-in electric drive motor vehicles.
Sec. 125. Exclusion from heavy truck tax for idling reduction units and advanced insulation.
Sec. 126. Transportation fringe benefit to bicycle commuters.
Sec. 127. Alternative fuel vehicle refueling property credit.
Sec. 128. Certain income and gains relating to alcohol fuels and mixtures, biodiesel fuels and mixtures, and alternative fuels and mixtures treated as qualifying income for publicly traded partnerships.
Subtitle C—Energy conservation and efficiency provisions
Sec. 131. Credit for nonbusiness energy property.
Sec. 132. Energy efficient commercial buildings deduction.
Sec. 133. Modifications of energy efficient appliance credit for appliances produced after 2007.
Sec. 134. Accelerated recovery period for depreciation of smart meters and smart grid systems.
Sec. 135. Qualified green building and sustainable design projects.
Title II—Revenue provisions
Sec. 201. Limitation of deduction for income attributable to domestic production of oil, gas, or primary products thereof.
Sec. 202. Elimination of the different treatment of foreign oil and gas extraction income and foreign oil related income for purposes of the foreign tax credit.
Sec. 203. Broker reporting of customer’s basis in securities transactions.
Sec. 204. Increase and extension of Oil Spill Liability Trust Fund tax.
Sec. 205. Time for payment of corporate estimated taxes.
<enum>I</enum><header>Energy Tax Incentives</header>
<subtitle id="H0248CEF8563543E5A5C84943A3217BA3"><enum>A</enum><header>Energy production incentives</header>
<part id="H6C654A7ED051439A89E7FF785D76EB00"><enum>1</enum><header>Renewable energy incentives</header>
<section id="H2A9BF7BECA604FE984F1E7F4E3E0002"><enum>101.</enum><header>Renewable energy credit</header>
<subsection id="H9419D762F3D142659081E82CB3CC09DC"><enum>(a)</enum><header>Extension of credit</header>
<paragraph id="HE4E9595A9B0D40A39B031167162FAA20"><enum>(1)</enum><header>Wind facilities</header><text>Paragraph (1) of <external-xref legal-doc="usc" parsable-cite="usc/26/45">section 45(d)</external-xref> is amended by striking <quote>January 1, 2009</quote> and inserting <quote>January 1, 2010</quote>.</text></paragraph>
<paragraph id="HF641DF388C8F4CB8AA02BB59B3DADB12"><enum>(2)</enum><header>Other facilities</header><text>Each of the following provisions of <external-xref legal-doc="usc" parsable-cite="usc/26/45">section 45(d)</external-xref> is amended by striking <quote>January 1, 2009</quote> and inserting <quote>October 1, 2011</quote>:</text>
<subparagraph id="H14FC2BE4AFE34AE5AAC7B745074C9B87"><enum>(A)</enum><text>Clauses (i) and (ii) of paragraph (2)(A).</text></subparagraph>
<subparagraph id="H43EADB8D3A284666AC85EBE0ACF86C7"><enum>(B)</enum><text>Clauses (i)(I) and (ii) of paragraph (3)(A).</text></subparagraph>
<subparagraph id="H51A84253EB944EF1B3D7C928549652A0"><enum>(C)</enum><text>Paragraph (4).</text></subparagraph>
<subparagraph id="H4923E019E2B34581B55C1B46BDD40059"><enum>(D)</enum><text>Paragraph (5).</text></subparagraph>
<subparagraph id="H0BB21483D3DC43039E61AC485B00164B"><enum>(E)</enum><text>Paragraph (6).</text></subparagraph>
<subparagraph id="HA5E6A0CDD8154DFDB84726B715608309"><enum>(F)</enum><text>Paragraph (7).</text></subparagraph>
<subparagraph id="H824123EF5FFD4F9591B9300046165C96"><enum>(G)</enum><text>Subparagraphs (A) and (B) of paragraph (9).</text></subparagraph></paragraph></subsection>
<subsection display-inline="no-display-inline" id="HFF8A154C7E68460E82278D7818E0E05E"><enum>(b)</enum><header>Modification of Credit Phaseout</header>
<paragraph id="HA7CD2062C2C64B76A93CC3F307459635"><enum>(1)</enum><header>Repeal of phaseout</header><text>Subsection (b) of <external-xref legal-doc="usc" parsable-cite="usc/26/45">section 45</external-xref> is amended—</text>
<subparagraph id="H7DDCC8BDE28B4B069F7BE81B48E77EDE"><enum>(A)</enum><text>by striking paragraph (1), and</text></subparagraph>
<subparagraph id="HBC26BADA46A047929F4B50FDAB6721AA"><enum>(B)</enum><text>by striking <quote>the 8 cent amount in paragraph (1),</quote> in paragraph (2) thereof.</text></subparagraph></paragraph>
<paragraph id="H45192F7CA2C74E5293D1491FB66F00C"><enum>(2)</enum><header>Limitation based on investment in facility</header><text>Subsection (b) of <external-xref legal-doc="usc" parsable-cite="usc/26/45">section 45</external-xref> is amended by inserting before paragraph (2) the following new paragraph:</text>
<quoted-block id="H69069A5507084B729F352330F30370F7" style="OLC">
<paragraph id="H220E1A05D9094204A2B4A6D7D290D3F0"><enum>(1)</enum><header>Limitation based on investment in facility</header>
<subparagraph id="H0F934287CF7546D2BB3C62D34666E564"><enum>(A)</enum><header>In general</header><text>In the case of any qualified facility originally placed in service after December 31, 2009, the amount of the credit determined under subsection (a) for any taxable year with respect to electricity produced at such facility shall not exceed the product of—</text>
<clause id="H7068CE95D9AE45F2B016E9BFFA259FB"><enum>(i)</enum><text>the applicable percentage with respect to such facility, multiplied by</text></clause>
<clause id="H0145A94902E14FB5B255897DAE3EAE20"><enum>(ii)</enum><text>the eligible basis of such facility.</text></clause></subparagraph>
<subparagraph id="H5E829B9636314CF98C9000CA00DE18D1"><enum>(B)</enum><header>Carryforward of unused limitation and excess credit</header>
<clause id="HAF9E6F5F33CD4580BD8DD0462CD9B086"><enum>(i)</enum><header>Unused limitation</header><text>If the limitation imposed under subparagraph (A) with respect to any facility for any taxable year exceeds the prelimitation credit for such facility for such taxable year, the limitation imposed under subparagraph (A) with respect to such facility for the succeeding taxable year shall be increased by the amount of such excess.</text></clause>
<clause id="H937BE7019FD44601A64C8006CF1E1C00"><enum>(ii)</enum><header>Excess credit</header><text>If the prelimitation credit with respect to any facility for any taxable year exceeds the limitation imposed under subparagraph (A) with respect to such facility for such taxable year, the credit determined under subsection (a) with respect to such facility for the succeeding taxable year (determined before the application of subparagraph (A) for such succeeding taxable year) shall be increased by the amount of such excess. With respect to any facility, no amount may be carried forward under this clause to any taxable year beginning after the 10-year period described in subsection (a)(2)(A)(ii) with respect to such facility.</text></clause>
<clause id="HDBB7683615B64994BD928E18A1FF820"><enum>(iii)</enum><header>Prelimitation credit</header><text>The term <quote>prelimitation credit</quote> with respect to any facility for a taxable year means the credit determined under subsection (a) with respect to such facility for such taxable year, determined without regard to subparagraph (A) and after taking into account any increase for such taxable year under clause (ii).</text></clause></subparagraph>
<subparagraph id="HFD5486244E374767AB72632BC3491653"><enum>(C)</enum><header>Applicable percentage</header><text>For purposes of this paragraph—</text>
<clause id="H11CFCC045BE24053AAB9EE19CECFA06"><enum>(i)</enum><header>In general</header><text>The term <quote>applicable percentage</quote> means, with respect to any facility, the appropriate percentage prescribed by the Secretary for the month in which such facility is originally placed in service.</text></clause>
<clause id="H6FB140CFAF15422DABCBE0DA31FEA94"><enum>(ii)</enum><header>Method of prescribing applicable percentage</header><text>The applicable percentage prescribed by the Secretary for any month under clause (i) shall be the percentage which yields over a 10-year period amounts of limitation under subparagraph (A) which have a present value equal to 35 percent of the eligible basis of the facility.</text></clause>
<clause id="H78B207A459804C1BB8AAA0E0807CA39E"><enum>(iii)</enum><header>Method of discounting</header><text>The present value under clause (ii) shall be determined—</text>
<subclause id="H8D40419281EA497D806D0727CB0862EA"><enum>(I)</enum><text>as of the last day of the 1st year of the 10-year period referred to in clause (ii),</text></subclause>
<subclause id="H84F1537E892F4D48B3A3B9D4D48962DB"><enum>(II)</enum><text>by using a discount rate equal to the greater of 110 percent of the Federal long-term rate as in effect under section 1274(d) for the month preceding the month for which the applicable percentage is being prescribed, or 4.5 percent, and</text></subclause>
<subclause id="HFBFEAF2D0CFC40458000285EF3FAFB3"><enum>(III)</enum><text>by taking into account the limitation under subparagraph (A) for any year on the last day of such year.</text></subclause></clause></subparagraph>
<subparagraph id="HDE78165BED974912AC7B3CCD6BA9DEAE"><enum>(D)</enum><header>Eligible basis</header><text>For purposes of this paragraph—</text>
<clause id="H1DC8540D34BF415292AFE43728DD1D64"><enum>(i)</enum><header>In general</header><text>The term <quote>eligible basis</quote> means, with respect to any facility, the sum of—</text>
<subclause id="H1E68B4E515D447B182C592C0303837A6"><enum>(I)</enum><text>the basis of such facility determined as of the time that such facility is originally placed in service, and</text></subclause>
<subclause id="H62188F9829D74690AEE8E8B8275C3CC"><enum>(II)</enum><text>the portion of the basis of any shared qualified property which is properly allocable to such facility under clause (ii).</text></subclause></clause>
<clause id="H979A6406927B411BB4416752F012CBA4"><enum>(ii)</enum><header>Rules for allocation</header><text>For purposes of subclause (II) of clause (i), the basis of shared qualified property shall be allocated among all qualified facilities which are projected to be placed in service and which require utilization of such property in proportion to projected generation from such facilities.</text></clause>
<clause id="H2D4F867079454FE2A8E6D23E00B7029C"><enum>(iii)</enum><header>Shared qualified property</header><text>For purposes of this paragraph, the term <quote>shared qualified property</quote> means, with respect to any facility, any property described in section 168(e)(3)(B)(vi)—</text>
<subclause id="H27B34C38B25B4019AB871E00AACFCD6"><enum>(I)</enum><text>which a qualified facility will require for utilization of such facility, and</text></subclause>
<subclause id="H0175DA4DAE204F2DAC042059A599E75E"><enum>(II)</enum><text>which is not a qualified facility.</text></subclause></clause>
<clause id="H754013AE6A7943659F0000A6A50887C2"><enum>(iv)</enum><header>Special rule relating to geothermal facilities</header><text>In the case of any qualified facility using geothermal energy to produce electricity, the basis of such facility for purposes of this paragraph shall be determined as though intangible drilling and development costs described in section 263(c) were capitalized rather than expensed.</text></clause></subparagraph>
<subparagraph id="HCDAC403043884A5682CE176D93DE9EEC"><enum>(E)</enum><header>Special rule for first and last year of credit period</header><text>In the case of any taxable year any portion of which is not within the 10-year period described in subsection (a)(2)(A)(ii) with respect to any facility, the amount of the limitation under subparagraph (A) with respect to such facility shall be reduced by an amount which bears the same ratio to the amount of such limitation (determined without regard to this subparagraph) as such portion of the taxable year which is not within such period bears to the entire taxable year.</text></subparagraph>
<subparagraph id="HE93E511A20E54826AA9E96AED01DA8A3"><enum>(F)</enum><header>Election to treat all facilities placed in service in a year as 1 facility</header><text>At the election of the taxpayer, all qualified facilities which are part of the same project and which are originally placed in service during the same calendar year shall be treated for purposes of this section as 1 facility which is originally placed in service at the mid-point of such year or the first day of the following calendar year.</text></subparagraph></paragraph><after-quoted-block>.</after-quoted-block></quoted-block></paragraph></subsection>
<subsection id="H9CD3AE4844B6452396A68B0047489B3D"><enum>(c)</enum><header>Trash facility clarification</header><text>Paragraph (7) of <external-xref legal-doc="usc" parsable-cite="usc/26/45">section 45(d)</external-xref> is amended—</text>
<paragraph id="H1E0781BF1D804C05B0B9B43B546DEFEE"><enum>(1)</enum><text>by striking <quote>facility which burns</quote> and inserting <quote>facility (other than a facility described in paragraph (6)) which uses</quote>, and</text></paragraph>
<paragraph id="H21F36402D4D64842970088D174BDF300"><enum>(2)</enum><text>by striking <quote><header-in-text level="paragraph" style="OLC">combustion</header-in-text></quote>.</text></paragraph></subsection>
<subsection id="H8F3312FAC02A426EA81D1700A226A59F"><enum>(d)</enum><header>Expansion of biomass facilities</header>
<paragraph id="HE9A96E66D966438A849EF4540670851"><enum>(1)</enum><header>Open-loop biomass facilities</header><text>Paragraph (3) of <external-xref legal-doc="usc" parsable-cite="usc/26/45">section 45(d)</external-xref> is amended by redesignating subparagraph (B) as subparagraph (C) and by inserting after subparagraph (A) the following new subparagraph:</text>
<quoted-block display-inline="no-display-inline" id="H050C82457EC34C9BB3BA0010BED6141F" style="OLC">
<subparagraph id="H43EA97A0C43B470CA0001C7FE2535C2E"><enum>(B)</enum><header>Expansion of facility</header><text display-inline="yes-display-inline">Such term shall include a new unit placed in service after the date of the enactment of this subparagraph in connection with a facility described in subparagraph (A), but only to the extent of the increased amount of electricity produced at the facility by reason of such new unit.</text></subparagraph><after-quoted-block>.</after-quoted-block></quoted-block></paragraph>
<paragraph id="H8077A952B2FD45CEB11BB3E1B542C508"><enum>(2)</enum><header>Closed-loop biomass facilities</header><text>Paragraph (2) of <external-xref legal-doc="usc" parsable-cite="usc/26/45">section 45(d)</external-xref> is amended by redesignating subparagraph (B) as subparagraph (C) and inserting after subparagraph (A) the following new subparagraph:</text>
<quoted-block display-inline="no-display-inline" id="H6FA1BC54791A460D87769011E4B9B452" style="OLC">
<subparagraph id="HE22684B33A45456FA72BC961F25520B6"><enum>(B)</enum><header>Expansion of facility</header><text display-inline="yes-display-inline">Such term shall include a new unit placed in service after the date of the enactment of this subparagraph in connection with a facility described in subparagraph (A)(i), but only to the extent of the increased amount of electricity produced at the facility by reason of such new unit.</text></subparagraph><after-quoted-block>.</after-quoted-block></quoted-block></paragraph></subsection>
<subsection id="HFD725FA335E042F8959865B91E7BD304"><enum>(e)</enum><header>Modification of rules for hydropower production</header><text>Subparagraph (C) of <external-xref legal-doc="usc" parsable-cite="usc/26/45">section 45(c)(8)</external-xref> is amended to read as follows:</text>
<quoted-block display-inline="no-display-inline" id="H4D496E69A7C848F28F4209D97FBB6CA7" style="OLC">
<subparagraph id="H4E5DDD65C7D64552A04C82A9F3E33C43"><enum>(C)</enum><header>Nonhydroelectric dam</header><text display-inline="yes-display-inline">For purposes of subparagraph (A), a facility is described in this subparagraph if—</text>
<clause id="H806BE1861C694F58B0DCF01B9AE0566"><enum>(i)</enum><text>the hydroelectric project installed on the nonhydroelectric dam is licensed by the Federal Energy Regulatory Commission and meets all other applicable environmental, licensing, and regulatory requirements,</text></clause>
<clause id="H475FE705F0514B049BBD228444EACB89"><enum>(ii)</enum><text>the nonhydroelectric dam was placed in service before the date of the enactment of this paragraph and operated for flood control, navigation, or water supply purposes and did not produce hydroelectric power on the date of the enactment of this paragraph, and</text></clause>
<clause id="H4E0A207C5611401AAEA561C095FC5399"><enum>(iii)</enum><text>the hydroelectric project is operated so that the water surface elevation at any given location and time that would have occurred in the absence of the hydroelectric project is maintained, subject to any license requirements imposed under applicable law that change the water surface elevation for the purpose of improving environmental quality of the affected waterway.</text></clause><continuation-text continuation-text-level="subparagraph">The Secretary, in consultation with the Federal Energy Regulatory Commission, shall certify if a hydroelectric project licensed at a nonhydroelectric dam meets the criteria in clause (iii). Nothing in this section shall affect the standards under which the Federal Energy Regulatory Commission issues licenses for and regulates hydropower projects under part I of the Federal Power Act.</continuation-text></subparagraph><after-quoted-block>.</after-quoted-block></quoted-block></subsection>
<subsection id="HE59A3A0775404E6B9B81E8E8CAA602F"><enum>(f)</enum><header>Effective date</header>
<paragraph id="H76933205CB4945FF97CF1B5CDE6CC09E"><enum>(1)</enum><header>In general</header><text>Except as otherwise provided in this subsection, the amendments made by this section shall apply to property originally placed in service after December 31, 2008.</text></paragraph>
<paragraph id="H088BD9A883654938ADCB0645CDC46879"><enum>(2)</enum><header>Repeal of credit phaseout</header><text>The amendments made by subsection (b)(1) shall apply to taxable years ending after December 31, 2008.</text></paragraph>
<paragraph id="H9BB79657E755472085FCC28244FF6E90"><enum>(3)</enum><header>Limitation based on investment in facility</header><text>The amendment made by subsection (b)(2) shall apply to property originally placed in service after December 31, 2009.</text></paragraph>
<paragraph commented="no" display-inline="no-display-inline" id="HD66FAE0B5A2E466E9F3B00D9C4017C46"><enum>(4)</enum><header>Trash facility clarification</header><text>The amendments made by subsection (c) shall apply to electricity produced and sold after the date of the enactment of this Act.</text></paragraph>
<paragraph id="HC1C4E0C37FC74E90B7F6F6AEC016B2E7"><enum>(5)</enum><header>Expansion of biomass facilities</header><text>The amendments made by subsection (d) shall apply to property placed in service after the date of the enactment of this Act.</text></paragraph></subsection></section>
<section display-inline="no-display-inline" id="HAACE8FCC039647068D93BAEA06872913" section-type="subsequent-section"><enum>102.</enum><header>Production credit for electricity produced from marine renewables</header>
<subsection id="H7F013F0C404440B7916C7618D2EA99D0"><enum>(a)</enum><header>In general</header><text>Paragraph (1) of <external-xref legal-doc="usc" parsable-cite="usc/26/45">section 45(c)</external-xref> is amended by striking <quote>and</quote> at the end of subparagraph (G), by striking the period at the end of subparagraph (H) and inserting <quote>, and</quote>, and by adding at the end the following new subparagraph:</text>
<quoted-block display-inline="no-display-inline" id="H87698D4F8F7B4C0DAE7CCA046FA8D87" style="OLC">
<subparagraph id="HA954FB008D884116AF999261A1AA1346"><enum>(I)</enum><text display-inline="yes-display-inline">marine and hydrokinetic renewable energy.</text></subparagraph><after-quoted-block>.</after-quoted-block></quoted-block></subsection>
<subsection commented="no" id="H86DB5F25FB614EC9B000DF0417892866"><enum>(b)</enum><header>Marine renewables</header><text>Subsection (c) of <external-xref legal-doc="usc" parsable-cite="usc/26/45">section 45</external-xref> is amended by adding at the end the following new paragraph:</text>
<quoted-block display-inline="no-display-inline" id="HC41CBDF56C3447DC92C1B2C30087001B" style="OLC">
<paragraph commented="no" id="HB32BFA5ADECE41EF9B8C02EA55C5C918"><enum>(10)</enum><header>Marine and hydrokinetic renewable energy</header>
<subparagraph id="HD0A172D086444B29AB1DA389687681B1"><enum>(A)</enum><header>In general</header><text>The term <term>marine and hydrokinetic renewable energy</term> means energy derived from—</text>
<clause display-inline="no-display-inline" id="H5C55524A7E9441E39E441CF770274097"><enum>(i)</enum><text>waves, tides, and currents in oceans, estuaries, and tidal areas,</text></clause>
<clause id="HD898A7FF44BB4A6CA9F7A113745C4C63"><enum>(ii)</enum><text>free flowing water in rivers, lakes, and streams,</text></clause>
<clause id="H6F80C5C675074BEF9549847F3529C91F"><enum>(iii)</enum><text>free flowing water in an irrigation system, canal, or other man-made channel, including projects that utilize nonmechanical structures to accelerate the flow of water for electric power production purposes, or</text></clause>
<clause id="H26EA6252BF0844B893222447C3A32082"><enum>(iv)</enum><text>differentials in ocean temperature (ocean thermal energy conversion).</text></clause></subparagraph>
<subparagraph id="H2BB6E2015DE94C02A6ED22C7F1D52B8"><enum>(B)</enum><header>Exceptions</header><text display-inline="yes-display-inline">Such term shall not include any energy which is derived from any source which utilizes a dam, diversionary structure (except as provided in subparagraph (A)(iii)), or impoundment for electric power production purposes.</text></subparagraph></paragraph><after-quoted-block>.</after-quoted-block></quoted-block></subsection>
<subsection id="H2002B4F7779D44FA8200B95C59A79C30"><enum>(c)</enum><header>Definition of facility</header><text>Subsection (d) of <external-xref legal-doc="usc" parsable-cite="usc/26/45">section 45</external-xref> is amended by adding at the end the following new paragraph:</text>
<quoted-block display-inline="no-display-inline" id="H165A6C431F214C3E864DF964C657D99" style="OLC">
<paragraph id="H0F282067F6F24EB7A78BE8A58E63323"><enum>(11)</enum><header>Marine and hydrokinetic renewable energy facilities</header><text display-inline="yes-display-inline">In the case of a facility producing electricity from marine and hydrokinetic renewable energy, the term <term>qualified facility</term> means any facility owned by the taxpayer—</text>
<subparagraph id="H69A86AFA4EEA47DC97BAA8059F009033"><enum>(A)</enum><text display-inline="yes-display-inline">which has a nameplate capacity rating of at least 150 kilowatts, and</text></subparagraph>
<subparagraph id="HFB3E4655853D4E198560D076B1003387"><enum>(B)</enum><text>which is originally placed in service on or after the date of the enactment of this paragraph and before October 1, 2011.</text></subparagraph></paragraph><after-quoted-block>.</after-quoted-block></quoted-block></subsection>
<subsection id="HFEC01FEF42D04027A6DD723EA8397F7"><enum>(d)</enum><header>Credit rate</header><text>Subparagraph (A) of <external-xref legal-doc="usc" parsable-cite="usc/26/45">section 45(b)(4)</external-xref> is amended by striking <quote>or (9)</quote> and inserting <quote>(9), or (11)</quote>.</text></subsection>
<subsection commented="no" id="H4FF353F7BB0D4B63A87EF9C67B9EF3C"><enum>(e)</enum><header>Coordination with small irrigation power</header><text>Paragraph (5) of section 45(d), as amended by <external-xref legal-doc="usc" parsable-cite="usc/26/101">section 101,</external-xref> is amended by striking <quote>October 1, 2011</quote> and inserting <quote>the date of the enactment of paragraph (11)</quote>.</text></subsection>
<subsection id="H87E94912826F48A481264F2D95843B45"><enum>(f)</enum><header>Effective date</header><text>The amendments made by this section shall apply to electricity produced and sold after the date of the enactment of this Act, in taxable years ending after such date.</text></subsection></section>
<section commented="no" display-inline="no-display-inline" id="HFF9F5C121D0D414F992D8BDA7170A67E" section-type="subsequent-section"><enum>103.</enum><header display-inline="yes-display-inline">Energy credit</header>
<subsection commented="no" display-inline="no-display-inline" id="H04AF469757C9442B9F95BE2BD485EBE8"><enum>(a)</enum><header display-inline="yes-display-inline">Extension of credit</header>
<paragraph commented="no" display-inline="no-display-inline" id="H23F5D401E6DC405CB7CFD6DF4BDE06B"><enum>(1)</enum><header display-inline="yes-display-inline">Solar energy property</header><text display-inline="yes-display-inline">Paragraphs (2)(A)(i)(II) and (3)(A)(ii) of section 48(a) are each amended by striking <quote>January 1, 2009</quote> and inserting <quote>January 1, 2017</quote>.</text></paragraph>
<paragraph commented="no" display-inline="no-display-inline" id="H917C72B5650F41A0AD87CA2270F9DAA3"><enum>(2)</enum><header display-inline="yes-display-inline">Fuel cell property</header><text display-inline="yes-display-inline">Subparagraph (E) of <external-xref legal-doc="usc" parsable-cite="usc/26/48">section 48(c)(1)</external-xref> is amended by striking <quote>December 31, 2008</quote> and inserting <quote>December 31, 2016</quote>.</text></paragraph>
<paragraph commented="no" display-inline="no-display-inline" id="H8577E22DD1C54135BB9167726C25A51F"><enum>(3)</enum><header display-inline="yes-display-inline">Microturbine property</header><text display-inline="yes-display-inline">Subparagraph (E) of <external-xref legal-doc="usc" parsable-cite="usc/26/48">section 48(c)(2)</external-xref> is amended by striking <quote>December 31, 2008</quote> and inserting <quote>December 31, 2016</quote>.</text></paragraph></subsection>
<subsection commented="no" display-inline="no-display-inline" id="H6827A282AA5D41DE88A8FBC8EF03C943"><enum>(b)</enum><header display-inline="yes-display-inline">Allowance of energy credit against alternative minimum tax</header>
<paragraph commented="no" display-inline="no-display-inline" id="H920070D59A6246AD98BEC50090C2B5E2"><enum>(1)</enum><header>In general</header><text display-inline="yes-display-inline">Subparagraph (B) of <external-xref legal-doc="usc" parsable-cite="usc/26/38">section 38(c)(4)</external-xref> is amended by redesignating clause (vi) as clause (vii), by striking <quote>and</quote> at the end of clause (v), and by inserting after clause (v) the following new clause:</text>
<quoted-block display-inline="no-display-inline" id="H7617AB5D4D474B78B8C184F332ECFA10" style="OLC">
<clause commented="no" display-inline="no-display-inline" id="H9A435BD880A14942A483E9D4CBDD7C4"><enum>(vi)</enum><text display-inline="yes-display-inline">the credit determined under section 46 to the extent that such credit is attributable to the energy credit determined under section 48, and</text></clause><after-quoted-block>.</after-quoted-block></quoted-block></paragraph>
<paragraph commented="no" display-inline="no-display-inline" id="H8EC8A1A4203842D7AFD7F603C1586E96"><enum>(2)</enum><header>Technical amendment</header><text>Clause (v) of <external-xref legal-doc="usc" parsable-cite="usc/26/38">section 38(c)(4)(B)</external-xref> is amended by striking <quote>section 47 to the extent attributable to</quote> and inserting <quote>section 46 to the extent that such credit is attributable to the rehabilitation credit under section 47, but only with respect to</quote>.</text></paragraph></subsection>
<subsection commented="no" display-inline="no-display-inline" id="H611CC63760A4461390265D00D72D75DD"><enum>(c)</enum><header display-inline="yes-display-inline">Energy credit for combined heat and power system property</header>
<paragraph commented="no" display-inline="no-display-inline" id="H9B4B2E62F37443359FEF4F8EACAB8129"><enum>(1)</enum><header display-inline="yes-display-inline">In general</header><text display-inline="yes-display-inline"><external-xref legal-doc="usc" parsable-cite="usc/26/48">Section 48(a)(3)(A)</external-xref> is amended by striking <quote>or</quote> at the end of clause (iii), by inserting <quote>or</quote> at the end of clause (iv), and by adding at the end the following new clause:</text>
<quoted-block display-inline="no-display-inline" id="H8B07E66D0737480392082FB031D55D90" style="OLC">
<clause commented="no" display-inline="no-display-inline" id="H240A0285E8C84EB9AFCCC2009BB4A183"><enum>(v)</enum><text display-inline="yes-display-inline">combined heat and power system property,</text></clause><after-quoted-block>.</after-quoted-block></quoted-block></paragraph>
<paragraph commented="no" display-inline="no-display-inline" id="HE71F4D0918EB4034A65C868E5736C9C9"><enum>(2)</enum><header display-inline="yes-display-inline">Combined Heat and Power System Property</header><text display-inline="yes-display-inline">Subsection (c) of <external-xref legal-doc="usc" parsable-cite="usc/26/48">section 48</external-xref> is amended—</text>
<subparagraph commented="no" display-inline="no-display-inline" id="HFAED77A59161422E972B9FD42577B0CD"><enum>(A)</enum><text>by striking <quote><header-in-text level="subsection" style="OLC">Qualified fuel cell property; qualified microturbine property</header-in-text></quote> in the heading and inserting <quote><header-in-text level="subsection" style="OLC">Definitions</header-in-text></quote>, and</text></subparagraph>
<subparagraph commented="no" display-inline="no-display-inline" id="H334D511934F04EF39D94F94700EFD74"><enum>(B)</enum><text display-inline="yes-display-inline">by adding at the end the following new paragraph:</text>
<quoted-block display-inline="no-display-inline" id="H4A4A7AD1534B4BC98F3F87B17879759C" style="OLC">
<paragraph commented="no" display-inline="no-display-inline" id="H4DE62E8979F84F3F9F6B8209A23100BF"><enum>(3)</enum><header display-inline="yes-display-inline">Combined Heat and Power System Property</header>
<subparagraph commented="no" display-inline="no-display-inline" id="H695458FED7BF4F1A94366277143CA5CB"><enum>(A)</enum><header display-inline="yes-display-inline">Combined heat and power system property</header><text display-inline="yes-display-inline">The term <term>combined heat and power system property</term> means property comprising a system—</text>
<clause commented="no" display-inline="no-display-inline" id="H9E68DD25175540138FCFEBBA5E8F8190"><enum>(i)</enum><text display-inline="yes-display-inline">which uses the same energy source for the simultaneous or sequential generation of electrical power, mechanical shaft power, or both, in combination with the generation of steam or other forms of useful thermal energy (including heating and cooling applications),</text></clause>
<clause commented="no" display-inline="no-display-inline" id="H7B6AE72C927F42A2B1B3715EC187DCC"><enum>(ii)</enum><text display-inline="yes-display-inline">which produces—</text>
<subclause commented="no" display-inline="no-display-inline" id="HA691E8973BF14264B3B422D3EFE251F9"><enum>(I)</enum><text display-inline="yes-display-inline">at least 20 percent of its total useful energy in the form of thermal energy which is not used to produce electrical or mechanical power (or combination thereof), and</text></subclause>
<subclause commented="no" display-inline="no-display-inline" id="HFB5305E029B1468C8954068D60A55500"><enum>(II)</enum><text display-inline="yes-display-inline">at least 20 percent of its total useful energy in the form of electrical or mechanical power (or combination thereof),</text></subclause></clause>
<clause commented="no" display-inline="no-display-inline" id="H334CD6E2433043A4AFA70058A2C00087"><enum>(iii)</enum><text display-inline="yes-display-inline">the energy efficiency percentage of which exceeds 60 percent, and</text></clause>
<clause commented="no" display-inline="no-display-inline" id="HC23B31D84B8D4332B76D0694F0BF67A5"><enum>(iv)</enum><text display-inline="yes-display-inline">which is placed in service before January 1, 2017.</text></clause></subparagraph>
<subparagraph commented="no" display-inline="no-display-inline" id="H199FB68B710749F591592F76BC39F026"><enum>(B)</enum><header display-inline="yes-display-inline">Limitation</header>
<clause commented="no" display-inline="no-display-inline" id="H5ED9133FA7AC4CB9B890C2F2B284D9D3"><enum>(i)</enum><header display-inline="yes-display-inline">In general</header><text display-inline="yes-display-inline">In the case of combined heat and power system property with an electrical capacity in excess of the applicable capacity placed in service during the taxable year, the credit under subsection (a)(1) (determined without regard to this paragraph) for such year shall be equal to the amount which bears the same ratio to such credit as the applicable capacity bears to the capacity of such property.</text></clause>
<clause commented="no" display-inline="no-display-inline" id="H3FE7C27C62CA48A89C1C802B30DE7572"><enum>(ii)</enum><header display-inline="yes-display-inline">Applicable capacity</header><text display-inline="yes-display-inline">For purposes of clause (i), the term <term>applicable capacity</term> means 15 megawatts or a mechanical energy capacity of more than 20,000 horsepower or an equivalent combination of electrical and mechanical energy capacities.</text></clause>
<clause commented="no" display-inline="no-display-inline" id="HCF9C701E41CF433DBC1E006C9583A536"><enum>(iii)</enum><header display-inline="yes-display-inline">Maximum capacity</header><text display-inline="yes-display-inline">The term <term>combined heat and power system property</term> shall not include any property comprising a system if such system has a capacity in excess of 50 megawatts or a mechanical energy capacity in excess of 67,000 horsepower or an equivalent combination of electrical and mechanical energy capacities.</text></clause></subparagraph>
<subparagraph commented="no" display-inline="no-display-inline" id="H6B184E209DDF4B0B9755D331EE590196"><enum>(C)</enum><header display-inline="yes-display-inline">Special rules</header>
<clause commented="no" display-inline="no-display-inline" id="H21CDB5D067C94C56A4891893885DF5A8"><enum>(i)</enum><header display-inline="yes-display-inline">Energy efficiency percentage</header><text display-inline="yes-display-inline">For purposes of this paragraph, the energy efficiency percentage of a system is the fraction—</text>
<subclause commented="no" display-inline="no-display-inline" id="HD4F0832226F34D81A300CD9BB9910025"><enum>(I)</enum><text display-inline="yes-display-inline">the numerator of which is the total useful electrical, thermal, and mechanical power produced by the system at normal operating rates, and expected to be consumed in its normal application, and</text></subclause>
<subclause commented="no" display-inline="no-display-inline" id="H77DACAF68B3D495A9C6B6C32A45B42A8"><enum>(II)</enum><text display-inline="yes-display-inline">the denominator of which is the lower heating value of the fuel sources for the system.</text></subclause></clause>
<clause commented="no" display-inline="no-display-inline" id="HE61E0665C964464198983B62DC8B7D63"><enum>(ii)</enum><header display-inline="yes-display-inline">Determinations made on btu basis</header><text display-inline="yes-display-inline">The energy efficiency percentage and the percentages under subparagraph (A)(ii) shall be determined on a Btu basis.</text></clause>
<clause commented="no" display-inline="no-display-inline" id="H90C61CDC36AE4D67A8349172FEC6D597"><enum>(iii)</enum><header display-inline="yes-display-inline">Input and output property not included</header><text display-inline="yes-display-inline">The term <term>combined heat and power system property</term> does not include property used to transport the energy source to the facility or to distribute energy produced by the facility.</text></clause></subparagraph>
<subparagraph commented="no" display-inline="no-display-inline" id="H90303B1FDAE34FCC8FB5F3A0391DABFC"><enum>(D)</enum><header display-inline="yes-display-inline">Systems using biomass</header><text display-inline="yes-display-inline">If a system is designed to use biomass (within the meaning of paragraphs (2) and (3) of section 45(c) without regard to the last sentence of paragraph (3)(A)) for at least 90 percent of the energy source—</text>
<clause commented="no" display-inline="no-display-inline" id="HC5C264969DEA4CC39BF2B9A4B74B400"><enum>(i)</enum><text display-inline="yes-display-inline">subparagraph (A)(iii) shall not apply, but</text></clause>
<clause commented="no" display-inline="no-display-inline" id="HCC72178CF4634519ABD2E483FAA297E5"><enum>(ii)</enum><text display-inline="yes-display-inline">the amount of credit determined under subsection (a) with respect to such system shall not exceed the amount which bears the same ratio to such amount of credit (determined without regard to this subparagraph) as the energy efficiency percentage of such system bears to 60 percent.</text></clause></subparagraph></paragraph><after-quoted-block>.</after-quoted-block></quoted-block></subparagraph></paragraph>
<paragraph commented="no" display-inline="no-display-inline" id="HCAED887429534BFB8BFFF5A6CBF43200"><enum>(3)</enum><header>Conforming amendment</header><text><external-xref legal-doc="usc" parsable-cite="usc/26/48">Section 48(a)(1)</external-xref> is amended by striking <quote>paragraphs (1)(B) and (2)(B)</quote> and inserting <quote>paragraphs (1)(B), (2)(B), and (3)(B)</quote>.</text></paragraph></subsection>
<subsection commented="no" display-inline="no-display-inline" id="H2DB7816D45FD469B9233EFDA164D28F7"><enum>(d)</enum><header display-inline="yes-display-inline">Increase of credit limitation for fuel cell property</header><text display-inline="yes-display-inline">Subparagraph (B) of <external-xref legal-doc="usc" parsable-cite="usc/26/48">section 48(c)(1)</external-xref> is amended by striking <quote>$500</quote> and inserting <quote>$1,500</quote>.</text></subsection>
<subsection commented="no" display-inline="no-display-inline" id="HD97E857B3BBA46EEA28000E8CB7A81D"><enum>(e)</enum><header display-inline="yes-display-inline">Public utility property taken into account</header>
<paragraph commented="no" display-inline="no-display-inline" id="HAFF99D061CB149D69C9B35008B15F19B"><enum>(1)</enum><header display-inline="yes-display-inline">In general</header><text display-inline="yes-display-inline">Paragraph (3) of <external-xref legal-doc="usc" parsable-cite="usc/26/48">section 48(a)</external-xref> is amended by striking the second sentence thereof.</text></paragraph>
<paragraph commented="no" display-inline="no-display-inline" id="H0AC48067E3F246F885E4D8E0107FADFB"><enum>(2)</enum><header display-inline="yes-display-inline">Conforming amendments</header>
<subparagraph commented="no" display-inline="no-display-inline" id="HBE4A2B9BCE2944859CF3D883103A0A0"><enum>(A)</enum><text display-inline="yes-display-inline">Paragraph (1) of <external-xref legal-doc="usc" parsable-cite="usc/26/48">section 48(c)</external-xref> is amended by striking subparagraph (D) and redesignating subparagraph (E) as subparagraph (D).</text></subparagraph>
<subparagraph commented="no" display-inline="no-display-inline" id="H1272F8188819494A0085EADAF100BFA6"><enum>(B)</enum><text display-inline="yes-display-inline">Paragraph (2) of <external-xref legal-doc="usc" parsable-cite="usc/26/48">section 48(c)</external-xref> is amended by striking subparagraph (D) and redesignating subparagraph (E) as subparagraph (D).</text></subparagraph></paragraph></subsection>
<subsection commented="no" display-inline="no-display-inline" id="H25BCD88B2B694DB79DA372B9FC85F880"><enum>(f)</enum><header display-inline="yes-display-inline">Effective date</header>
<paragraph commented="no" display-inline="no-display-inline" id="HF358E21AB64F4117ACFD07D3A6B2435"><enum>(1)</enum><header display-inline="yes-display-inline">In general</header><text display-inline="yes-display-inline">Except as otherwise provided in this subsection, the amendments made by this section shall take effect on the date of the enactment of this Act.</text></paragraph>
<paragraph commented="no" display-inline="no-display-inline" id="H5F34089EB72C477982A2E600FC96839D"><enum>(2)</enum><header display-inline="yes-display-inline">Allowance against alternative minimum tax</header><text display-inline="yes-display-inline">The amendments made by subsection (b) shall apply to credits determined under <external-xref legal-doc="usc" parsable-cite="usc/26/46">section 46</external-xref> of the Internal Revenue Code of 1986 in taxable years beginning after the date of the enactment of this Act and to carrybacks of such credits.</text></paragraph>
<paragraph commented="no" display-inline="no-display-inline" id="H12EA7D26A837403F95C1260997B10684"><enum>(3)</enum><header display-inline="yes-display-inline">Combined heat and power and fuel cell property</header><text display-inline="yes-display-inline">The amendments made by subsections (c) and (d) shall apply to periods after the date of the enactment of this Act, in taxable years ending after such date, under rules similar to the rules of <external-xref legal-doc="usc" parsable-cite="usc/26/48">section 48(m)</external-xref> of the Internal Revenue Code of 1986 (as in effect on the day before the date of the enactment of the Revenue Reconciliation Act of 1990).</text></paragraph>
<paragraph commented="no" display-inline="no-display-inline" id="HBD28DFCF1EC7400D8820CFDE91B674EC"><enum>(4)</enum><header display-inline="yes-display-inline"> Public utility property</header><text display-inline="yes-display-inline">The amendments made by subsection (e) shall apply to periods after February 13, 2008, in taxable years ending after such date, under rules similar to the rules of <external-xref legal-doc="usc" parsable-cite="usc/26/48">section 48(m)</external-xref> of the Internal Revenue Code of 1986 (as in effect on the day before the date of the enactment of the Revenue Reconciliation Act of 1990).</text></paragraph></subsection></section>
<section commented="no" display-inline="no-display-inline" id="H2A86DA87DEED448F8508B279D2B3833" section-type="subsequent-section"><enum>104.</enum><header display-inline="yes-display-inline">Credit for residential energy efficient property</header>
<subsection commented="no" display-inline="no-display-inline" id="H81ADBC111E974949B3FFBD3E1F48D009"><enum>(a)</enum><header display-inline="yes-display-inline">Extension</header><text display-inline="yes-display-inline"><external-xref legal-doc="usc" parsable-cite="usc/26/25D">Section 25D(g)</external-xref> is amended by striking <quote>December 31, 2008</quote> and inserting <quote>December 31, 2016</quote>.</text></subsection>
<subsection commented="no" display-inline="no-display-inline" id="HEED6FEF6FD254D2A9EDF9981053747A1"><enum>(b)</enum><header display-inline="yes-display-inline">Removal of limitation for solar electric property</header>
<paragraph commented="no" display-inline="no-display-inline" id="H31667ABBDDC2464B9DA7CE185471A107"><enum>(1)</enum><header display-inline="yes-display-inline">In general</header><text display-inline="yes-display-inline">Section 25D(b)(1), as amended by subsections (c) and (d), is amended—</text>
<subparagraph commented="no" display-inline="no-display-inline" id="HD79ADBDC52E9484C8D004BB7784B4C75"><enum>(A)</enum><text display-inline="yes-display-inline">by striking subparagraph (A), and</text></subparagraph>
<subparagraph commented="no" display-inline="no-display-inline" id="H915854D355B94F51A03DABF3F2D0BAA6"><enum>(B)</enum><text display-inline="yes-display-inline">by redesignating subparagraphs (B) through (E) as subparagraphs (A) through and (D), respectively.</text></subparagraph></paragraph>
<paragraph commented="no" display-inline="no-display-inline" id="H63D522C8BBA8455C8F8E10005100B541"><enum>(2)</enum><header display-inline="yes-display-inline">Conforming amendment</header><text display-inline="yes-display-inline">Section 25D(e)(4)(A), as amended by subsections (c) and (d), is amended—</text>
<subparagraph commented="no" display-inline="no-display-inline" id="H51231A4ACF864E50953401061000A0EE"><enum>(A)</enum><text display-inline="yes-display-inline">by striking clause (i), and</text></subparagraph>
<subparagraph commented="no" display-inline="no-display-inline" id="H14AE77E8199F43B2A1C74F3F03B1B6B1"><enum>(B)</enum><text display-inline="yes-display-inline">by redesignating clauses (ii) through (v) as clauses (i) and (iv), respectively.</text></subparagraph></paragraph></subsection>
<subsection commented="no" display-inline="no-display-inline" id="H9AE3E5A157E54919ADDA4B6B9DCD6569"><enum>(c)</enum><header display-inline="yes-display-inline">Credit for residential wind property</header>
<paragraph commented="no" display-inline="no-display-inline" id="H25501096D0204435B13C89C595E363E3"><enum>(1)</enum><header display-inline="yes-display-inline">In general</header><text display-inline="yes-display-inline"><external-xref legal-doc="usc" parsable-cite="usc/26/25D">Section 25D(a)</external-xref> is amended by striking <quote>and</quote> at the end of paragraph (2), by striking the period at the end of paragraph (3) and inserting <quote>, and</quote>, and by adding at the end the following new paragraph:</text>
<quoted-block display-inline="no-display-inline" id="HAA92B69D76EC43D4A66E55940881ADB1" style="OLC">
<paragraph commented="no" display-inline="no-display-inline" id="H4265598026914D7A93824131B2FEBA3D"><enum>(4)</enum><text display-inline="yes-display-inline">30 percent of the qualified small wind energy property expenditures made by the taxpayer during such year.</text></paragraph><after-quoted-block>.</after-quoted-block></quoted-block></paragraph>
<paragraph commented="no" display-inline="no-display-inline" id="HFB55B1B0E0044FC9B5CB883069549152"><enum>(2)</enum><header display-inline="yes-display-inline">Limitation</header><text display-inline="yes-display-inline"><external-xref legal-doc="usc" parsable-cite="usc/26/25D">Section 25D(b)(1)</external-xref> is amended by striking <quote>and</quote> at the end of subparagraph (B), by striking the period at the end of subparagraph (C) and inserting <quote>, and</quote>, and by adding at the end the following new subparagraph:</text>
<quoted-block display-inline="no-display-inline" id="H82865BBD26AC45EBA44E39B8833100BC" style="OLC">
<subparagraph commented="no" display-inline="no-display-inline" id="H74F643A100354C1A8400B22C17537251"><enum>(D)</enum><text display-inline="yes-display-inline">$500 with respect to each half kilowatt of capacity (not to exceed $4,000) of wind turbines for which qualified small wind energy property expenditures are made.</text></subparagraph><after-quoted-block>.</after-quoted-block></quoted-block></paragraph>
<paragraph commented="no" display-inline="no-display-inline" id="HFC6CBC312ED44A66B3D0A4458DA91119"><enum>(3)</enum><header display-inline="yes-display-inline">Qualified small wind energy property expenditures</header>
<subparagraph commented="no" display-inline="no-display-inline" id="H6151E25E17E645E99008F415E15B2280"><enum>(A)</enum><header display-inline="yes-display-inline">In general</header><text display-inline="yes-display-inline"><external-xref legal-doc="usc" parsable-cite="usc/26/25D">Section 25D(d)</external-xref> is amended by adding at the end the following new paragraph:</text>
<quoted-block display-inline="no-display-inline" id="H7E9D5CFE60AB4FEF91E505FA2C20CB10" style="OLC">
<paragraph commented="no" display-inline="no-display-inline" id="HDB4520D3789D416380D54E86CCB842FF"><enum>(4)</enum><header display-inline="yes-display-inline">Qualified small wind energy property expenditure</header><text display-inline="yes-display-inline">The term <term>qualified small wind energy property expenditure</term> means an expenditure for property which uses a wind turbine to generate electricity for use in connection with a dwelling unit located in the United States and used as a residence by the taxpayer.</text></paragraph><after-quoted-block>.</after-quoted-block></quoted-block></subparagraph>
<subparagraph commented="no" display-inline="no-display-inline" id="H5419888B1A744B8086FE30E56F267223"><enum>(B)</enum><header display-inline="yes-display-inline">No double benefit</header><text display-inline="yes-display-inline"><external-xref legal-doc="usc" parsable-cite="usc/26/45">Section 45(d)(1)</external-xref> is amended by adding at the end the following new sentence: <quote>Such term shall not include any facility with respect to which any qualified small wind energy property expenditure (as defined in subsection (d)(4) of section 25D) is taken into account in determining the credit under such section.</quote>.</text></subparagraph></paragraph>
<paragraph commented="no" display-inline="no-display-inline" id="H4DDFA96E83A64A93955C1DC30630E4AE"><enum>(4)</enum><header display-inline="yes-display-inline">Maximum expenditures in case of joint occupancy</header><text display-inline="yes-display-inline"><external-xref legal-doc="usc" parsable-cite="usc/26/25D">Section 25D(e)(4)(A)</external-xref> is amended by striking <quote>and</quote> at the end of clause (ii), by striking the period at the end of clause (iii) and inserting <quote>, and</quote>, and by adding at the end the following new clause:</text>
<quoted-block display-inline="no-display-inline" id="HF197376E443249B4944392A595A17945" style="OLC">
<clause commented="no" display-inline="no-display-inline" id="HAF0397AF17B94AE6A3B21FFC5C96B08"><enum>(iv)</enum><text display-inline="yes-display-inline">$1,667 in the case of each half kilowatt of capacity (not to exceed $13,333) of wind turbines for which qualified small wind energy property expenditures are made.</text></clause><after-quoted-block>.</after-quoted-block></quoted-block></paragraph></subsection>
<subsection commented="no" display-inline="no-display-inline" id="HD527FCF7493B42FDA459DC03B829CBE"><enum>(d)</enum><header display-inline="yes-display-inline">Credit for geothermal heat Pump systems</header>
<paragraph commented="no" display-inline="no-display-inline" id="H9261156197384BCEAC8B592E72ED1370"><enum>(1)</enum><header display-inline="yes-display-inline">In general</header><text display-inline="yes-display-inline">Section 25D(a), as amended by subsection (c), is amended by striking <quote>and</quote> at the end of paragraph (3), by striking the period at the end of paragraph (4) and inserting <quote>, and</quote>, and by adding at the end the following new paragraph:</text>
<quoted-block display-inline="no-display-inline" id="H1F5348C58F744CD0AD68522047FC0039" style="OLC">
<paragraph commented="no" display-inline="no-display-inline" id="H7E4952F77FE74078BD00BDE2BF335E87"><enum>(5)</enum><text display-inline="yes-display-inline">30 percent of the qualified geothermal heat pump property expenditures made by the taxpayer during such year.</text></paragraph><after-quoted-block>.</after-quoted-block></quoted-block></paragraph>
<paragraph commented="no" display-inline="no-display-inline" id="H6998B74EF1C847088840FBDDABD3AC21"><enum>(2)</enum><header display-inline="yes-display-inline">Limitation</header><text display-inline="yes-display-inline">Section 25D(b)(1), as amended by subsection (c), is amended by striking <quote>and</quote> at the end of subparagraph (C), by striking the period at the end of subparagraph (D) and inserting <quote>, and</quote>, and by adding at the end the following new subparagraph:</text>
<quoted-block display-inline="no-display-inline" id="HF9B64A0540AD44FD8CE0E006731AA4E" style="OLC">
<subparagraph commented="no" display-inline="no-display-inline" id="H1C216899DCFE4DF4AA799B2C29435385"><enum>(E)</enum><text display-inline="yes-display-inline">$2,000 with respect to any qualified geothermal heat pump property expenditures.</text></subparagraph><after-quoted-block>.</after-quoted-block></quoted-block></paragraph>
<paragraph commented="no" display-inline="no-display-inline" id="HA8A9199B35954E2D88BFB110E9025E89"><enum>(3)</enum><header display-inline="yes-display-inline">Qualified geothermal heat pump property expenditure</header><text display-inline="yes-display-inline">Section 25D(d), as amended by subsection (c), is amended by adding at the end the following new paragraph:</text>
<quoted-block display-inline="no-display-inline" id="H62B1BBA2AF0F43A4ADFD2B8B8842979" style="OLC">
<paragraph commented="no" display-inline="no-display-inline" id="HF10F0522497D42AAAD3E32A549912CA2"><enum>(5)</enum><header display-inline="yes-display-inline">Qualified geothermal heat pump property expenditure</header>
<subparagraph commented="no" display-inline="no-display-inline" id="H48486097372D4A5293C5E75C4BC77EC5"><enum>(A)</enum><header display-inline="yes-display-inline">In general</header><text display-inline="yes-display-inline">The term <term>qualified geothermal heat pump property expenditure</term> means an expenditure for qualified geothermal heat pump property installed on or in connection with a dwelling unit located in the United States and used as a residence by the taxpayer.</text></subparagraph>
<subparagraph commented="no" display-inline="no-display-inline" id="H4C2196AE22E343FEA8E0495792B226B1"><enum>(B)</enum><header display-inline="yes-display-inline">Qualified geothermal heat pump property</header><text display-inline="yes-display-inline">The term <quote>qualified geothermal heat pump property</quote> means any equipment which—</text>
<clause commented="no" display-inline="no-display-inline" id="HB7797120F6B4464385E97C2300380092"><enum>(i)</enum><text display-inline="yes-display-inline">uses the ground or ground water as a thermal energy source to heat the dwelling unit referred to in subparagraph (A) or as a thermal energy sink to cool such dwelling unit, and</text></clause>
<clause commented="no" display-inline="no-display-inline" id="H5ED17B392282422098E03D82E6E5A62F"><enum>(ii)</enum><text display-inline="yes-display-inline">meets the requirements of the Energy Star program which are in effect at the time that the expenditure for such equipment is made.</text></clause></subparagraph></paragraph><after-quoted-block>.</after-quoted-block></quoted-block></paragraph>
<paragraph commented="no" display-inline="no-display-inline" id="HD7A6FA3C25654034BE5DB78BA75C03DA"><enum>(4)</enum><header display-inline="yes-display-inline">Maximum expenditures in case of joint occupancy</header><text display-inline="yes-display-inline">Section 25D(e)(4)(A), as amended by subsection (c), is amended by striking <quote>and</quote> at the end of clause (iii), by striking the period at the end of clause (iv) and inserting <quote>, and</quote>, and by adding at the end the following new clause:</text>
<quoted-block display-inline="no-display-inline" id="H88071F4EF8C94685A0D802BB1D97BB5" style="OLC">
<clause commented="no" display-inline="no-display-inline" id="H32098B03E6094581A85339F05E594FFC"><enum>(v)</enum><text display-inline="yes-display-inline">$6,667 in the case of any qualified geothermal heat pump property expenditures.</text></clause><after-quoted-block>.</after-quoted-block></quoted-block></paragraph></subsection>
<subsection commented="no" display-inline="no-display-inline" id="H385580D508774535AB77E9DAA4A642B6"><enum>(e)</enum><header display-inline="yes-display-inline">Credit allowed against alternative minimum tax</header>
<paragraph commented="no" display-inline="no-display-inline" id="H5DB8575F530142F7A9B27CCF00F7D92B"><enum>(1)</enum><header display-inline="yes-display-inline">In general</header><text display-inline="yes-display-inline">Subsection (c) of <external-xref legal-doc="usc" parsable-cite="usc/26/25D">section 25D</external-xref> is amended to read as follows:</text>
<quoted-block display-inline="no-display-inline" id="HA122BC3457E6425CA5965D84642E4C75" style="OLC">
<subsection commented="no" display-inline="no-display-inline" id="HE63474EEDF2A489FA1DA6785F03F04CF"><enum>(c)</enum><header display-inline="yes-display-inline">Limitation based on amount of tax; carryforward of unused credit</header>
<paragraph commented="no" display-inline="no-display-inline" id="H976E585522724D98002D30110700334B"><enum>(1)</enum><header display-inline="yes-display-inline">Limitation based on amount of tax</header><text display-inline="yes-display-inline">In the case of a taxable year to which section 26(a)(2) does not apply, the credit allowed under subsection (a) for the taxable year shall not exceed the excess of—</text>
<subparagraph commented="no" display-inline="no-display-inline" id="HCD481DB270A34430B3CF4C4936A1CD0"><enum>(A)</enum><text display-inline="yes-display-inline">the sum of the regular tax liability (as defined in section 26(b)) plus the tax imposed by section 55, over</text></subparagraph>
<subparagraph commented="no" display-inline="no-display-inline" id="H4BDFD48BF61D4890926EE0D3A911F9F5"><enum>(B)</enum><text display-inline="yes-display-inline">the sum of the credits allowable under this subpart (other than this section) and section 27 for the taxable year.</text></subparagraph></paragraph>
<paragraph commented="no" display-inline="no-display-inline" id="H4A2444CF6B4D4299B13678BBE29228AF"><enum>(2)</enum><header display-inline="yes-display-inline">Carryforward of unused credit</header>
<subparagraph commented="no" display-inline="no-display-inline" id="H87E7218554B645AAB4AF000100ED22D4"><enum>(A)</enum><header display-inline="yes-display-inline">Rule for years in which all personal credits allowed against regular and alternative minimum tax</header><text display-inline="yes-display-inline">In the case of a taxable year to which section 26(a)(2) applies, if the credit allowable under subsection (a) exceeds the limitation imposed by section 26(a)(2) for such taxable year reduced by the sum of the credits allowable under this subpart (other than this section), such excess shall be carried to the succeeding taxable year and added to the credit allowable under subsection (a) for such succeeding taxable year.</text></subparagraph>
<subparagraph commented="no" display-inline="no-display-inline" id="H67E56363C49E443DA2531B1B8655B5F0"><enum>(B)</enum><header display-inline="yes-display-inline">Rule for other years</header><text display-inline="yes-display-inline">In the case of a taxable year to which section 26(a)(2) does not apply, if the credit allowable under subsection (a) exceeds the limitation imposed by paragraph (1) for such taxable year, such excess shall be carried to the succeeding taxable year and added to the credit allowable under subsection (a) for such succeeding taxable year.</text></subparagraph></paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block></paragraph>
<paragraph commented="no" display-inline="no-display-inline" id="H3D23DC9D611A4D829C983788B3501467"><enum>(2)</enum><header display-inline="yes-display-inline">Conforming amendments</header>
<subparagraph commented="no" display-inline="no-display-inline" id="H029B73091F31474B9F4608A0DE4F5F6D"><enum>(A)</enum><text display-inline="yes-display-inline"><external-xref legal-doc="usc" parsable-cite="usc/26/23">Section 23(b)(4)(B)</external-xref> is amended by inserting <quote>and section 25D</quote> after <quote>this section</quote>.</text></subparagraph>
<subparagraph commented="no" display-inline="no-display-inline" id="H428A154BF65A42E4962C3D0931C1929D"><enum>(B)</enum><text display-inline="yes-display-inline"><external-xref legal-doc="usc" parsable-cite="usc/26/24">Section 24(b)(3)(B)</external-xref> is amended by striking <quote>and 25B</quote> and inserting <quote>, 25B, and 25D</quote>.</text></subparagraph>
<subparagraph commented="no" display-inline="no-display-inline" id="HF967705DC8AB464E9F7E7446569BBF94"><enum>(C)</enum><text display-inline="yes-display-inline"><external-xref legal-doc="usc" parsable-cite="usc/26/25B">Section 25B(g)(2)</external-xref> is amended by striking <quote>section 23</quote> and inserting <quote>sections 23 and 25D</quote>.</text></subparagraph>
<subparagraph commented="no" display-inline="no-display-inline" id="H379B9800B1A1436E9C62517E4CD67300"><enum>(D)</enum><text display-inline="yes-display-inline"><external-xref legal-doc="usc" parsable-cite="usc/26/26">Section 26(a)(1)</external-xref> is amended by striking <quote>and 25B</quote> and inserting <quote>25B, and 25D</quote>.</text></subparagraph></paragraph></subsection>
<subsection commented="no" display-inline="no-display-inline" id="H81AF47982115497691EC7730A67E50C6"><enum>(f)</enum><header display-inline="yes-display-inline">Effective date</header>
<paragraph commented="no" display-inline="no-display-inline" id="H8022378B660942B98E6B18621EB9D85F"><enum>(1)</enum><header display-inline="yes-display-inline">In general</header><text display-inline="yes-display-inline">Except as provided in paragraph (2), the amendments made by this section shall apply to taxable years beginning after December 31, 2007.</text></paragraph>
<paragraph commented="no" display-inline="no-display-inline" id="H821D8A9471B74C0386CB4ED3F2B00E3"><enum>(2)</enum><header>Solar electric property limitation</header><text display-inline="yes-display-inline">The amendments made by subsection (b) shall apply to property placed in service after the date of the enactment of this Act, in taxable years ending after such date.</text></paragraph>
<paragraph commented="no" display-inline="no-display-inline" id="HC32F0BAC4EA244E8A8B9CEDA5A7BCBF"><enum>(3)</enum><header display-inline="yes-display-inline">Application of EGTRRA sunset</header><text display-inline="yes-display-inline">The amendments made by subparagraphs (A) and (B) of subsection (e)(2) shall be subject to title IX of the Economic Growth and Tax Relief Reconciliation Act of 2001 in the same manner as the provisions of such Act to which such amendments relate.</text></paragraph></subsection></section>
<section display-inline="no-display-inline" id="H6DD2FAA1B5BF49E7B8695912C7446F3D" section-type="subsequent-section"><enum>105.</enum><header>Special rule to implement FERC and State electric restructuring policy</header>
<subsection id="H35A3847B79424A6300D1386FE1E64077"><enum>(a)</enum><header>Extension for qualified electric utilities</header>
<paragraph id="H0A36F1BEBA0D459B94703C65B82353F3"><enum>(1)</enum><header>In general</header><text>Paragraph (3) of <external-xref legal-doc="usc" parsable-cite="usc/26/451">section 451(i)</external-xref> is amended by inserting <quote>(before January 1, 2010, in the case of a qualified electric utility)</quote> after <quote>January 1, 2008</quote>.</text></paragraph>
<paragraph id="H147E39B15AF9450A95C3C8A657078947"><enum>(2)</enum><header>Qualified electric utility</header><text>Subsection (i) of <external-xref legal-doc="usc" parsable-cite="usc/26/451">section 451</external-xref> is amended by redesignating paragraphs (6) through (10) as paragraphs (7) through (11), respectively, and by inserting after paragraph (5) the following new paragraph:</text>
<quoted-block id="HEF1B0D7EA82A40718D00B0725B02BCFF" style="OLC">
<paragraph id="H25CB92E82EBD4BBB959BDBEE94DEC91E"><enum>(6)</enum><header>Qualified electric utility</header><text>For purposes of this subsection, the term <quote>qualified electric utility</quote> means a person that, as of the date of the qualifying electric transmission transaction, is vertically integrated, in that it is both—</text>
<subparagraph id="H2E7C5B0A4F0F4CACBECB89FFB8B688E"><enum>(A)</enum><text>a transmitting utility (as defined in section 3(23) of the Federal Power Act (<external-xref legal-doc="usc" parsable-cite="usc/16/796">16 U.S.C. 796(23)</external-xref>)) with respect to the transmission facilities to which the election under this subsection applies, and</text></subparagraph>
<subparagraph id="H5F2C4E65966749638F08D9820480B5EB"><enum>(B)</enum><text>an electric utility (as defined in section 3(22) of the Federal Power Act (<external-xref legal-doc="usc" parsable-cite="usc/16/796">16 U.S.C. 796(22)</external-xref>)).</text></subparagraph></paragraph><after-quoted-block>.</after-quoted-block></quoted-block></paragraph></subsection>
<subsection id="HEFF03D57AD474B628B5687002B00ED00"><enum>(b)</enum><header>Extension of period for transfer of operational control authorized by FERC</header><text>Clause (ii) of <external-xref legal-doc="usc" parsable-cite="usc/26/451">section 451(i)(4)(B)</external-xref> is amended by striking <quote>December 31, 2007</quote> and inserting <quote>the date which is 4 years after the close of the taxable year in which the transaction occurs</quote>.</text></subsection>
<subsection id="H4BC16BF3D577485F93AFF4E909868FC2"><enum>(c)</enum><header>Property located outside the united states not treated as exempt utility property</header><text>Paragraph (5) of <external-xref legal-doc="usc" parsable-cite="usc/26/451">section 451(i)</external-xref> is amended by adding at the end the following new subparagraph:</text>
<quoted-block id="H911EF6B11E9C4398BB1D6714F47E8986" style="OLC">
<subparagraph id="H3DD0AB7E70FE4D059CA518E83E1CC84"><enum>(C)</enum><header>Exception for property located outside the united states</header><text>The term <quote>exempt utility property</quote> shall not include any property which is located outside the United States.</text></subparagraph><after-quoted-block>.</after-quoted-block></quoted-block></subsection>
<subsection id="HAB57FFE91577470CAD55F12AD10E054"><enum>(d)</enum><header>Effective Dates</header>
<paragraph id="HA21D53EEF3614464B0DFF8A1E27BA89"><enum>(1)</enum><header>Extension</header><text>The amendments made by subsection (a) shall apply to transactions after December 31, 2007.</text></paragraph>
<paragraph id="HF59C3745ECCE433185BE9D1D981EE6D4"><enum>(2)</enum><header>Transfers of operational control</header><text>The amendment made by subsection (b) shall take effect as if included in section 909 of the American Jobs Creation Act of 2004.</text></paragraph>
<paragraph id="HF9E857635698412093B8366046AACE83"><enum>(3)</enum><header>Exception for property located outside the united states</header><text>The amendment made by subsection (c) shall apply to transactions after the date of the enactment of this Act.</text></paragraph></subsection></section></part>
<part id="HE3502CD55F8B4A78A2B4B2B1839B3F13"><enum>2</enum><header>Carbon mitigation provisions</header>
<section display-inline="no-display-inline" id="HFA83D771C9624ECFAC00D93CD236DD29" section-type="subsequent-section"><enum>111.</enum><header>Expansion and modification of advanced coal project investment credit</header>
<subsection id="HADDB9D18475E4A7F009FE6D135506634"><enum>(a)</enum><header>Modification of credit amount</header><text><external-xref legal-doc="usc" parsable-cite="usc/26/48A">Section 48A(a)</external-xref> is amended by striking <quote>and</quote> at the end of paragraph (1), by striking the period at the end of paragraph (2) and inserting <quote>, and</quote>, and by adding at the end the following new paragraph:</text>
<quoted-block display-inline="no-display-inline" id="HB288CC3079304CBE8880F78BB5223431" style="OLC">
<paragraph id="H273AAF71493B4E1CB31FE515D9701828"><enum>(3)</enum><text>30 percent of the qualified investment for such taxable year in the case of projects described in clause (iii) of subsection (d)(3)(B).</text></paragraph><after-quoted-block>.</after-quoted-block></quoted-block></subsection>
<subsection id="HFDFFC3EDDFDD4B02ABE38C00582B7D81"><enum>(b)</enum><header>Expansion of aggregate credits</header><text><external-xref legal-doc="usc" parsable-cite="usc/26/48A">Section 48A(d)(3)(A)</external-xref> is amended by striking <quote>$1,300,000,000</quote> and inserting <quote>$2,250,000,000</quote>.</text></subsection>
<subsection id="H6B005E00C4D8417CBE2CB057E05E1509"><enum>(c)</enum><header>Authorization of Additional Projects</header>
<paragraph id="H750AECEEFDE549479EA6AF508024BA5E"><enum>(1)</enum><header>In general</header><text>Subparagraph (B) of <external-xref legal-doc="usc" parsable-cite="usc/26/48A">section 48A(d)(3)</external-xref> is amended to read as follows:</text>
<quoted-block display-inline="no-display-inline" id="H26B5531CCF1E4220A94579CF004F49A" style="OLC">
<subparagraph id="HE6729EAC20A4429B80B5F635C5612680"><enum>(B)</enum><header>Particular projects</header><text>Of the dollar amount in subparagraph (A), the Secretary is authorized to certify—</text>
<clause id="H40FD006F1FE0406F976486376800ACDE"><enum>(i)</enum><text>$800,000,000 for integrated gasification combined cycle projects the application for which is submitted during the period described in paragraph (2)(A)(i),</text></clause>
<clause id="H4490588C2EC24E50A6792000EA5EC7B0"><enum>(ii)</enum><text>$500,000,000 for projects which use other advanced coal-based generation technologies the application for which is submitted during the period described in paragraph (2)(A)(i), and</text></clause>
<clause id="HB72719E445814914A44058C998691498"><enum>(iii)</enum><text>$950,000,000 for advanced coal-based generation technology projects the application for which is submitted during the period described in paragraph (2)(A)(ii).</text></clause></subparagraph><after-quoted-block>.</after-quoted-block></quoted-block></paragraph>
<paragraph id="H29E1BC10AD3B4E30B1BCDE62A8A6F316"><enum>(2)</enum><header>Application period for additional projects</header><text>Subparagraph (A) of <external-xref legal-doc="usc" parsable-cite="usc/26/48A">section 48A(d)(2)</external-xref> is amended to read as follows:</text>
<quoted-block display-inline="no-display-inline" id="HF79A38DB42B540178DD6001CA81903D5" style="OLC">
<subparagraph id="HA8A1545BD8C34F849435DA7BCFED711"><enum>(A)</enum><header>Application period</header><text>Each applicant for certification under this paragraph shall submit an application meeting the requirements of subparagraph (B). An applicant may only submit an application—</text>
<clause id="H2B05215C3AF1410EA7C118F2B4DBDDAC"><enum>(i)</enum><text>for an allocation from the dollar amount specified in clause (i) or (ii) of paragraph (3)(B) during the 3-year period beginning on the date the Secretary establishes the program under paragraph (1), and</text></clause>
<clause id="H89FAF199C8364349BF70EADFBFD5F84D"><enum>(ii)</enum><text>for an allocation from the dollar amount specified in paragraph (3)(B)(iii) during the 3-year period beginning at the earlier of the termination of the period described in clause (i) or the date prescribed by the Secretary.</text></clause></subparagraph><after-quoted-block>.</after-quoted-block></quoted-block></paragraph>
<paragraph id="HA58C65A2AEC04EF680C450954787E271"><enum>(3)</enum><header>Capture and sequestration of carbon dioxide emissions requirement</header>
<subparagraph id="H7518E5675B164295AA62FA408FEC11FB"><enum>(A)</enum><header>In general</header><text><external-xref legal-doc="usc" parsable-cite="usc/26/48A">Section 48A(e)(1)</external-xref> is amended by striking <quote>and</quote> at the end of subparagraph (E), by striking the period at the end of subparagraph (F) and inserting <quote>; and</quote>, and by adding at the end the following new subparagraph:</text>
<quoted-block display-inline="no-display-inline" id="HCF62466ADCD44D1A887D62F235944713" style="OLC">
<subparagraph id="HDD6469A62A7D4E7F00DB72F8AA73E0CF"><enum>(G)</enum><text>in the case of any project the application for which is submitted during the period described in subsection (d)(2)(A)(ii), the project includes equipment which separates and sequesters at least 65 percent (70 percent in the case of an application for reallocated credits under subsection (d)(4)) of such project's total carbon dioxide emissions.</text></subparagraph><after-quoted-block>.</after-quoted-block></quoted-block></subparagraph>
<subparagraph id="H8CF667BB4D434D69AF6CEBA4F0B95482"><enum>(B)</enum><header>Highest priority for projects which sequester carbon dioxide emissions</header><text><external-xref legal-doc="usc" parsable-cite="usc/26/48A">Section 48A(e)(3)</external-xref> is amended by striking <quote>and</quote> at the end of subparagraph (A)(iii), by striking the period at the end of subparagraph (B)(iii) and inserting <quote>, and</quote>, and by adding at the end the following new subparagraph:</text>
<quoted-block display-inline="no-display-inline" id="H3A5F3992A1344940AAF680740000287B" style="OLC">
<subparagraph id="H06BECBF12E0B463BB1C9F37BE0F94286"><enum>(C)</enum><text>give highest priority to projects with the greatest separation and sequestration percentage of total carbon dioxide emissions.</text></subparagraph><after-quoted-block>.</after-quoted-block></quoted-block></subparagraph>
<subparagraph id="H6349D8E2E32E4565A2F1FB25B814BFC1"><enum>(C)</enum><header>Recapture of credit for failure to sequester</header><text><external-xref legal-doc="usc" parsable-cite="usc/26/48A">Section 48A</external-xref> is amended by adding at the end the following new subsection:</text>
<quoted-block display-inline="no-display-inline" id="H7FF5952C58844795A92E30A0F029B32" style="OLC">
<subsection id="HFC956955511C4A56B100A9A2D44906D2"><enum>(i)</enum><header>Recapture of credit for failure To sequester</header><text>The Secretary shall provide for recapturing the benefit of any credit allowable under subsection (a) with respect to any project which fails to attain or maintain the separation and sequestration requirements of subsection (e)(1)(G).</text></subsection><after-quoted-block>.</after-quoted-block></quoted-block></subparagraph></paragraph>
<paragraph id="H3C1EC903BFE141F79E7E9318831E1D01"><enum>(4)</enum><header>Additional priority for research partnerships</header><text>Section 48A(e)(3)(B), as amended by paragraph (3)(B), is amended—</text>
<subparagraph id="H7A768323553D40EEA91BE0264F5DD52"><enum>(A)</enum><text>by striking <quote>and</quote> at the end of clause (ii),</text></subparagraph>
<subparagraph id="HF4EBBD4298A34F76B83D7E12A09EF3A6"><enum>(B)</enum><text>by redesignating clause (iii) as clause (iv), and</text></subparagraph>
<subparagraph id="H45B0D176DE4B4E30985E51B154BD2FF0"><enum>(C)</enum><text>by inserting after clause (ii) the following new clause:</text>
<quoted-block display-inline="no-display-inline" id="HBACDD76FEE1B40179F4F90CF2942A611" style="OLC">
<clause id="HEF65B8E9AB184ED7A45464F59445AE71"><enum>(iii)</enum><text>applicant participants who have a research partnership with an eligible educational institution (as defined in section 529(e)(5)), and</text></clause><after-quoted-block>.</after-quoted-block></quoted-block></subparagraph></paragraph>
<paragraph id="HFF0374A448F74966A1932E389F17C7ED"><enum>(5)</enum><header>Clerical amendment</header><text><external-xref legal-doc="usc" parsable-cite="usc/26/48A">Section 48A(e)(3)</external-xref> is amended by striking <quote><header-in-text level="paragraph" style="OLC">integrated gasification combined cycle</header-in-text></quote> in the heading and inserting <quote><header-in-text level="paragraph" style="OLC">certain</header-in-text></quote>.</text></paragraph></subsection>
<subsection id="HF691F94D4CE54FEE8B43B8525C992FD5"><enum>(d)</enum><header>Disclosure of allocations</header><text><external-xref legal-doc="usc" parsable-cite="usc/26/48A">Section 48A(d)</external-xref> is amended by adding at the end the following new paragraph:</text>
<quoted-block display-inline="no-display-inline" id="H5F5C6047BB2243628C21B56C16006C48" style="OLC">
<paragraph id="HC0501EB639E343D4BE1ED4F72D8E8B20"><enum>(5)</enum><header>Disclosure of allocations</header><text display-inline="yes-display-inline">The Secretary shall, upon making a certification under this subsection or section 48B(d), publicly disclose the identity of the applicant and the amount of the credit certified with respect to such applicant.</text></paragraph><after-quoted-block>.</after-quoted-block></quoted-block></subsection>
<subsection commented="no" display-inline="no-display-inline" id="HDB3EA7F9B1B747B1BC051E1E6F9D88B2"><enum>(e)</enum><header>Effective dates</header>
<paragraph commented="no" display-inline="no-display-inline" id="H35CCF50109D442D4B029A91FF0082A3"><enum>(1)</enum><header>In general</header><text>Except as otherwise provided in this subsection, the amendments made by this section shall apply to credits the application for which is submitted during the period described in <external-xref legal-doc="usc" parsable-cite="usc/26/48A">section 48A(d)(2)(A)(ii)</external-xref> of the Internal Revenue Code of 1986 and which are allocated or reallocated after the date of the enactment of this Act.</text></paragraph>
<paragraph id="H7180F19D06184CA59F1E1751B4913F42"><enum>(2)</enum><header>Disclosure of allocations</header><text>The amendment made by subsection (d) shall apply to certifications made after the date of the enactment of this Act.</text></paragraph>
<paragraph commented="no" display-inline="no-display-inline" id="H3EF5DD9220BD40F200367810569F89E5"><enum>(3)</enum><header>Clerical amendment</header><text>The amendment made by subsection (c)(5) shall take effect as if included in the amendment made by section 1307(b) of the Energy Tax Incentives Act of 2005.</text></paragraph></subsection></section>
<section id="HFEE64A2D2B624AF18661CCE66542B700"><enum>112.</enum><header>Expansion and modification of coal gasification investment credit</header>
<subsection id="HCE282A968F3E4C0EB6004EE3C77EC96B"><enum>(a)</enum><header>Modification of credit amount</header><text display-inline="yes-display-inline"><external-xref legal-doc="usc" parsable-cite="usc/26/48B">Section 48B(a)</external-xref> is amended by inserting <quote>(30 percent in the case of credits allocated under subsection (d)(1)(B))</quote> after <quote>20 percent</quote>.</text></subsection>
<subsection id="HB17266A13C6042A3BCF6FF4F00B7FDCD"><enum>(b)</enum><header>Expansion of aggregate credits</header><text><external-xref legal-doc="usc" parsable-cite="usc/26/48B">Section 48B(d)(1)</external-xref> is amended by striking <quote>shall not exceed $350,000,000</quote> and all that follows and inserting</text>
<quoted-block display-inline="yes-display-inline" id="HD51D92F959EB433DA0AE0062A2E4F52C" style="OLC"><text>shall not exceed—</text>
<subparagraph id="H71ABC8CBB53240A59FF7AB0200A8AB6B"><enum>(A)</enum><text display-inline="yes-display-inline">$350,000,000, plus</text></subparagraph>
<subparagraph id="HB3FBA80FD84F4CA9A53DC4B3F5D70020"><enum>(B)</enum><text>$150,000,000 for qualifying gasification projects that include equipment which separates and sequesters at least 75 percent of such project’s total carbon dioxide emissions.</text></subparagraph><after-quoted-block>.</after-quoted-block></quoted-block></subsection>
<subsection id="H29ECB3A51280466C9C885EC6DC2B2F24"><enum>(c)</enum><header>Recapture of credit for failure To sequester</header><text><external-xref legal-doc="usc" parsable-cite="usc/26/48B">Section 48B</external-xref> is amended by adding at the end the following new subsection:</text>
<quoted-block display-inline="no-display-inline" id="H1F5700BB37BC4659B52B67E57D559C3" style="OLC">
<subsection id="H3ABD48ACB67547D290E679E9DD7913CA"><enum>(f)</enum><header>Recapture of credit for failure to sequester</header><text display-inline="yes-display-inline">The Secretary shall provide for recapturing the benefit of any credit allowable under subsection (a) with respect to any project which fails to attain or maintain the separation and sequestration requirements for such project under subsection (d)(1).</text></subsection><after-quoted-block>.</after-quoted-block></quoted-block></subsection>
<subsection id="H2FEE57FD8A4E4B4CB9B79B97003C1F"><enum>(d)</enum><header>Selection priorities</header><text><external-xref legal-doc="usc" parsable-cite="usc/26/48B">Section 48B(d)</external-xref> is amended by adding at the end the following new paragraph:</text>
<quoted-block display-inline="no-display-inline" id="H93149E77798D41C29910B94E38A13FC4" style="OLC">
<paragraph id="HB183431B9760413A802C0348A7C90063"><enum>(4)</enum><header>Selection priorities</header><text display-inline="yes-display-inline">In determining which qualifying gasification projects to certify under this section, the Secretary shall—</text>
<subparagraph id="H6A7DD9F55F594A3EB3EFE6535B122F66"><enum>(A)</enum><text>give highest priority to projects with the greatest separation and sequestration percentage of total carbon dioxide emissions, and</text></subparagraph>
<subparagraph id="H4B3DD3A1DB0848818FB554502C9B06DA"><enum>(B)</enum><text>give high priority to applicant participants who have a research partnership with an eligible educational institution (as defined in section 529(e)(5)).</text></subparagraph></paragraph><after-quoted-block>.</after-quoted-block></quoted-block></subsection>
<subsection id="H84231ADD2A794F2A9979A1A483567745"><enum>(e)</enum><header>Effective date</header><text display-inline="yes-display-inline">The amendments made by this section shall apply to credits described in <external-xref legal-doc="usc" parsable-cite="usc/26/48B">section 48B(d)(1)(B)</external-xref> of the Internal Revenue Code of 1986 which are allocated or reallocated after the date of the enactment of this Act.</text></subsection></section>
<section display-inline="no-display-inline" id="H560D4C6CCBB24F06B97377DAD5F5576" section-type="subsequent-section"><enum>113.</enum><header>Temporary increase in coal excise tax</header><text display-inline="no-display-inline">Paragraph (2) of <external-xref legal-doc="usc" parsable-cite="usc/26/4121">section 4121(e)</external-xref> is amended—</text>
<paragraph id="H21C1A9D24A6D43EEB1895252DB002C"><enum>(1)</enum><text>by striking <quote>January 1, 2014</quote> in subparagraph (A) and inserting <quote>December 31, 2018</quote>, and</text></paragraph>
<paragraph id="H8FCDEC25958C43A290A3025092BA70A4"><enum>(2)</enum><text>by striking <quote>January 1 after 1981</quote> in subparagraph (B) and inserting <quote>December 31 after 2007</quote>.</text></paragraph></section>
<section id="H0B5E980D32A24E52994B4D30CA768BCB"><enum>114.</enum><header>Special rules for refund of the coal excise tax to certain coal producers and exporters</header>
<subsection id="HED50A5F68FC543CCB6BCFEDE29CF1938"><enum>(a)</enum><header>Refund</header>
<paragraph id="H2D9773B5F7804DD492FF21C5412F004B"><enum>(1)</enum><header>Coal producers</header>
<subparagraph id="H73C9EA712B704E568B89BFCC81C2871D"><enum>(A)</enum><header>In general</header><text>Notwithstanding subsections (a)(1) and (c) of section 6416 and <external-xref legal-doc="usc" parsable-cite="usc/26/6511">section 6511</external-xref> of the Internal Revenue Code of 1986, if—</text>
<clause id="H95B4050925424C2D8593BF5EEAC4B9F"><enum>(i)</enum><text>a coal producer establishes that such coal producer, or a party related to such coal producer, exported coal produced by such coal producer to a foreign country or shipped coal produced by such coal producer to a possession of the United States, or caused such coal to be exported or shipped, the export or shipment of which was other than through an exporter who meets the requirements of paragraph (2),</text></clause>
<clause id="H459766FB0DDD40F08D428336C62585AA"><enum>(ii)</enum><text>such coal producer filed an excise tax return on or after October 1, 1990, and on or before the date of the enactment of this Act, and</text></clause>
<clause id="H986C9A81BDA043E2A647D1F950AB36F2"><enum>(iii)</enum><text>such coal producer files a claim for refund with the Secretary not later than the close of the 30-day period beginning on the date of the enactment of this Act,</text></clause><continuation-text continuation-text-level="subparagraph">then the Secretary shall pay to such coal producer an amount equal to the tax paid under section 4121 of such Code on such coal exported or shipped by the coal producer or a party related to such coal producer, or caused by the coal producer or a party related to such coal producer to be exported or shipped.</continuation-text></subparagraph>
<subparagraph id="H74DE4BA0E4EE401D94EF61474BA0085D"><enum>(B)</enum><header>Special rules for certain taxpayers</header><text>For purposes of this section—</text>
<clause id="H6809DE09F7C448E89C78DAA0504CCDA"><enum>(i)</enum><header>In general</header><text>If a coal producer or a party related to a coal producer has received a judgment described in clause (iii), such coal producer shall be deemed to have established the export of coal to a foreign country or shipment of coal to a possession of the United States under subparagraph (A)(i).</text></clause>
<clause id="H16C9EF5BCB1D40158B3C665BA25ECAD3"><enum>(ii)</enum><header>Amount of payment</header><text>If a taxpayer described in clause (i) is entitled to a payment under subparagraph (A), the amount of such payment shall be reduced by any amount paid pursuant to the judgment described in clause (iii).</text></clause>
<clause id="H11E208B0CFEF40D0B8D8A7D235A5E183"><enum>(iii)</enum><header>Judgment described</header><text>A judgment is described in this subparagraph if such judgment—</text>
<subclause id="HCA3E664C93E44BFFA9EE36817065F22F"><enum>(I)</enum><text>is made by a court of competent jurisdiction within the United States,</text></subclause>
<subclause id="H8FE2FD862AAA4047AC244FFB247DAB49"><enum>(II)</enum><text>relates to the constitutionality of any tax paid on exported coal under <external-xref legal-doc="usc" parsable-cite="usc/26/4121">section 4121</external-xref> of the Internal Revenue Code of 1986, and</text></subclause>
<subclause id="HDD43A1ABE46C492EA6CFDD99F987E265"><enum>(III)</enum><text>is in favor of the coal producer or the party related to the coal producer.</text></subclause></clause></subparagraph></paragraph>
<paragraph id="H2D6FA55842CB4661B4C81EE9EC8C9C33"><enum>(2)</enum><header>Exporters</header><text>Notwithstanding subsections (a)(1) and (c) of section 6416 and <external-xref legal-doc="usc" parsable-cite="usc/26/6511">section 6511</external-xref> of the Internal Revenue Code of 1986, and a judgment described in paragraph (1)(B)(iii) of this subsection, if—</text>
<subparagraph id="H20F89DB567364D0AA71E5CE3A1526E62"><enum>(A)</enum><text>an exporter establishes that such exporter exported coal to a foreign country or shipped coal to a possession of the United States, or caused such coal to be so exported or shipped,</text></subparagraph>
<subparagraph id="HF64EA12C95344FF883199C36DB8FD107"><enum>(B)</enum><text>such exporter filed a tax return on or after October 1, 1990, and on or before the date of the enactment of this Act, and</text></subparagraph>
<subparagraph id="HA423212315F6466B8E5883B200B4D0BB"><enum>(C)</enum><text>such exporter files a claim for refund with the Secretary not later than the close of the 30-day period beginning on the date of the enactment of this Act,</text></subparagraph><continuation-text continuation-text-level="paragraph">then the Secretary shall pay to such exporter an amount equal to $0.825 per ton of such coal exported by the exporter or caused to be exported or shipped, or caused to be exported or shipped, by the exporter.</continuation-text></paragraph></subsection>
<subsection id="HE26B8F91BEC942CABAE67C6B3495CED"><enum>(b)</enum><header>Limitations</header><text>Subsection (a) shall not apply with respect to exported coal if a settlement with the Federal Government has been made with and accepted by, the coal producer, a party related to such coal producer, or the exporter, of such coal, as of the date that the claim is filed under this section with respect to such exported coal. For purposes of this subsection, the term <term>settlement with the Federal Government</term> shall not include any settlement or stipulation entered into as of the date of the enactment of this Act, the terms of which contemplate a judgment concerning which any party has reserved the right to file an appeal, or has filed an appeal.</text></subsection>
<subsection id="HB899C9CB78F749A9A763D1E948001203"><enum>(c)</enum><header>Subsequent refund prohibited</header><text>No refund shall be made under this section to the extent that a credit or refund of such tax on such exported or shipped coal has been paid to any person.</text></subsection>
<subsection id="HBF18C2E5AFAE409A9E63D1E221F70000"><enum>(d)</enum><header>Definitions</header><text>For purposes of this section—</text>
<paragraph id="HCBF69148019E415A8EC0EBF6FEE3858F"><enum>(1)</enum><header>Coal producer</header><text>The term <term>coal producer</term> means the person in whom is vested ownership of the coal immediately after the coal is severed from the ground, without regard to the existence of any contractual arrangement for the sale or other disposition of the coal or the payment of any royalties between the producer and third parties. The term includes any person who extracts coal from coal waste refuse piles or from the silt waste product which results from the wet washing (or similar processing) of coal.</text></paragraph>
<paragraph id="HB0FDB6D9EF0346C9BEE0714855C17EE5"><enum>(2)</enum><header>Exporter</header><text>The term <term>exporter</term> means a person, other than a coal producer, who does not have a contract, fee arrangement, or any other agreement with a producer or seller of such coal to export or ship such coal to a third party on behalf of the producer or seller of such coal and—</text>
<subparagraph id="H3F8FB75D70F441C89943E2F23589F329"><enum>(A)</enum><text>is indicated in the shipper’s export declaration or other documentation as the exporter of record, or</text></subparagraph>
<subparagraph id="HD89C78B02A354B57A4ACB494E970E4E7"><enum>(B)</enum><text>actually exported such coal to a foreign country or shipped such coal to a possession of the United States, or caused such coal to be so exported or shipped.</text></subparagraph></paragraph>
<paragraph id="HC162528E915C46268B583E739CA32E27"><enum>(3)</enum><header>Related party</header><text>The term <term>a party related to such coal producer</term> means a person who—</text>
<subparagraph id="HDB81541971684DCC8772C85BF8840000"><enum>(A)</enum><text>is related to such coal producer through any degree of common management, stock ownership, or voting control,</text></subparagraph>
<subparagraph id="H79683DFAA40B43E49897B32C2E299DEF"><enum>(B)</enum><text>is related (within the meaning of <external-xref legal-doc="usc" parsable-cite="usc/26/144">section 144(a)(3)</external-xref> of the Internal Revenue Code of 1986) to such coal producer, or</text></subparagraph>
<subparagraph id="HAC9D53CD65A94C87B1D3A87F2CFDA0B9"><enum>(C)</enum><text>has a contract, fee arrangement, or any other agreement with such coal producer to sell such coal to a third party on behalf of such coal producer.</text></subparagraph></paragraph>
<paragraph id="HAC626843EB634A5FAD527792DC89DF3C"><enum>(4)</enum><header>Secretary</header><text>The term <term>Secretary</term> means the Secretary of Treasury or the Secretary's designee.</text></paragraph></subsection>
<subsection id="H9233D8D84773479A870040E166F2BE14"><enum>(e)</enum><header>Timing of refund</header><text>With respect to any claim for refund filed pursuant to this section, the Secretary shall determine whether the requirements of this section are met not later than 180 days after such claim is filed. If the Secretary determines that the requirements of this section are met, the claim for refund shall be paid not later than 180 days after the Secretary makes such determination.</text></subsection>
<subsection id="HCE36986CA6E841059804C71DD3273462"><enum>(f)</enum><header>Interest</header><text>Any refund paid pursuant to this section shall be paid by the Secretary with interest from the date of overpayment determined by using the overpayment rate and method under <external-xref legal-doc="usc" parsable-cite="usc/26/6621">section 6621</external-xref> of the Internal Revenue Code of 1986.</text></subsection>
<subsection id="H3B73B5731B004681A93EC1A3A41D7C5B"><enum>(g)</enum><header>Denial of double benefit</header><text>The payment under subsection (a) with respect to any coal shall not exceed—</text>
<paragraph id="H7B65AE16F24340A58302E50000103687"><enum>(1)</enum><text>in the case of a payment to a coal producer, the amount of tax paid under <external-xref legal-doc="usc" parsable-cite="usc/26/4121">section 4121</external-xref> of the Internal Revenue Code of 1986 with respect to such coal by such coal producer or a party related to such coal producer, and</text></paragraph>
<paragraph id="HCBABCE273E0447B88B24D700D852D8C2"><enum>(2)</enum><text>in the case of a payment to an exporter, an amount equal to $0.825 per ton with respect to such coal exported by the exporter or caused to be exported by the exporter.</text></paragraph></subsection>
<subsection commented="no" display-inline="no-display-inline" id="H1BE23F2BB48F4F6E8CC99E75E1C70AA"><enum>(h)</enum><header display-inline="yes-display-inline">Application of section</header><text display-inline="yes-display-inline">This section applies only to claims on coal exported or shipped on or after October 1, 1990, through the date of the enactment of this Act.</text></subsection> </section>
<section display-inline="no-display-inline" id="H43B860E2B69A4F0DB000A552FA009083" section-type="subsequent-section"><enum>115.</enum><header>Carbon audit of the tax code</header>
<subsection id="HDBE14DF2D2C44428BFF63C8095EF9F31"><enum>(a)</enum><header>Study</header><text display-inline="yes-display-inline">The Secretary of the Treasury shall enter into an agreement with the National Academy of Sciences to undertake a comprehensive review of the Internal Revenue Code of 1986 to identify the types of and specific tax provisions that have the largest effects on carbon and other greenhouse gas emissions and to estimate the magnitude of those effects.</text></subsection>
<subsection id="H9405411FE26F4672ACB69C00ADF13940"><enum>(b)</enum><header>Report</header><text display-inline="yes-display-inline">Not later than 2 years after the date of enactment of this Act, the National Academy of Sciences shall submit to Congress a report containing the results of study authorized under this section.</text></subsection>
<subsection id="H1BB1B48929AF4C24B0C714502BD271FA"><enum>(c)</enum><header>Authorization of appropriations</header><text>There is authorized to be appropriated to carry out this section $1,500,000 for the period of fiscal years 2009 and 2010.</text></subsection></section></part></subtitle>
<subtitle id="H2CA2FE92F90B49478300F89D78426E1E"><enum>B</enum><header>Transportation and domestic fuel security provisions</header>
<section id="H9750B9E16BFC4F0BA8215619862BD631"><enum>121.</enum><header>Inclusion of cellulosic biofuel in bonus depreciation for biomass ethanol plant property</header>
<subsection id="H859DD9DA352546E58BECCAAB397EA08E"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">Paragraph (3) of <external-xref legal-doc="usc" parsable-cite="usc/26/168">section 168(l)</external-xref> is amended to read as follows:</text>
<quoted-block display-inline="no-display-inline" id="HD3D3CB325FDA4A53BA01246EC7E25182" style="OLC">
<paragraph id="H2956EDCC00AD4EC797521695923950BF"><enum>(3)</enum><header>Cellulosic biofuel</header><text display-inline="yes-display-inline">The term <term>cellulosic biofuel</term> means any liquid fuel which is produced from any lignocellulosic or hemicellulosic matter that is available on a renewable or recurring basis.</text></paragraph><after-quoted-block>.</after-quoted-block></quoted-block></subsection>
<subsection id="H99A036AD99D1409DAECBE559DB4E0033"><enum>(b)</enum><header>Conforming amendments</header><text display-inline="yes-display-inline">Subsection (l) of <external-xref legal-doc="usc" parsable-cite="usc/26/168">section 168</external-xref> is amended—</text>
<paragraph id="H9767ED1CCA124626B09CF75587829922"><enum>(1)</enum><text display-inline="yes-display-inline">by striking <quote>cellulosic biomass ethanol</quote> each place it appears and inserting <quote>cellulosic biofuel</quote>,</text></paragraph>
<paragraph id="HD38404BD943A4165822B5B7E50053049"><enum>(2)</enum><text>by striking <quote><header-in-text level="subsection" style="OLC">cellulosic biomass ethanol</header-in-text></quote> in the heading of such subsection and inserting <quote><header-in-text level="subsection" style="OLC">cellulosic biofuel</header-in-text></quote>, and</text></paragraph>
<paragraph id="H9633A9561A07405D98D2565D00C71894"><enum>(3)</enum><text display-inline="yes-display-inline">by striking <quote><header-in-text level="paragraph" style="OLC">cellulosic biomass ethanol</header-in-text></quote> in the heading of paragraph (2) thereof and inserting <quote><header-in-text level="paragraph" style="OLC">cellulosic biofuel</header-in-text></quote>.</text></paragraph></subsection>
<subsection id="H70469D41C5C3482080E5C81C17E1E3E4"><enum>(c)</enum><header>Effective date</header><text>The amendments made by this section shall apply to property placed in service after the date of the enactment of this Act, in taxable years ending after such date.</text></subsection></section>
<section display-inline="no-display-inline" id="HBD36D3E59A834B4EB95DFA010766489F" section-type="subsequent-section"><enum>122.</enum><header>Credits for biodiesel and renewable diesel</header>
<subsection id="HCB26CDEF4C2E40488F42319E7EA19000"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">Sections 40A(g), 6426(c)(6), and 6427(e)(5)(B) are each amended by striking <quote>December 31, 2008</quote> and inserting <quote>December 31, 2009</quote>.</text></subsection>
<subsection id="HF5B588CD14B74145A5CD19FAB9BB8346"><enum>(b)</enum><header>Increase in rate of credit</header>
<paragraph id="HFE7ACE5CF6AD434FBA324BCD07303456"><enum>(1)</enum><header>Income tax credit</header><text>Paragraphs (1)(A) and (2)(A) of section 40A(b) are each amended by striking <quote>50 cents</quote> and inserting <quote>$1.00</quote>.</text></paragraph>
<paragraph id="H2F741F6477614D95916EE51FD3A14D31"><enum>(2)</enum><header>Excise tax credit</header><text>Paragraph (2) of <external-xref legal-doc="usc" parsable-cite="usc/26/6426">section 6426(c)</external-xref> is amended to read as follows:</text>
<quoted-block display-inline="no-display-inline" id="HF50EB3D91DAD4CB7B85F784DD014DC9" style="OLC">
<paragraph id="HD4CE55C6E563412F85A469086218DC40"><enum>(2)</enum><header>Applicable amount</header><text display-inline="yes-display-inline">For purposes of this subsection, the applicable amount is $1.00.</text></paragraph><after-quoted-block>.</after-quoted-block></quoted-block></paragraph>
<paragraph id="H77CA9AAF0F8F41F5929BF6ADA2ED131C"><enum>(3)</enum><header>Conforming amendments</header>
<subparagraph id="HC0776E3C05154040AFBA4680BFD6F839"><enum>(A)</enum><text display-inline="yes-display-inline">Subsection (b) of <external-xref legal-doc="usc" parsable-cite="usc/26/40A">section 40A</external-xref> is amended by striking paragraph (3) and by redesignating paragraphs (4) and (5) as paragraphs (3) and (4), respectively.</text></subparagraph>
<subparagraph id="HAAB00B01BA7E4574A800D9A63923D0B7"><enum>(B)</enum><text>Paragraph (2) of <external-xref legal-doc="usc" parsable-cite="usc/26/40A">section 40A(f)</external-xref> is amended to read as follows:</text>
<quoted-block display-inline="no-display-inline" id="HAD0C9BC3625549C9A038634BD063976C" style="OLC">
<paragraph id="HD499068573704F258308F7D74E8884C6"><enum>(2)</enum><header>Exception</header><text display-inline="yes-display-inline">Subsection (b)(4) shall not apply with respect to renewable diesel.</text></paragraph><after-quoted-block>.</after-quoted-block></quoted-block></subparagraph>
<subparagraph id="H790E6B4CB0B8455EBE11F1FF98D612C7"><enum>(C)</enum><text>Paragraphs (2) and (3) of section 40A(e) are each amended by striking <quote>subsection (b)(5)(C)</quote> and inserting <quote>subsection (b)(4)(C)</quote>.</text></subparagraph>
<subparagraph id="H1BE77423EF6B44B896942EA6B043FAF8"><enum>(D)</enum><text>Clause (ii) of <external-xref legal-doc="usc" parsable-cite="usc/26/40A">section 40A(d)(3)(C)</external-xref> is amended by striking <quote>subsection (b)(5)(B)</quote> and inserting <quote>subsection (b)(4)(B)</quote>.</text></subparagraph></paragraph></subsection>
<subsection id="HEA2A9252603B498AAD9E29DACFDF06C9"><enum>(c)</enum><header>Uniform treatment of diesel produced from biomass</header><text>Paragraph (3) of <external-xref legal-doc="usc" parsable-cite="usc/26/40A">section 40A(f)</external-xref> is amended—</text>
<paragraph id="H76646A8B05E2452BA1AED5FB4B027FF6"><enum>(1)</enum><text>by striking <quote>diesel fuel</quote> and inserting <quote>liquid fuel</quote>,</text></paragraph>
<paragraph id="H0A7CAA2BF7AA4288AA49721D532C0110"><enum>(2)</enum><text>by striking <quote>using a thermal depolymerization process</quote>, and</text></paragraph>
<paragraph id="HE682A7FFA0224217BBF0A4F1AD1757B2"><enum>(3)</enum><text>by striking <quote>or D396</quote> in subparagraph (B) and inserting <quote>, D396, or other equivalent standard approved by the Secretary</quote>.</text></paragraph></subsection>
<subsection display-inline="no-display-inline" id="HA3FCAA799E03405AB6F7E7BD5567187"><enum>(d)</enum><header>Coproduction of renewable diesel with petroleum feedstock</header>
<paragraph id="H8D61A14C1D37405AB6D8674F25AB23E3"><enum>(1)</enum><header>In general</header><text>Paragraph (3) of section 40A(f) (defining renewable diesel) is amended by adding at the end the following flush sentence:</text>
<quoted-block display-inline="no-display-inline" id="HD91AD2DEAB64495A9935DE281440A872" style="OLC">
<quoted-block-continuation-text quoted-block-continuation-text-level="paragraph">Such term does not include any fuel derived from coprocessing biomass with a feedstock which is not biomass. For purposes of this paragraph, the term <term>biomass</term> has the meaning given such term by section 45K(c)(3).</quoted-block-continuation-text><after-quoted-block>.</after-quoted-block></quoted-block></paragraph>
<paragraph id="H824C9D583F714105909FD565ADDCAE8B"><enum>(2)</enum><header>Conforming amendment</header><text>Paragraph (3) of <external-xref legal-doc="usc" parsable-cite="usc/26/40A">section 40A(f)</external-xref> is amended by striking <quote>(as defined in section 45K(c)(3))</quote>.</text></paragraph></subsection>
<subsection commented="no" display-inline="no-display-inline" id="H37CC8D1259A64822842E08FF55DC5E8B"><enum>(e)</enum><header>Eligibility of certain aviation fuel</header><text>Subsection (f) of section 40A (relating to renewable diesel) is amended by adding at the end the following new paragraph:</text>
<quoted-block display-inline="no-display-inline" id="HFBE1593E367C49F68D2FAFE396A1EFAC" style="OLC">
<paragraph id="H0863B9B02FEA4FB687DDDE0260C2FFA"><enum>(4)</enum><header>Certain aviation fuel</header>
<subparagraph id="HDF6000ED74EE49C48583D800E6B1CCD4"><enum>(A)</enum><header>In general</header><text>Except as provided in the last three sentences of paragraph (3), the term <quote>renewable diesel</quote> shall include fuel derived from biomass which meets the requirements of a Department of Defense specification for military jet fuel or an American Society of Testing and Materials specification for aviation turbine fuel.</text></subparagraph>
<subparagraph id="H8AC5E52E3DE548F5AEEA00CE1E3086B6"><enum>(B)</enum><header>Application of mixture credits</header><text>In the case of fuel which is treated as renewable diesel solely by reason of subparagraph (A), subsection (b)(1) and section 6426(c) shall be applied with respect to such fuel by treating kerosene as though it were diesel fuel.</text></subparagraph></paragraph><after-quoted-block>.</after-quoted-block></quoted-block></subsection>
<subsection id="HB5AC9641A96A4DCC928F8144E906FCAA"><enum>(f)</enum><header>Effective date</header>
<paragraph id="HAEFAC5017E1D402E9B6BF6002B9E2B76"><enum>(1)</enum><header>In general</header><text display-inline="yes-display-inline">Except as otherwise provided in this subsection, the amendments made by this section shall apply to fuel produced, and sold or used, after December 31, 2008.</text></paragraph>
<paragraph id="HBF1045E960954358868359231DFAC2B8"><enum>(2)</enum><header>Coproduction of renewable diesel with petroleum feedstock</header><text>The amendments made by subsection (c) shall apply to fuel produced, and sold or used, after February 13, 2008.</text></paragraph></subsection></section>
<section display-inline="no-display-inline" id="HA7E2A54374484ACB8C2B6E95106086DE" section-type="subsequent-section"><enum>123.</enum><header>Clarification that credits for fuel are designed to provide an incentive for United States production</header>
<subsection commented="no" display-inline="no-display-inline" id="HB2509F6D29914EBAA924AE87613593D7"><enum>(a)</enum><header>Alcohol fuels credit</header><text>Subsection (d) of <external-xref legal-doc="usc" parsable-cite="usc/26/40">section 40</external-xref> is amended by adding at the end the following new paragraph:</text>
<quoted-block display-inline="no-display-inline" id="H772ADE84AD26491BBF25711F70DA7528" style="OLC">
<paragraph commented="no" id="HBDC502A72BCB4C90837182CCC95700A2"><enum>(7)</enum><header>Limitation to alcohol with connection to the United States</header><text display-inline="yes-display-inline">No credit shall be determined under this section with respect to any alcohol which is produced outside the United States for use as a fuel outside the United States. For purposes of this paragraph, the term <term>United States</term> includes any possession of the United States.</text></paragraph><after-quoted-block>.</after-quoted-block></quoted-block></subsection>
<subsection id="H5A32BE6AD2054ADEB77F8732F15FF00"><enum>(b)</enum><header>Biodiesel fuels credit</header><text>Subsection (d) of <external-xref legal-doc="usc" parsable-cite="usc/26/40A">section 40A</external-xref> is amended by adding at the end the following new paragraph:</text>
<quoted-block display-inline="no-display-inline" id="H165BEB2B82EA42AE95291EA800ABD8CF" style="OLC">
<paragraph commented="no" id="H15120492694A477DBADDA632F0E4D262"><enum>(5)</enum><header>Limitation to biodiesel with connection to the United States</header><text display-inline="yes-display-inline">No credit shall be determined under this section with respect to any biodiesel which is produced outside the United States for use as a fuel outside the United States. For purposes of this paragraph, the term <term>United States</term> includes any possession of the United States.</text></paragraph><after-quoted-block>.</after-quoted-block></quoted-block></subsection>
<subsection commented="no" display-inline="no-display-inline" id="H0AC0A8437F68470FA9A4F44702B5676E"><enum>(c)</enum><header>Excise tax credit</header>
<paragraph id="HD0917D8CA15440A48BDB6BBCCE3E1F7F"><enum>(1)</enum><header>In general</header><text><external-xref legal-doc="usc" parsable-cite="usc/26/6426">Section 6426</external-xref> is amended by adding at the end the following new subsection:</text>
<quoted-block display-inline="no-display-inline" id="H7CB1D627ECEF4C35B4996890705BA770" style="OLC">
<subsection commented="no" id="HAEA752B51F6E4F62A4129EC6B6212743"><enum>(i)</enum><header>Limitation to fuels with connection to the United States</header>
<paragraph id="HCC1A3AA174E14DA4B857D1FE41D6800"><enum>(1)</enum><header>Alcohol</header><text display-inline="yes-display-inline">No credit shall be determined under this section with respect to any alcohol which is produced outside the United States for use as a fuel outside the United States.</text></paragraph>
<paragraph id="H8F84F52864FB474E89291308402E2D55"><enum>(2)</enum><header>Biodiesel and alternative fuels</header><text display-inline="yes-display-inline">No credit shall be determined under this section with respect to any biodiesel or alternative fuel which is produced outside the United States for use as a fuel outside the United States.</text></paragraph><continuation-text continuation-text-level="subsection">For purposes of this subsection, the term <term>United States</term> includes any possession of the United States.</continuation-text></subsection><after-quoted-block>.</after-quoted-block></quoted-block></paragraph>
<paragraph commented="no" id="H2959DC3D6D004FE1BC8C28915DC3ADFE"><enum>(2)</enum><header>Conforming amendment</header><text>Subsection (e) of <external-xref legal-doc="usc" parsable-cite="usc/26/6427">section 6427</external-xref> is amended by redesignating paragraph (5) as paragraph (6) and by inserting after paragraph (4) the following new paragraph:</text>
<quoted-block display-inline="no-display-inline" id="HDA997951067E4CEB99C3154C1837F4E1" style="OLC">
<paragraph commented="no" id="H459C4210A1A6401FAA904E3851188BBA"><enum>(5)</enum><header>Limitation to fuels with connection to the United States</header><text>No amount shall be payable under paragraph (1) or (2) with respect to any mixture or alternative fuel if credit is not allowed with respect to such mixture or alternative fuel by reason of section 6426(i).</text></paragraph><after-quoted-block>.</after-quoted-block></quoted-block></paragraph></subsection>
<subsection commented="no" id="HEE8ADD34F3FA48618147FAEDEA294EDA"><enum>(d)</enum><header>Effective date</header><text display-inline="yes-display-inline">The amendments made by this section shall apply to claims for credit or payment made on or after May 15, 2008.</text></subsection></section>
<section display-inline="no-display-inline" id="H9F040657001346F9B42100589492E341" section-type="subsequent-section"><enum>124.</enum><header>Credit for new qualified plug-in electric drive motor vehicles</header>
<subsection id="H406FC81E97AA4008003253F154001371"><enum>(a)</enum><header>In general</header><text><external-xref legal-doc="usc" parsable-cite="usc/26/30">Section 30</external-xref> is amended to read as follows:</text>
<quoted-block id="H6596B9F43A9D4BD998D9A963BAE4B80">
<section id="H485EE26B41494FC2AB6339F113BB00BC"><enum>30.</enum><header>New qualified plug-in electric drive motor vehicles</header>
<subsection id="H20BF43D1889F446E8CEE1739CEFF2EE"><enum>(a)</enum><header>Allowance of credit</header><text>There shall be allowed as a credit against the tax imposed by this chapter for the taxable year an amount equal to the sum of the credit amounts determined under subsection (b) with respect to each new qualified plug-in electric drive motor vehicle placed in service by the taxpayer during the taxable year.</text></subsection>
<subsection id="H20A06F8DCD9041268D705CA527C95D8"><enum>(b)</enum><header>Per vehicle dollar limitation</header>
<paragraph id="H5EFE8FF342CC4AAFB7B36E6EB26DA781"><enum>(1)</enum><header>In general</header><text display-inline="yes-display-inline">The amount determined under this subsection with respect to any new qualified plug-in electric drive motor vehicle is the sum of the amounts determined under paragraphs (2) and (3) with respect to such vehicle.</text></paragraph>
<paragraph id="H3D48CF6E72764DE799AF898191CCF436"><enum>(2)</enum><header>Base amount</header><text>The amount determined under this paragraph is $3,000.</text></paragraph>
<paragraph id="HB7C922ED833547A480F5540881CB88"><enum>(3)</enum><header>Battery capacity</header><text display-inline="yes-display-inline">In the case of a vehicle which draws propulsion energy from a battery with not less than 5 kilowatt hours of capacity, the amount determined under this paragraph is $200, plus $200 for each kilowatt hour of capacity in excess of 5 kilowatt hours. The amount determined under this paragraph shall not exceed $2,000.</text></paragraph></subsection>
<subsection display-inline="no-display-inline" id="H50DC6801E2414A279F945F945027B1A4"><enum>(c)</enum><header>Application with other credits</header>
<paragraph commented="no" id="H99BD7EFA52E842B9B12FC5D338CA05AA"><enum>(1)</enum><header>Business credit treated as part of general business credit</header><text display-inline="yes-display-inline">So much of the credit which would be allowed under subsection (a) for any taxable year (determined without regard to this subsection) that is attributable to property of a character subject to an allowance for depreciation shall be treated as a credit listed in section 38(b) for such taxable year (and not allowed under subsection (a)).</text></paragraph>
<paragraph id="H0208A1DF734743B3977E162262C585BC"><enum>(2)</enum><header>Personal credit</header>
<subparagraph id="HB20C3135914946ABAB31265DAC4293CE"><enum>(A)</enum><header>In general</header><text>For purposes of this title, the credit allowed under subsection (a) for any taxable year (determined after application of paragraph (1)) shall be treated as a credit allowable under subpart A for such taxable year.</text></subparagraph>
<subparagraph id="H75C03EEB15F9434194ACF4B900CF1BD5"><enum>(B)</enum><header>Limitation based on amount of tax</header><text>In the case of a taxable year to which section 26(a)(2) does not apply, the credit allowed under subsection (a) for any taxable year (determined after application of paragraph (1)) shall not exceed the excess of—</text>
<clause id="H4D1A450B7AC6430FA89C1F07BE9B11D3"><enum>(i)</enum><text>the sum of the regular tax liability (as defined in section 26(b)) plus the tax imposed by section 55, over</text></clause>
<clause id="HB2E8642121A0403E97D76977DBEFB08"><enum>(ii)</enum><text>the sum of the credits allowable under subpart A (other than this section and sections 23 and 25D) and section 27 for the taxable year.</text></clause></subparagraph></paragraph></subsection>
<subsection display-inline="no-display-inline" id="HD6D15F0D4C9D486ABAACA700A9293949"><enum>(d)</enum><header>New qualified plug-In electric drive motor vehicle</header><text>For purposes of this section—</text>
<paragraph commented="no" display-inline="no-display-inline" id="H2DA76073366F42E684DAE6926C69C5E7"><enum>(1)</enum><header>In general</header><text display-inline="yes-display-inline">The term <term>new qualified plug-in electric drive motor vehicle</term> means a motor vehicle—</text>
<subparagraph id="H3C3CCEECBAC34DEBBFAF52CFC1CF83F6"><enum>(A)</enum><text>the original use of which commences with the taxpayer,</text></subparagraph>
<subparagraph id="H3DF314AFE7D7451AB42DA9AE0251519"><enum>(B)</enum><text>which is acquired for use or lease by the taxpayer and not for resale,</text></subparagraph>
<subparagraph id="H6771B941B3F444D3A1ACE6EED4635B1"><enum>(C)</enum><text>which is made by a manufacturer,</text></subparagraph>
<subparagraph id="H97BE2987BEB8435FB5B9CF5121488F1B"><enum>(D)</enum><text display-inline="yes-display-inline">which has a gross vehicle weight rating of less than 14,000 pounds,</text></subparagraph>
<subparagraph id="HA6E17EF2779E4B478BEE61C2570816BC"><enum>(E)</enum><text display-inline="yes-display-inline">which has received a certificate of conformity under the Clean Air Act and meets or exceeds the Bin 5 Tier II emission standard established in regulations prescribed by the Administrator of the Environmental Protection Agency under section 202(i) of the Clean Air Act for that make and model year vehicle, and</text></subparagraph>
<subparagraph id="H8BA41E5385C341D198BAD9C4F1C000E9"><enum>(F)</enum><text>which is propelled to a significant extent by an electric motor which draws electricity from a battery which—</text>
<clause id="H2F57AC5E326E445CB48DE904333F3745"><enum>(i)</enum><text>has a capacity of not less than 4 kilowatt hours, and</text></clause>
<clause id="H1EC5B6A4746B4A3EABA9D1DC91931700"><enum>(ii)</enum><text>is capable of being recharged from an external source of electricity.</text></clause></subparagraph></paragraph>
<paragraph id="H1F4E626E0DF2455D8E765FE523FE3700"><enum>(2)</enum><header>Exception</header><text display-inline="yes-display-inline">The term <term>new qualified plug-in electric drive motor vehicle</term> shall not include any vehicle which is not a passenger automobile or light truck if such vehicle has a gross vehicle weight rating of less than 8,500 pounds.</text></paragraph>
<paragraph id="HB7FDF487A0AB4A6CA5ED551D9BEBF1D1"><enum>(3)</enum><header>Motor vehicle</header><text>The term <quote>motor vehicle</quote> means any vehicle which is manufactured primarily for use on public streets, roads, and highways (not including a vehicle operated exclusively on a rail or rails) and which has at least 4 wheels.</text></paragraph>
<paragraph id="H12038C10A86A4B07B807748BB2A7AA39"><enum>(4)</enum><header>Other terms</header><text display-inline="yes-display-inline">The terms <term>passenger automobile</term>, <term>light truck</term>, and <term>manufacturer</term> have the meanings given such terms in regulations prescribed by the Administrator of the Environmental Protection Agency for purposes of the administration of title II of the Clean Air Act (<external-xref legal-doc="usc" parsable-cite="usc/42/7521">42 U.S.C. 7521 et seq.</external-xref>).</text></paragraph>
<paragraph id="H4A4FD607C8124A0A83E900C3AB64CEF6"><enum>(5)</enum><header>Battery capacity</header><text display-inline="yes-display-inline">The term <term>capacity</term> means, with respect to any battery, the quantity of electricity which the battery is capable of storing, expressed in kilowatt hours, as measured from a 100 percent state of charge to a 0 percent state of charge.</text></paragraph></subsection>
<subsection display-inline="no-display-inline" id="H4E5A103BA6F248FDA9D1F8800DADE17"><enum>(e)</enum><header>Limitation on number of new qualified plug-In electric drive motor vehicles eligible for credit</header>
<paragraph id="H59035FB09DF14B7DB9C4B0051E1CA03"><enum>(1)</enum><header>In general</header><text>In the case of a new qualified plug-in electric drive motor vehicle sold during the phaseout period, only the applicable percentage of the credit otherwise allowable under subsection (a) shall be allowed.</text></paragraph>
<paragraph id="H235AB962B3164A21A2ED9B3071ABB3E9"><enum>(2)</enum><header>Phaseout period</header><text display-inline="yes-display-inline">For purposes of this subsection, the phaseout period is the period beginning with the second calendar quarter following the calendar quarter which includes the first date on which the number of new qualified plug-in electric drive motor vehicles manufactured by the manufacturer of the vehicle referred to in paragraph (1) sold for use in the United States after the date of the enactment of this section, is at least 60,000.</text></paragraph>
<paragraph id="H8F107D712B184E1DB656D332C22C8400"><enum>(3)</enum><header>Applicable percentage</header><text display-inline="yes-display-inline">For purposes of paragraph (1), the applicable percentage is—</text>
<subparagraph id="H05D866E722E04BE8A2820039F1E60527"><enum>(A)</enum><text>50 percent for the first 2 calendar quarters of the phaseout period,</text></subparagraph>
<subparagraph id="H8202EF09D1DC416AA4D8089E5044F57E"><enum>(B)</enum><text>25 percent for the 3d and 4th calendar quarters of the phaseout period, and</text></subparagraph>
<subparagraph id="H1C35257375504EE4008EAA44CD67004D"><enum>(C)</enum><text>0 percent for each calendar quarter thereafter.</text></subparagraph></paragraph>
<paragraph id="HD7662C0C0619479C8FE67EF7F09B144"><enum>(4)</enum><header>Controlled groups</header><text>Rules similar to the rules of section 30B(f)(4) shall apply for purposes of this subsection.</text></paragraph></subsection>
<subsection display-inline="no-display-inline" id="H51FA15942840469D889C53E188F3721E"><enum>(f)</enum><header>Special rules</header>
<paragraph id="H87A99B50868241DCA9F48783996EB21E"><enum>(1)</enum><header>Basis reduction</header><text>The basis of any property for which a credit is allowable under subsection (a) shall be reduced by the amount of such credit (determined without regard to subsection (c)).</text></paragraph>
<paragraph id="HBF1A16C398BA449FB6426049655689ED"><enum>(2)</enum><header>Recapture</header><text>The Secretary shall, by regulations, provide for recapturing the benefit of any credit allowable under subsection (a) with respect to any property which ceases to be property eligible for such credit.</text></paragraph>
<paragraph id="HB3B691E5CD524BCBBC25A287139BED3E"><enum>(3)</enum><header>Property used outside United States, etc., not qualified</header><text>No credit shall be allowed under subsection (a) with respect to any property referred to in section 50(b)(1) or with respect to the portion of the cost of any property taken into account under section 179.</text></paragraph>
<paragraph id="H2E0D764AC1D54732B1535ED95144D978"><enum>(4)</enum><header>Election not to take credit</header><text>No credit shall be allowed under subsection (a) for any vehicle if the taxpayer elects to not have this section apply to such vehicle.</text></paragraph>
<paragraph id="HA2D40F91F79A4DD1A5BBE43ED5AD37B9"><enum>(5)</enum><header>Property used by tax-exempt entity; interaction with air quality and motor vehicle safety standards</header><text>Rules similar to the rules of paragraphs (6) and (10) of section 30B(h) shall apply for purposes of this section.</text></paragraph></subsection></section><after-quoted-block>.</after-quoted-block></quoted-block></subsection>
<subsection display-inline="no-display-inline" id="HC34EE24A510A43AA9192799110FB3796"><enum>(b)</enum><header>Coordination with alternative motor vehicle credit</header><text><external-xref legal-doc="usc" parsable-cite="usc/26/30B">Section 30B(d)(3)</external-xref> is amended by adding at the end the following new subparagraph:</text>
<quoted-block display-inline="no-display-inline" id="HB8F1371BFF5143ED83CB70C4A763A91D" style="OLC">
<subparagraph id="H590AA46E5B5E4918B98FB9E4CA7D9EE3"><enum>(D)</enum><header>Exclusion of plug-in vehicles</header><text>Any vehicle with respect to which a credit is allowable under section 30 (determined without regard to subsection (c) thereof) shall not be taken into account under this section.</text></subparagraph><after-quoted-block>.</after-quoted-block></quoted-block></subsection>
<subsection commented="no" display-inline="no-display-inline" id="HD4DBB97215C7407E99A4BE8904093847"><enum>(c)</enum><header>Credit made part of general business credit</header><text display-inline="yes-display-inline"><external-xref legal-doc="usc" parsable-cite="usc/26/38">Section 38(b)</external-xref> is amended by striking <quote>plus</quote> at the end of paragraph (32), by striking the period at the end of paragraph (33) and inserting ‘‘, plus’’, and by adding at the end the following new paragraph:</text>
<quoted-block display-inline="no-display-inline" id="HB57C61CD405B41FE8CEFD31C5F3FDB00" style="OLC">
<paragraph commented="no" id="HABCA1868CA4C448E95585500CB8472B"><enum>(34)</enum><text display-inline="yes-display-inline">the portion of the new qualified plug-in electric drive motor vehicle credit to which section 30(c)(1) applies.</text></paragraph><after-quoted-block>.</after-quoted-block></quoted-block></subsection>
<subsection display-inline="no-display-inline" id="HAC6313F397F74C32882257BE51987948"><enum>(d)</enum><header>Conforming amendments</header>
<paragraph id="HCE78F1A100414A7CB490E1F039EE927E"><enum>(1)</enum>
<subparagraph commented="no" display-inline="yes-display-inline" id="HB2D9400805FB4AACACB5BD43F74CC038"><enum>(A)</enum><text>Section 24(b)(3)(B), as amended by <external-xref legal-doc="usc" parsable-cite="usc/26/104">section 104,</external-xref> is amended by striking <quote>and 25D</quote> and inserting <quote>25D, and 30</quote>.</text></subparagraph>
<subparagraph id="H2EF2793ADA0C4581BE05DEB805C1FE88" indent="up1"><enum>(B)</enum><text><external-xref legal-doc="usc" parsable-cite="usc/26/25">Section 25(e)(1)(C)(ii)</external-xref> is amended by inserting <quote>30,</quote> after <quote>25D,</quote>.</text></subparagraph>
<subparagraph id="HCC8DB61B72984EB89C7F8C35B9C0C347" indent="up1"><enum>(C)</enum><text>Section 25B(g)(2), as amended by <external-xref legal-doc="usc" parsable-cite="usc/26/104">section 104,</external-xref> is amended by striking <quote>and 25D</quote> and inserting <quote>, 25D, and 30</quote>.</text></subparagraph>
<subparagraph id="H5DDE460DFC32403F84B6A081C7B1BB20" indent="up1"><enum>(D)</enum><text>Section 26(a)(1), as amended by <external-xref legal-doc="usc" parsable-cite="usc/26/104">section 104,</external-xref> is amended by striking <quote>and 25D</quote> and inserting <quote>25D, and 30</quote>.</text></subparagraph>
<subparagraph id="HDBC29784D842481E8056FEDD95ECD1E" indent="up1"><enum>(E)</enum><text><external-xref legal-doc="usc" parsable-cite="usc/26/1400C">Section 1400C(d)(2)</external-xref> is amended by striking <quote>and 25D</quote> and inserting <quote>25D, and 30</quote>.</text></subparagraph></paragraph>
<paragraph id="H9DFF38154DBD458EB9D5E7675292E01C"><enum>(2)</enum><text><external-xref legal-doc="usc" parsable-cite="usc/26/30B">Section 30B(h)(1)</external-xref> is amended by striking <quote>section 30(c)(2)</quote> and inserting <quote>section 30(d)(3)</quote>.</text></paragraph>
<paragraph id="HA3BE8F4F51A6499FB98219E00153C107"><enum>(3)</enum>
<subparagraph commented="no" display-inline="yes-display-inline" id="HCE68F5F1D04045758D5505BCFAC4E651"><enum>(A)</enum><text><external-xref legal-doc="usc" parsable-cite="usc/26/53">Section 53(d)(1)(B)</external-xref> is amended by striking clause (iii) and redesignating clause (iv) as clause (iii).</text></subparagraph>
<subparagraph id="HBE23197C77C749CFB000BCBDBE26D8DA" indent="up1"><enum>(B)</enum><text>Subclause (II) of section 53(d)(1)(B)(iii), as so redesignated, is amended by striking <quote>increased in the manner provided in clause (iii)</quote>.</text></subparagraph></paragraph>
<paragraph id="H3174EB694E7942D2A164B54626B6C301"><enum>(4)</enum><text><external-xref legal-doc="usc" parsable-cite="usc/26/55">Section 55(c)(3)</external-xref> is amended by striking <quote>30(b)(3),</quote>.</text></paragraph>
<paragraph id="HB69E91809E1D49E8A3517128EB21C5D7"><enum>(5)</enum><text><external-xref legal-doc="usc" parsable-cite="usc/26/1016">Section 1016(a)(25)</external-xref> is amended by striking <quote>section 30(d)(1)</quote> and inserting <quote>section 30(f)(1)</quote>.</text></paragraph>
<paragraph id="HA78E62FD748D4D11864FBC6369B654B5"><enum>(6)</enum><text><external-xref legal-doc="usc" parsable-cite="usc/26/6501">Section 6501(m)</external-xref> is amended by striking <quote>section 30(d)(4)</quote> and inserting <quote>section 30(f)(4)</quote>.</text></paragraph>
<paragraph id="HF9DBCCDF9AB94E03A2366824F1833E59"><enum>(7)</enum><text>The item in the table of sections for subpart B of part IV of subchapter A of <external-xref legal-doc="usc-chapter" parsable-cite="usc-chapter/26/1">chapter 1</external-xref> is amended to read as follows:</text>
<quoted-block id="HCD9C9EF2E54D4921B6B6005048EFABED" style="OLC">
<toc>
<toc-entry level="section">Sec. 30. New qualified plug-in electric drive motor vehicles.</toc-entry></toc><after-quoted-block>.</after-quoted-block></quoted-block></paragraph></subsection>
<subsection id="HF6E96DE12FBC4D0EB6C2CB6CA872442E"><enum>(e)</enum><header>Treatment of alternative motor vehicle credit as a personal credit</header>
<paragraph id="H18D22FE1E4D348BAAC5D419B037100BD"><enum>(1)</enum><header>In general</header><text>Paragraph (2) of <external-xref legal-doc="usc" parsable-cite="usc/26/30B">section 30B(g)</external-xref> is amended to read as follows:</text>
<quoted-block display-inline="no-display-inline" id="H352AE6843EFC4460ABACB62EE290E4DA" style="OLC">
<paragraph id="HF49D0ABFF338449AA33FC44D0B2EB6C"><enum>(2)</enum><header>Personal credit</header><text display-inline="yes-display-inline">The credit allowed under subsection (a) for any taxable year (after application of paragraph (1)) shall be treated as a credit allowable under subpart A for such taxable year.</text></paragraph><after-quoted-block>.</after-quoted-block></quoted-block></paragraph>
<paragraph id="HB4DCE9C4B9CD41AAADAA8139EF689924"><enum>(2)</enum><header>Conforming amendments</header>
<subparagraph id="H6CD822B9907949FAA6DFCA00B0845D87"><enum>(A)</enum><text display-inline="yes-display-inline">Subparagraph (A) of <external-xref legal-doc="usc" parsable-cite="usc/26/30C">section 30C(d)(2)</external-xref> is amended by striking <quote>sections 27, 30, and 30B</quote> and inserting <quote>section 27</quote>.</text></subparagraph>
<subparagraph id="H0867A48EEACE4876BF37E4AA9F8F39BE"><enum>(B)</enum><text>Paragraph (3) of <external-xref legal-doc="usc" parsable-cite="usc/26/55">section 55(c)</external-xref> is amended by striking <quote>30B(g)(2),</quote>.</text></subparagraph></paragraph></subsection>
<subsection id="HB5C6A5D1076947E1B6F3C94E915A575"><enum>(f)</enum><header>Effective date</header>
<paragraph id="HFB65E439009345E4892CA9102D5746C"><enum>(1)</enum><header>In general</header><text>Except as otherwise provided in this subsection, the amendments made by this section shall apply to taxable years beginning after December 31, 2008.</text></paragraph>
<paragraph id="HBC04364746214060A71607F571615105"><enum>(2)</enum><header>Treatment of alternative motor vehicle credit as personal credit</header><text>The amendments made by subsection (e) shall apply to taxable years beginning after December 31, 2007.</text></paragraph></subsection>
<subsection id="HD868E1D9A9FA43139806EFAF2BE0269"><enum>(g)</enum><header>Application of EGTRRA sunset</header><text>The amendment made by subsection (d)(1)(A) shall be subject to title IX of the Economic Growth and Tax Relief Reconciliation Act of 2001 in the same manner as the provision of such Act to which such amendment relates.</text></subsection></section>
<section commented="no" display-inline="no-display-inline" id="H80EE60EBC455425BBFD5957F879D0087" section-type="subsequent-section"><enum>125.</enum><header>Exclusion from heavy truck tax for idling reduction units and advanced insulation</header>
<subsection commented="no" display-inline="no-display-inline" id="HE6D0A6AB7FBB4CE98F00404B1D23808E"><enum>(a)</enum><header>In general</header><text><external-xref legal-doc="usc" parsable-cite="usc/26/4053">Section 4053</external-xref> is amended by adding at the end the following new paragraphs:</text>
<quoted-block display-inline="no-display-inline" id="HECAF42E4026A4091BB7273481D5B33E7" style="OLC">
<paragraph commented="no" id="HE332DFF609824DE4A0CD40280060CC4"><enum>(9)</enum><header>Idling reduction device</header><text>Any device or system of devices which—</text>
<subparagraph commented="no" id="H40EB1B814473489691D0D871B2D03500"><enum>(A)</enum><text display-inline="yes-display-inline">is designed to provide to a vehicle those services (such as heat, air conditioning, or electricity) that would otherwise require the operation of the main drive engine while the vehicle is temporarily parked or remains stationary using one or more devices affixed to a tractor or truck, and</text></subparagraph>
<subparagraph commented="no" id="HF0190031D4A24F0597AE60EA21DC80F"><enum>(B)</enum><text>is determined by the Administrator of the Environmental Protection Agency, in consultation with the Secretary of Energy and the Secretary of Transportation, to reduce idling of such vehicle at a motor vehicle rest stop or other location where such vehicles are temporarily parked or remain stationary.</text></subparagraph></paragraph>
<paragraph commented="no" id="H735983B78555418CAC93A766F099460"><enum>(10)</enum><header>Advanced insulation</header><text>Any insulation that has an R value of not less than R35 per inch.</text></paragraph><after-quoted-block>.</after-quoted-block></quoted-block></subsection>
<subsection commented="no" display-inline="no-display-inline" id="HED1BDA8220734EFD9E3BB88777DA9357"><enum>(b)</enum><header>Effective date</header><text>The amendment made by this section shall apply to sales or installations after the date of the enactment of this Act.</text></subsection></section>
<section display-inline="no-display-inline" id="H2C6B9A9FC1554B4E97306176B65D679" section-type="subsequent-section"><enum>126.</enum><header>Transportation fringe benefit to bicycle commuters</header>
<subsection id="H647F2E235F88416D93924467BF5DC7C"><enum>(a)</enum><header>In general</header><text>Paragraph (1) of <external-xref legal-doc="usc" parsable-cite="usc/26/132">section 132(f)</external-xref> is amended by adding at the end the following:</text>
<quoted-block id="HFE651384A52C4B948F6E02659FE07E31">
<subparagraph id="HD82DD6C8D661489D0046D8D03400B466"><enum>(D)</enum><text>Any qualified bicycle commuting reimbursement.</text></subparagraph><after-quoted-block>.</after-quoted-block></quoted-block></subsection>
<subsection id="H1E568F8CC3514387009B87C9ECF252B9"><enum>(b)</enum><header>Limitation on exclusion</header><text>Paragraph (2) of <external-xref legal-doc="usc" parsable-cite="usc/26/132">section 132(f)</external-xref> is amended by striking <quote>and</quote> at the end of subparagraph (A), by striking the period at the end of subparagraph (B) and inserting <quote>, and</quote>, and by adding at the end the following new subparagraph:</text>
<quoted-block display-inline="no-display-inline" id="H9C5C23389B834919A625A820089BAF54" style="OLC">
<subparagraph id="H2ED0062E32404FF6964232A1B5F84C72"><enum>(C)</enum><text>the applicable annual limitation in the case of any qualified bicycle commuting reimbursement.</text></subparagraph><after-quoted-block>.</after-quoted-block></quoted-block></subsection>
<subsection id="H06458A8F876A4ED79E212835DB7252AC"><enum>(c)</enum><header>Definitions</header><text>Paragraph (5) of <external-xref legal-doc="usc" parsable-cite="usc/26/132">section 132(f)</external-xref> is amended by adding at the end the following:</text>
<quoted-block id="H36335073707E4BF3B7ABA3C0D4ABF5EE">
<subparagraph id="HF4C753D9FEE5472CAE7541E86C3E9E7B"><enum>(F)</enum><header>Definitions related to bicycle commuting reimbursement</header>
<clause id="H71FB269F98384495A7BC6CBF5000A5FE"><enum>(i)</enum><header>Qualified bicycle commuting reimbursement</header><text display-inline="yes-display-inline">The term <term>qualified bicycle commuting reimbursement</term> means, with respect to any calendar year, any employer reimbursement during the 15-month period beginning with the first day of such calendar year for reasonable expenses incurred by the employee during such calendar year for the purchase of a bicycle and bicycle improvements, repair, and storage, if such bicycle is regularly used for travel between the employee’s residence and place of employment.</text></clause>
<clause id="H8BF043D8B33F4E49ADC34CF4C5E9312"><enum>(ii)</enum><header>Applicable annual limitation</header><text>The term <term>applicable annual limitation</term> means, with respect to any employee for any calendar year, the product of $20 multiplied by the number of qualified bicycle commuting months during such year.</text></clause>
<clause id="H61766A08FBB241E1A7344795F487B500"><enum>(iii)</enum><header>Qualified bicycle commuting month</header><text>The term <term>qualified bicycle commuting month</term> means, with respect to any employee, any month during which such employee—</text>
<subclause id="HC524BF541F7143A6B921C71D7484E841"><enum>(I)</enum><text display-inline="yes-display-inline">regularly uses the bicycle for a substantial portion of the travel between the employee’s residence and place of employment, and</text></subclause>
<subclause id="HEA66CF6EEB594FA989F0033D6198336C"><enum>(II)</enum><text display-inline="yes-display-inline">does not receive any benefit described in subparagraph (A), (B), or (C) of paragraph (1).</text></subclause></clause></subparagraph><after-quoted-block>.</after-quoted-block></quoted-block></subsection>
<subsection id="H6819FA46A3644203A9BEFF84AA6C7943"><enum>(d)</enum><header>Constructive receipt of benefit</header><text>Paragraph (4) of <external-xref legal-doc="usc" parsable-cite="usc/26/132">section 132(f)</external-xref> is amended by inserting <quote>(other than a qualified bicycle commuting reimbursement)</quote> after <quote>qualified transportation fringe</quote>.</text></subsection>
<subsection id="H018677BED0F040D48682B8E700C995EF"><enum>(e)</enum><header>Effective date</header><text>The amendments made by this section shall apply to taxable years beginning after December 31, 2008.</text></subsection></section>
<section display-inline="no-display-inline" id="HAB8B1E83A380472AA062821749F7C248" section-type="subsequent-section"><enum>127.</enum><header>Alternative fuel vehicle refueling property credit</header>
<subsection id="H1B2C1C20E81045FE81E5F1BC580420B6"><enum>(a)</enum><header>Increase in credit amount</header><text><external-xref legal-doc="usc" parsable-cite="usc/26/30C">Section 30C</external-xref> is amended—</text>
<paragraph id="H41E76B4C1BA142ECAD5DF227D886709"><enum>(1)</enum><text>by striking <quote>30 percent</quote> in subsection (a) and inserting <quote>50 percent</quote>,</text></paragraph>
<paragraph id="H5048D65AF8394906AE6DE7F0829D54AA"><enum>(2)</enum><text>by striking <quote>$30,000</quote> in subsection (b)(1) and inserting <quote>$50,000</quote>, and</text></paragraph>
<paragraph id="H523DEA9CB44E445894181815F01C947D"><enum>(3)</enum><text>by striking <quote>$1,000</quote> in subsection (b)(2) and inserting <quote>$2,000</quote>.</text></paragraph></subsection>
<subsection id="H65D7BAC21A584B67A01862F03924AAF4" commented="no"><enum>(b)</enum><header>Extension of credit</header><text>Subsection (g) of <external-xref legal-doc="usc" parsable-cite="usc/26/30C">section 30C</external-xref> is amended to read as follows:</text>
<quoted-block style="OLC" id="H2BF2FE56301B43F695F873773FBB009B" display-inline="no-display-inline">
<subsection id="H2F13820C17E04B80AF02830700348D8F" commented="no"><enum>(g)</enum><header>Termination</header><text display-inline="yes-display-inline">This section shall not apply to any property placed in service after—</text>
<paragraph id="H517A5609C9B94170BAA2D66FA0C2E61" commented="no"><enum>(1)</enum><text display-inline="yes-display-inline">December 31 2017, in the case of property relating to natural gas, compressed natural gas, or liquified natural gas, and which is not of a character subject to an allowance for depreciation,</text></paragraph>
<paragraph id="HF7FF03AF0F1F48A8A3C77F78BA6F84AD" commented="no"><enum>(2)</enum><text>December 31, 2014, in the case of—</text>
<subparagraph id="HDC941F65671540E5A7CE8DE2A554F11D" commented="no"><enum>(A)</enum><text>property relating to hydrogen, and</text></subparagraph>
<subparagraph id="H7B3C48AF04AA4AD48B12E921F04650F0" commented="no"><enum>(B)</enum><text display-inline="yes-display-inline">property relating to natural gas, compressed natural gas, or liquified natural gas, and which is of a character subject to an allowance for depreciation, and</text></subparagraph></paragraph>
<paragraph id="HF9616D0E4ECB42169212D9D752E802C8" commented="no"><enum>(3)</enum><text>December 31, 2010, in any other case.</text></paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block></subsection>
<subsection commented="no" display-inline="no-display-inline" id="H348080FEDD184A1483554E2C59B46C1"><enum>(c)</enum><header>Effective date</header><text>The amendments made by this section shall apply to property placed in service after the date of the enactment of this Act, in taxable years ending after such date.</text></subsection></section>
<section commented="no" display-inline="no-display-inline" id="H8B42F649A2334572AD71311CC9731466" section-type="subsequent-section"><enum>128.</enum><header display-inline="yes-display-inline">Certain income and gains relating to alcohol fuels and mixtures, biodiesel fuels and mixtures, and alternative fuels and mixtures treated as qualifying income for publicly traded partnerships</header>
<subsection commented="no" display-inline="no-display-inline" id="H0D1E39534F27410F8C785D180042BADC"><enum>(a)</enum><header display-inline="yes-display-inline">In general</header><text display-inline="yes-display-inline">Subparagraph (E) of <external-xref legal-doc="usc" parsable-cite="usc/26/7704">section 7704(d)(1)</external-xref> is amended by inserting <quote>, or the transportation or storage of any fuel described in subsection (b), (c), (d), or (e) of section 6426, or any alcohol fuel defined in section 6426(b)(4)(A) or any biodiesel fuel as defined in section 40A(d)(1)</quote> after <quote>timber)</quote>.</text></subsection>
<subsection commented="no" display-inline="no-display-inline" id="HD23FCE62E88641C49F783678AAC6F6DE"><enum>(b)</enum><header display-inline="yes-display-inline">Effective date</header><text display-inline="yes-display-inline">The amendment made by this section shall apply to taxable years beginning after the date of the enactment of this Act.</text></subsection></section></subtitle>
<subtitle id="H054C75633EBB4524BF420463C94D72BF"><enum>C</enum><header>Energy conservation and efficiency provisions</header>
<section display-inline="no-display-inline" id="H2AD1001994704B3693A5FADB6B54579D" section-type="subsequent-section"><enum>131.</enum><header>Credit for nonbusiness energy property</header>
<subsection commented="no" id="H748023BF632D468E94C9504EF9C43DDB"><enum>(a)</enum><header>Extension of credit</header><text display-inline="yes-display-inline"><external-xref legal-doc="usc" parsable-cite="usc/26/25C">Section 25C(g)</external-xref> is amended by striking <quote>placed in service after December 31, 2007</quote> and inserting </text>
<quoted-block style="OLC" id="H959D822225C64A38A530C522315F5000" display-inline="yes-display-inline"><text display-inline="yes-display-inline">placed in service—</text>
<paragraph id="HD1B0CDCC8188420EB412F6E3A9A0FF00"><enum>(1)</enum><text display-inline="yes-display-inline">after December 31, 2007, and before January 1, 2009, or</text></paragraph>
<paragraph id="H9615F39710AD4130A3100004FEFB8D0"><enum>(2)</enum><text>after December 31, 2009.</text></paragraph><after-quoted-block>.</after-quoted-block></quoted-block></subsection>
<subsection commented="no" id="H03C8321B16434882B598FA384E0000EF"><enum>(b)</enum><header>Qualified biomass fuel property</header>
<paragraph commented="no" id="H427B3C87A6714E2BBFDBD5D4F26A012"><enum>(1)</enum><header>In general</header><text><external-xref legal-doc="usc" parsable-cite="usc/26/25C">Section 25C(d)(3)</external-xref> is amended—</text>
<subparagraph commented="no" id="HF3ED94B95E1B4FA08342D132AE98E62E"><enum>(A)</enum><text>by striking <quote>and</quote> at the end of subparagraph (D),</text></subparagraph>
<subparagraph commented="no" id="HF9628AA7D4CA487C98B800C9F0DA906E"><enum>(B)</enum><text>by striking the period at the end of subparagraph (E) and inserting <quote>, and</quote>, and</text></subparagraph>
<subparagraph commented="no" id="HFB5D6C4128BB4395817688E7BCF3206"><enum>(C)</enum><text>by adding at the end the following new subparagraph:</text>
<quoted-block act-name="" id="HA03A3E89C7C0439B92D119131FB0A800" style="OLC">
<subparagraph commented="no" id="H7079536062C340178F4FD594DA0D32C"><enum>(F)</enum><text>a stove which uses the burning of biomass fuel to heat a dwelling unit located in the United States and used as a residence by the taxpayer, or to heat water for use in such a dwelling unit, and which has a thermal efficiency rating of at least 75 percent.</text></subparagraph><after-quoted-block>.</after-quoted-block></quoted-block></subparagraph></paragraph>
<paragraph commented="no" id="H9E2BB9AB43BC4205B709B38EFCFECBA9"><enum>(2)</enum><header>Biomass fuel</header><text><external-xref legal-doc="usc" parsable-cite="usc/26/25C">Section 25C(d)</external-xref> is amended by adding at the end the following new paragraph:</text>
<quoted-block act-name="" id="H4E9C8C6E93F5488FAC104230E24D516F" style="OLC">
<paragraph commented="no" id="HAC53FB276B5B4C32BD51EB1787EBA546"><enum>(6)</enum><header>Biomass fuel</header><text>The term <term>biomass fuel</term> means any plant-derived fuel available on a renewable or recurring basis, including agricultural crops and trees, wood and wood waste and residues (including wood pellets), plants (including aquatic plants), grasses, residues, and fibers.</text></paragraph><after-quoted-block>.</after-quoted-block></quoted-block></paragraph></subsection>
<subsection id="H5E0ADF12C5E048109F54FFAE32A33700"><enum>(c)</enum><header>Coordination with credit for qualified geothermal heat Pump property expenditures</header>
<paragraph id="HD3D899AB176B456A9E959804E087B723"><enum>(1)</enum><header>In general</header><text>Paragraph (3) of section 25C(d), as amended by subsection (b), is amended by striking subparagraph (C) and by redesignating subparagraphs (D), (E), and (F) as subparagraphs (C), (D), and (E), respectively.</text></paragraph>
<paragraph id="H1ACAD84618234605AD99BFF092B78EC1"><enum>(2)</enum><header>Conforming amendment</header><text>Subparagraph (C) of <external-xref legal-doc="usc" parsable-cite="usc/26/25C">section 25C(d)(2)</external-xref> is amended to read as follows:</text>
<quoted-block display-inline="no-display-inline" id="H8BBAACBCFFD84D1A9991ECCEA901D812" style="OLC">
<subparagraph id="H06270824FF5C449294AF85E4DC9464D6"><enum>(C)</enum><header>Requirements and standards for air conditioners and heat pumps</header><text display-inline="yes-display-inline">The standards and requirements prescribed by the Secretary under subparagraph (B) with respect to the energy efficiency ratio (EER) for central air conditioners and electric heat pumps—</text>
<clause id="HDF860ADDA8C847B7AD03FC5461D83F3C"><enum>(i)</enum><text>shall require measurements to be based on published data which is tested by manufacturers at 95 degrees Fahrenheit, and</text></clause>
<clause id="H87E2E165763C458ABF1915285F7D846F"><enum>(ii)</enum><text>may be based on the certified data of the Air Conditioning and Refrigeration Institute that are prepared in partnership with the Consortium for Energy Efficiency.</text></clause></subparagraph><after-quoted-block>.</after-quoted-block></quoted-block></paragraph></subsection>
<subsection id="H7247EDB0F80B42C1BF1E248D03D9A78E"><enum>(d)</enum><header>Effective date</header><text>The amendments made by this section shall apply to expenditures made after December 31, 2008.</text></subsection></section>
<section display-inline="no-display-inline" id="H78EEF81562B14F21887FF300FE00B21" section-type="subsequent-section"><enum>132.</enum><header>Energy efficient commercial buildings deduction</header><text display-inline="no-display-inline">Subsection (h) of <external-xref legal-doc="usc" parsable-cite="usc/26/179D">section 179D</external-xref> is amended by striking <quote>December 31, 2008</quote> and inserting <quote>December 31, 2013</quote>.</text></section>
<section display-inline="no-display-inline" id="H06AF13BA043C4DB9B90051D9207CA555" section-type="subsequent-section"><enum>133.</enum><header>Modifications of energy efficient appliance credit for appliances produced after 2007</header>
<subsection id="H5FD1C5715E304F52B498FE799F562C1E"><enum>(a)</enum><header>In general</header><text>Subsection (b) of <external-xref legal-doc="usc" parsable-cite="usc/26/45M">section 45M</external-xref> is amended to read as follows:</text>
<quoted-block display-inline="no-display-inline" id="H6FD4711F773142E4A77501F79600F02C" style="OLC">
<subsection id="HC50CFDB01F594AA8B050004FD6B5CDC7"><enum>(b)</enum><header>Applicable amount</header><text>For purposes of subsection (a)—</text>
<paragraph id="HCE5C4C9F90334903A8C38E101BB87F1C"><enum>(1)</enum><header>Dishwashers</header><text>The applicable amount is—</text>
<subparagraph id="HF6BCA57DA31C4EE8842900182B2D3378"><enum>(A)</enum><text>$45 in the case of a dishwasher which is manufactured in calendar year 2008 or 2009 and which uses no more than 324 kilowatt hours per year and 5.8 gallons per cycle, and</text></subparagraph>
<subparagraph id="H96B397CC8A24496E9038C29BEC940308"><enum>(B)</enum><text>$75 in the case of a dishwasher which is manufactured in calendar year 2008, 2009, or 2010 and which uses no more than 307 kilowatt hours per year and 5.0 gallons per cycle (5.5 gallons per cycle for dishwashers designed for greater than 12 place settings).</text></subparagraph></paragraph>
<paragraph id="H5A7C2C2FF31D4D9EBE12348DFAD4BB85"><enum>(2)</enum><header>Clothes washers</header><text>The applicable amount is—</text>
<subparagraph id="H2A5DD1E3DBF042CBA47C70233360CDAF"><enum>(A)</enum><text>$75 in the case of a residential top-loading clothes washer manufactured in calendar year 2008 which meets or exceeds a 1.72 modified energy factor and does not exceed a 8.0 water consumption factor,</text></subparagraph>
<subparagraph id="H58B4AB41A9C541E3007E1EBB9D287156"><enum>(B)</enum><text>$125 in the case of a residential top-loading clothes washer manufactured in calendar year 2008 or 2009 which meets or exceeds a 1.8 modified energy factor and does not exceed a 7.5 water consumption factor,</text></subparagraph>
<subparagraph id="H71A666050C714E51AEA195F40303DA8D"><enum>(C)</enum><text>$150 in the case of a residential or commercial clothes washer manufactured in calendar year 2008, 2009, or 2010 which meets or exceeds 2.0 modified energy factor and does not exceed a 6.0 water consumption factor, and</text></subparagraph>
<subparagraph id="H626564ED32D045A39520D85D9CA7B810"><enum>(D)</enum><text>$250 in the case of a residential or commercial clothes washer manufactured in calendar year 2008, 2009, or 2010 which meets or exceeds 2.2 modified energy factor and does not exceed a 4.5 water consumption factor.</text></subparagraph></paragraph>
<paragraph id="H255451AD9FE3466E8C13056D2300AE53"><enum>(3)</enum><header>Refrigerators</header><text>The applicable amount is—</text>
<subparagraph id="HB0AC4CE886E84768B85EF10006C04BFA"><enum>(A)</enum><text>$50 in the case of a refrigerator which is manufactured in calendar year 2008, and consumes at least 20 percent but not more than 22.9 percent less kilowatt hours per year than the 2001 energy conservation standards,</text></subparagraph>
<subparagraph id="H65ECDCD8B3FE4B9D9EB87F38FA4670CC"><enum>(B)</enum><text>$75 in the case of a refrigerator which is manufactured in calendar year 2008 or 2009, and consumes at least 23 percent but no more than 24.9 percent less kilowatt hours per year than the 2001 energy conservation standards,</text></subparagraph>
<subparagraph id="HB2C571CA54BD4FEFBE223FC700D65C00"><enum>(C)</enum><text>$100 in the case of a refrigerator which is manufactured in calendar year 2008, 2009, or 2010, and consumes at least 25 percent but not more than 29.9 percent less kilowatt hours per year than the 2001 energy conservation standards, and</text></subparagraph>
<subparagraph id="HA438B9485CBE421B87D0C4C25B8B7763"><enum>(D)</enum><text>$200 in the case of a refrigerator manufactured in calendar year 2008, 2009, or 2010 and which consumes at least 30 percent less energy than the 2001 energy conservation standards.</text></subparagraph></paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block></subsection>
<subsection id="H1311D6A6E33744D68EF4DA22962B94D"><enum>(b)</enum><header>Eligible production</header>
<paragraph id="HAD4666C31ABA4A0900A5FA8E8E3DE4A8"><enum>(1)</enum><header>Similar treatment for all appliances</header><text>Subsection (c) of <external-xref legal-doc="usc" parsable-cite="usc/26/45M">section 45M</external-xref> is amended—</text>
<subparagraph id="H8656B484B0524520874EE03B5CF41100"><enum>(A)</enum><text>by striking paragraph (2),</text></subparagraph>
<subparagraph id="H42EDF2397221442DB3DD3E46BAFBA83"><enum>(B)</enum><text>by striking <quote>(1) <header-in-text level="paragraph" style="OLC">In general</header-in-text></quote> and all that follows through <quote>the eligible</quote> and inserting <quote>The eligible</quote>,</text></subparagraph>
<subparagraph id="H388A5E4A030B4EA4BA12EDE2D1D0CCC0"><enum>(C)</enum><text>by moving the text of such subsection in line with the subsection heading, and</text></subparagraph>
<subparagraph id="H0281BDE03C4F4DCC87F9C7012ECB74C7"><enum>(D)</enum><text>by redesignating subparagraphs (A) and (B) as paragraphs (1) and (2), respectively, and by moving such paragraphs 2 ems to the left.</text></subparagraph></paragraph>
<paragraph id="H0B7E864FD1474AF2B1A1DC6453000081"><enum>(2)</enum><header>Modification of base period</header><text>Paragraph (2) of section 45M(c), as amended by paragraph (1), is amended by striking <quote>3-calendar year</quote> and inserting <quote>2-calendar year</quote>.</text></paragraph></subsection>
<subsection id="HC2452023FD88449D808644C500A955C2"><enum>(c)</enum><header>Types of energy efficient appliances</header><text>Subsection (d) of section 45M (defining types of energy efficient appliances) is amended to read as follows:</text>
<quoted-block display-inline="no-display-inline" id="HE129CB6A2A444966AE56E452D703D893" style="OLC">
<subsection id="HB17B370BA807402889A62DBE950032A1"><enum>(d)</enum><header>Types of energy efficient appliance</header><text display-inline="yes-display-inline">For purposes of this section, the types of energy efficient appliances are—</text>
<paragraph id="H1698FA96A1444200BB411B9E1300E913"><enum>(1)</enum><text>dishwashers described in subsection (b)(1),</text></paragraph>
<paragraph id="H05CB431EE4F744F1A8EAFAB773047FC8"><enum>(2)</enum><text>clothes washers described in subsection (b)(2), and</text></paragraph>
<paragraph id="HA8226A55200C4C40B02300726D7EA91C"><enum>(3)</enum><text>refrigerators described in subsection (b)(3).</text></paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block></subsection>
<subsection id="H22BE70F5EBB2459A8CDC1343EF852100"><enum>(d)</enum><header>Aggregate credit amount allowed</header>
<paragraph id="H0171C297B4D4436AA201C0E03DAE327"><enum>(1)</enum><header>Increase in limit</header><text>Paragraph (1) of <external-xref legal-doc="usc" parsable-cite="usc/26/45M">section 45M(e)</external-xref> is amended to read as follows:</text>
<quoted-block display-inline="no-display-inline" id="H5C2B85F330AB4B8CA395B0311E415C08" style="OLC">
<paragraph id="HC87A56E68DC24315A9073574B44227AA"><enum>(1)</enum><header>Aggregate credit amount allowed</header><text display-inline="yes-display-inline">The aggregate amount of credit allowed under subsection (a) with respect to a taxpayer for any taxable year shall not exceed $75,000,000 reduced by the amount of the credit allowed under subsection (a) to the taxpayer (or any predecessor) for all prior taxable years beginning after December 31, 2007.</text></paragraph><after-quoted-block>.</after-quoted-block></quoted-block></paragraph>
<paragraph id="HA53238707B394B17B2BACF73AFFCF2B1"><enum>(2)</enum><header>Exception for certain refrigerator and clothes washers</header><text>Paragraph (2) of <external-xref legal-doc="usc" parsable-cite="usc/26/45M">section 45M(e)</external-xref> is amended to read as follows:</text>
<quoted-block display-inline="no-display-inline" id="HAD18B68869FC4B769596BE3D13AEF421" style="OLC">
<paragraph id="HCF4E93CABF994ADF00D13EEDFC5844C9"><enum>(2)</enum><header>Amount allowed for certain refrigerators and clothes washers</header><text display-inline="yes-display-inline">Refrigerators described in subsection (b)(3)(D) and clothes washers described in subsection (b)(2)(D) shall not be taken into account under paragraph (1).</text></paragraph><after-quoted-block>.</after-quoted-block></quoted-block></paragraph></subsection>
<subsection id="H70F364C8EF1C43B2A2E6E20452EAA0F4"><enum>(e)</enum><header>Qualified energy efficient appliances</header>
<paragraph id="HBA5FCD77428448CFBADF005785C14DDC"><enum>(1)</enum><header>In general</header><text>Paragraph (1) of section 45M(f) (defining qualified energy efficient appliance) is amended to read as follows:</text>
<quoted-block display-inline="no-display-inline" id="H5E0A813FA215419599E36E008EFAB451" style="OLC">
<paragraph id="H268C4FF9D38C47B98168CE4C54FDC1F6"><enum>(1)</enum><header>Qualified energy efficient appliance</header><text display-inline="yes-display-inline">The term <term>qualified energy efficient appliance</term> means—</text>
<subparagraph id="HDB0AB56CB631494D879E56BEB852B482"><enum>(A)</enum><text display-inline="yes-display-inline">any dishwasher described in subsection (b)(1),</text></subparagraph>
<subparagraph id="HA7F8CBD817B946FAB5D36BF5D16FC41B"><enum>(B)</enum><text>any clothes washer described in subsection (b)(2), and</text></subparagraph>
<subparagraph id="HB587C492006E480CABC677CE9EE42076"><enum>(C)</enum><text>any refrigerator described in subsection (b)(3).</text></subparagraph></paragraph><after-quoted-block>.</after-quoted-block></quoted-block></paragraph>
<paragraph id="HF8EDE69DC2524526BE26C232D79E6DAF"><enum>(2)</enum><header>Clothes washer</header><text><external-xref legal-doc="usc" parsable-cite="usc/26/45M">Section 45M(f)(3)</external-xref> is amended by inserting <quote>commercial</quote> before <quote>residential</quote> the second place it appears.</text></paragraph>
<paragraph id="HA5531DF91A964A9A9BFB01E24BFCF2FC"><enum>(3)</enum><header>Top-loading clothes washer</header><text>Subsection (f) of <external-xref legal-doc="usc" parsable-cite="usc/26/45M">section 45M</external-xref> is amended by redesignating paragraphs (4), (5), (6), and (7) as paragraphs (5), (6), (7), and (8), respectively, and by inserting after paragraph (3) the following new paragraph:</text>
<quoted-block display-inline="no-display-inline" id="HE9F1CB7EFB2F455AB2A8761F391F9D00" style="OLC">
<paragraph id="HC24547EF895C4C3BB8CE32271C1115F1"><enum>(4)</enum><header>Top-loading clothes washer</header><text display-inline="yes-display-inline">The term <quote>top-loading clothes washer</quote> means a clothes washer which has the clothes container compartment access located on the top of the machine and which operates on a vertical axis.</text></paragraph><after-quoted-block>.</after-quoted-block></quoted-block></paragraph>
<paragraph id="H60229036B8C14821BF1DEA33B5B156BF"><enum>(4)</enum><header>Replacement of energy factor</header><text>Section 45M(f)(6), as redesignated by paragraph (3), is amended to read as follows:</text>
<quoted-block display-inline="no-display-inline" id="H880811CC6C344CF99FFDEDBBB8EF7C37" style="OLC">
<paragraph id="H6BAD70269EF249FBBA74F9FA22CCFCC3"><enum>(6)</enum><header>Modified energy factor</header><text display-inline="yes-display-inline">The term <term>modified energy factor</term> means the modified energy factor established by the Department of Energy for compliance with the Federal energy conservation standard.</text></paragraph><after-quoted-block>.</after-quoted-block></quoted-block></paragraph>
<paragraph id="H51B0B1B6AE42415398B961D0EA8E5F6F"><enum>(5)</enum><header>Gallons per cycle; water consumption factor</header><text>Section 45M(f), as amended by paragraph (3), is amended by adding at the end the following:</text>
<quoted-block display-inline="no-display-inline" id="H5401A1028A264D549758634FBD862918" style="OLC">
<paragraph id="H98C783AB53714172BCA247139F4D581D"><enum>(9)</enum><header>Gallons per cycle</header><text display-inline="yes-display-inline">The term <term>gallons per cycle</term> means, with respect to a dishwasher, the amount of water, expressed in gallons, required to complete a normal cycle of a dishwasher.</text></paragraph>
<paragraph id="H4A58AF344942489A9CD4B8FA2E00FB0"><enum>(10)</enum><header>Water consumption factor</header><text display-inline="yes-display-inline">The term <term>water consumption factor</term> means, with respect to a clothes washer, the quotient of the total weighted per-cycle water consumption divided by the cubic foot (or liter) capacity of the clothes washer.</text></paragraph><after-quoted-block>.</after-quoted-block></quoted-block></paragraph></subsection>
<subsection id="H1569DA0D0CD0497FBE025404A9C2C1FE"><enum>(f)</enum><header>Effective date</header><text display-inline="yes-display-inline">The amendments made by this section shall apply to appliances produced after December 31, 2007.</text></subsection></section>
<section display-inline="no-display-inline" id="HF1AD72985E324DBE95C3F91B5788FA0" section-type="subsequent-section"><enum>134.</enum><header>Accelerated recovery period for depreciation of smart meters and smart grid systems</header>
<subsection id="HC44A400095344EDCA84BAFA976C605A4"><enum>(a)</enum><header>In general</header><text><external-xref legal-doc="usc" parsable-cite="usc/26/168">Section 168(e)(3)(D)</external-xref> is amended by striking <quote>and</quote> at the end of clause (i), by striking the period at the end of clause (ii) and inserting a comma, and by inserting after clause (ii) the following new clauses:</text>
<quoted-block id="H9DBE0FE7777F462792D5C1AE8800CA81" style="OLC">
<clause id="H17B6A5BE67EE45E1A1F9ADECAE9E6673"><enum>(iii)</enum><text>any qualified smart electric meter, and</text></clause>
<clause id="H5FAEEE1293B64469A102EB940049D6B4"><enum>(iv)</enum><text>any qualified smart electric grid system.</text></clause><after-quoted-block>.</after-quoted-block></quoted-block></subsection>
<subsection id="H897E3C20DC2E44879F8CE830B39C4DE"><enum>(b)</enum><header>Definitions</header><text><external-xref legal-doc="usc" parsable-cite="usc/26/168">Section 168(i)</external-xref> is amended by inserting at the end the following new paragraph:</text>
<quoted-block id="HBC97A37E1F004462001310F86223A862" style="OLC">
<paragraph display-inline="no-display-inline" id="HD2B848A00FB4410F83BE4D6882681C6B"><enum>(18)</enum><header>Qualified smart electric meters</header>
<subparagraph id="H2F2F729B50FA455BBABA017DA6D3258"><enum>(A)</enum><header>In general</header><text>The term <term>qualified smart electric meter</term> means any smart electric meter which is placed in service by a taxpayer who is a supplier of electric energy or a provider of electric energy services.</text></subparagraph>
<subparagraph id="H7F8B61EBECEF4B72B2E36D9D2CB49B27"><enum>(B)</enum><header>Smart electric meter</header><text>For purposes of subparagraph (A), the term <term>smart electric meter</term> means any time-based meter and related communication equipment which is capable of being used by the taxpayer as part of a system that—</text>
<clause id="H9BCD2114641247BB9E1400D26E07A96"><enum>(i)</enum><text>measures and records electricity usage data on a time-differentiated basis in at least 24 separate time segments per day,</text></clause>
<clause id="H9205127A8D764B5ABD81BE1E916DDDB5"><enum>(ii)</enum><text>provides for the exchange of information between supplier or provider and the customer’s electric meter in support of time-based rates or other forms of demand response,</text></clause>
<clause id="H01741088D48440AE875325F1A1035D49"><enum>(iii)</enum><text>provides data to such supplier or provider so that the supplier or provider can provide energy usage information to customers electronically, and</text></clause>
<clause id="H17EE6EAAC33446BDB04D4684C09338A"><enum>(iv)</enum><text>provides net metering.</text></clause></subparagraph></paragraph>
<paragraph id="HDDC3D4630DBE402BA55B85FFAB96344C"><enum>(19)</enum><header>Qualified smart electric grid systems</header>
<subparagraph id="H5695723CC2D348A8B53FC9D43F9C8828"><enum>(A)</enum><header>In general</header><text>The term <quote>qualified smart electric grid system</quote> means any smart grid property used as part of a system for electric distribution grid communications, monitoring, and management placed in service by a taxpayer who is a supplier of electric energy or a provider of electric energy services.</text></subparagraph>
<subparagraph id="H151E964986D243BAB843E400EF003369"><enum>(B)</enum><header>Smart grid property</header><text>For the purposes of subparagraph (A), the term <quote>smart grid property</quote> means electronics and related equipment that is capable of—</text>
<clause id="HFDE01DEBBA9F4E38AE15563FBF4385E2"><enum>(i)</enum><text>sensing, collecting, and monitoring data of or from all portions of a utility’s electric distribution grid,</text></clause>
<clause id="HC924E50089774CE6859FEECAC3E52FAC"><enum>(ii)</enum><text>providing real-time, two-way communications to monitor or manage such grid, and</text></clause>
<clause id="H929DBF94291249B88716B0B858C69525"><enum>(iii)</enum><text>providing real time analysis of and event prediction based upon collected data that can be used to improve electric distribution system reliability, quality, and performance.</text></clause></subparagraph></paragraph><after-quoted-block>.</after-quoted-block></quoted-block></subsection>
<subsection id="H34233239D5D345FEA25CCDFA23D0779C"><enum>(c)</enum><header>Continued application of 150 percent declining balance method</header><text>Paragraph (2) of <external-xref legal-doc="usc" parsable-cite="usc/26/168">section 168(b)</external-xref> is amended by striking <quote>or</quote> at the end of subparagraph (B), by redesignating subparagraph (C) as subparagraph (D), and by inserting after subparagraph (B) the following new subparagraph:</text>
<quoted-block display-inline="no-display-inline" id="HD4C58EF02DD6471782EE001B077B7B9E" style="OLC">
<subparagraph id="HAA8B44909CC94CECAB53D4BF2C5BA99"><enum>(C)</enum><text display-inline="yes-display-inline">any property (other than property described in paragraph (3)) which is a qualified smart electric meter or qualified smart electric grid system, or</text></subparagraph><after-quoted-block>.</after-quoted-block></quoted-block></subsection>
<subsection id="HB32EF42394FE43A0A6C31227C9F4AE4E"><enum>(d)</enum><header>Effective date</header><text>The amendments made by this section shall apply to property placed in service after the date of the enactment of this Act.</text></subsection></section>
<section id="HBE5BC2C970BD440BB3AE13AA6B14B81"><enum>135.</enum><header>Qualified green building and sustainable design projects</header>
<subsection id="H91626410C2FD4F2EBD596511C4B1AF4E"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">Paragraph (8) of <external-xref legal-doc="usc" parsable-cite="usc/26/142">section 142(l)</external-xref> is amended by striking <quote>September 30, 2009</quote> and inserting <quote>September 30, 2012</quote>.</text></subsection>
<subsection id="H72D88C38007E485B8B1C3EB531749D56"><enum>(b)</enum><header>Treatment of current refunding bonds</header><text>Paragraph (9) of <external-xref legal-doc="usc" parsable-cite="usc/26/142">section 142(l)</external-xref> is amended by striking <quote>October 1, 2009</quote> and inserting <quote>October 1, 2012</quote>.</text></subsection>
<subsection id="H9C2855BF83DC4229AE8E36001FDDDDE4"><enum>(c)</enum><header>Accountability</header><text>The second sentence of section 701(d) of the American Jobs Creation Act of 2004 is amended by striking <quote>issuance,</quote> and inserting <quote>issuance of the last issue with respect to such project,</quote>.</text></subsection></section></subtitle>
<enum>II</enum><header>Revenue provisions</header>
<section display-inline="no-display-inline" id="H75B2CFFB36474505B3B8F2ECE6D3909" section-type="subsequent-section"><enum>201.</enum><header>Limitation of deduction for income attributable to domestic production of oil, gas, or primary products thereof</header>
<subsection id="H4C71D54CC5A24FCC94AEAB99BDC10012"><enum>(a)</enum><header>In general</header><text><external-xref legal-doc="usc" parsable-cite="usc/26/199">Section 199(d)</external-xref> is amended by redesignating paragraph (9) as paragraph (10) and by inserting after paragraph (8) the following new paragraph:</text>
<quoted-block display-inline="no-display-inline" id="H4576839EDD8D4CF78DF2E9DB1889C00" style="OLC">
<paragraph id="H5A0171F39C354112877B8F9CEDE03491"><enum>(9)</enum><header>Special rule for taxpayers with oil related qualified production activities income</header>
<subparagraph id="H0ECAD1DF555949F5AFCBC905C4D1F22"><enum>(A)</enum><header>In general</header><text>If a taxpayer has oil related qualified production activities income for any taxable year beginning after 2009, the amount otherwise allowable as a deduction under subsection (a) shall be reduced by 3 percent of the least of—</text>
<clause id="H32D78A94572E46A0A1FAED2DE075CF27"><enum>(i)</enum><text>the oil related qualified production activities income of the taxpayer for the taxable year,</text></clause>
<clause id="H3E36AB186AF246D9845BFEF867838313"><enum>(ii)</enum><text>the qualified production activities income of the taxpayer for the taxable year, or</text></clause>
<clause id="H59409620844E48A99BAC616DABE3A312"><enum>(iii)</enum><text>taxable income (determined without regard to this section).</text></clause></subparagraph>
<subparagraph id="H529148A60E9D4A80A97770F2D13CF6ED"><enum>(B)</enum><header>Oil related qualified production activities income</header><text>For purposes of this paragraph, the term <term>oil related qualified production activities income</term> means for any taxable year the qualified production activities income which is attributable to the production, refining, processing, transportation, or distribution of oil, gas, or any primary product thereof during such taxable year.</text></subparagraph>
<subparagraph id="H10BE67F3BE1E44C8A400DDAD8496EEC"><enum>(C)</enum><header>Primary product</header><text>For purposes of this paragraph, the term <term>primary product</term> has the same meaning as when used in section 927(a)(2)(C), as in effect before its repeal.</text></subparagraph></paragraph><after-quoted-block>.</after-quoted-block></quoted-block></subsection>
<subsection id="H0B23B1B0BCCB420C9EF62DAF98C4412"><enum>(b)</enum><header>Conforming amendment</header><text>Section 199(d)(2) (relating to application to individuals) is amended by striking <quote>subsection (a)(1)(B)</quote> and inserting <quote>subsections (a)(1)(B) and (d)(9)(A)(iii)</quote>.</text></subsection>
<subsection commented="no" display-inline="no-display-inline" id="H199251A040AA400D8220A0E5001712B4"><enum>(c)</enum><header>Effective date</header><text>The amendments made by this section shall apply to taxable years beginning after December 31, 2008.</text></subsection></section>
<section id="H94C76A3464A549BBA195DA1D60C417ED"><enum>202.</enum><header>Elimination of the different treatment of foreign oil and gas extraction income and foreign oil related income for purposes of the foreign tax credit</header>
<subsection id="HB466EDFE24334073BB62421487F73958"><enum>(a)</enum><header>In general</header><text>Subsections (a) and (b) of section 907 (relating to special rules in case of foreign oil and gas income) are amended to read as follows:</text>
<quoted-block display-inline="no-display-inline" id="H317BAC90FF7A4A9DA8DDDD472E9D707C" style="OLC">
<subsection id="H99396DF409B3406000223700ACD9C681"><enum>(a)</enum><header>Reduction in amount allowed as foreign tax under section 901</header><text>In applying section 901, the amount of any foreign oil and gas taxes paid or accrued (or deemed to have been paid) during the taxable year which would (but for this subsection) be taken into account for purposes of section 901 shall be reduced by the amount (if any) by which the amount of such taxes exceeds the product of—</text>
<paragraph id="HC8DE39AD61824AE2998800B1CF49C52D"><enum>(1)</enum><text>the amount of the combined foreign oil and gas income for the taxable year,</text></paragraph>
<paragraph id="H7F1C8B79F89C4C09A465793FF72174DE"><enum>(2)</enum><text>multiplied by—</text>
<subparagraph id="H5D61B369AFB8479D983BB485DD9F920"><enum>(A)</enum><text>in the case of a corporation, the percentage which is equal to the highest rate of tax specified under section 11(b), or</text></subparagraph>
<subparagraph id="HCE89203268FE4386AA00A0D644006E7E"><enum>(B)</enum><text>in the case of an individual, a fraction the numerator of which is the tax against which the credit under section 901(a) is taken and the denominator of which is the taxpayer's entire taxable income.</text></subparagraph></paragraph></subsection>
<subsection id="H23827588A3824C208DA908B94D5C64DB"><enum>(b)</enum><header>Combined foreign oil and gas income; foreign oil and gas taxes</header><text>For purposes of this section—</text>
<paragraph id="HE1236CC642354EF194CDC5FEA4C2B5EC"><enum>(1)</enum><header>Combined foreign oil and gas income</header><text>The term <term>combined foreign oil and gas income</term> means, with respect to any taxable year, the sum of—</text>
<subparagraph id="H9D237CCAEE3D4A928F835B103FE0DD1F"><enum>(A)</enum><text>foreign oil and gas extraction income, and</text></subparagraph>
<subparagraph id="H13E63FE4FCC749289FFA6CB37D24E91D"><enum>(B)</enum><text>foreign oil related income.</text></subparagraph></paragraph>
<paragraph id="H80755E39F57642C9ABEF7BEF694B4348"><enum>(2)</enum><header>Foreign oil and gas taxes</header><text>The term <term>foreign oil and gas taxes</term> means, with respect to any taxable year, the sum of—</text>
<subparagraph id="H0449546804A647E29CE06C68C588AEF"><enum>(A)</enum><text>oil and gas extraction taxes, and</text></subparagraph>
<subparagraph id="HE8C97ACCD1C947A69492DFA3E098AAC4"><enum>(B)</enum><text>any income, war profits, and excess profits taxes paid or accrued (or deemed to have been paid or accrued under section 902 or 960) during the taxable year with respect to foreign oil related income (determined without regard to subsection (c)(4)) or loss which would be taken into account for purposes of section 901 without regard to this section.</text></subparagraph></paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block></subsection>
<subsection id="HC86727926EBA43ECBF29E027C3BA1038"><enum>(b)</enum><header>Recapture of foreign oil and gas losses</header><text>Paragraph (4) of section 907(c) (relating to recapture of foreign oil and gas extraction losses by recharacterizing later extraction income) is amended to read as follows:</text>
<quoted-block display-inline="no-display-inline" id="HF6C93CE3B7DE459DB6B3B69E4C617294" style="OLC">
<paragraph id="H5169158226694E0397034884CC28DDE8"><enum>(4)</enum><header>Recapture of foreign oil and gas losses by recharacterizing later combined foreign oil and gas income</header>
<subparagraph id="HB99AEA0DC7014AA2B7692D8B8DCE379D"><enum>(A)</enum><header>In general</header><text>The combined foreign oil and gas income of a taxpayer for a taxable year (determined without regard to this paragraph) shall be reduced—</text>
<clause id="H2E6CD97963D04FA389D362A6B0EAB36D"><enum>(i)</enum><text>first by the amount determined under subparagraph (B), and</text></clause>
<clause id="H54C51D56025C474FA7CEC00FD3709DF"><enum>(ii)</enum><text>then by the amount determined under subparagraph (C).</text></clause><continuation-text continuation-text-level="subparagraph">The aggregate amount of such reductions shall be treated as income (from sources without the United States) which is not combined foreign oil and gas income.</continuation-text></subparagraph>
<subparagraph id="HB2EE132280F047EA808F7057A107112"><enum>(B)</enum><header>Reduction for pre-2009 foreign oil extraction losses</header><text>The reduction under this paragraph shall be equal to the lesser of—</text>
<clause id="HED2F812979FF437BB20041C0BEA3E073"><enum>(i)</enum><text>the foreign oil and gas extraction income of the taxpayer for the taxable year (determined without regard to this paragraph), or</text></clause>
<clause id="HE54D2A4909324BBDAEAA18A79EA9EABB"><enum>(ii)</enum><text>the excess of—</text>
<subclause id="H50B10875C6814B3AB3CBC744DF9AD95"><enum>(I)</enum><text>the aggregate amount of foreign oil extraction losses for preceding taxable years beginning after December 31, 1982, and before January 1, 2009, over</text></subclause>
<subclause id="H6B9D5A17FDE746F0003B210000EC1699"><enum>(II)</enum><text>so much of such aggregate amount as was recharacterized under this paragraph (as in effect before and after the date of the enactment of the <short-title>Energy Improvement and Extension Act of 2008</short-title>) for preceding taxable years beginning after December 31, 1982.</text></subclause></clause></subparagraph>
<subparagraph id="H566A16DAED694079AE76F248FDAC6200"><enum>(C)</enum><header>Reduction for post-2008 foreign oil and gas losses</header><text>The reduction under this paragraph shall be equal to the lesser of—</text>
<clause id="HA49C2C77C7F34E1C96F85329D588129C"><enum>(i)</enum><text>the combined foreign oil and gas income of the taxpayer for the taxable year (determined without regard to this paragraph), reduced by an amount equal to the reduction under subparagraph (A) for the taxable year, or</text></clause>
<clause id="HE813E60A122F4ECEAC4638584DF92B1C"><enum>(ii)</enum><text>the excess of—</text>
<subclause id="H03D010A2C3B54AE6A5A89CD188E190E1"><enum>(I)</enum><text>the aggregate amount of foreign oil and gas losses for preceding taxable years beginning after December 31, 2008, over</text></subclause>
<subclause id="HF00700858AA746C3885BDE63952C6100"><enum>(II)</enum><text>so much of such aggregate amount as was recharacterized under this paragraph for preceding taxable years beginning after December 31, 2008.</text></subclause></clause></subparagraph>
<subparagraph id="H188E24B8978F47AABD1DA9F322889300"><enum>(D)</enum><header>Foreign oil and gas loss defined</header>
<clause id="H2A9ADF21DA444E7CA7D6C9B7DD8BECF6"><enum>(i)</enum><header>In general</header><text>For purposes of this paragraph, the term <term>foreign oil and gas loss</term> means the amount by which—</text>
<subclause id="H7093BB61938F4FB6B3DDEB258B26335C"><enum>(I)</enum><text>the gross income for the taxable year from sources without the United States and its possessions (whether or not the taxpayer chooses the benefits of this subpart for such taxable year) taken into account in determining the combined foreign oil and gas income for such year, is exceeded by</text></subclause>
<subclause id="H569EC70D229940C283195547CE91CF40"><enum>(II)</enum><text>the sum of the deductions properly apportioned or allocated thereto.</text></subclause></clause>
<clause id="H1A19A7B954E943468C8C9E6284A09C77"><enum>(ii)</enum><header>Net operating loss deduction not taken into account</header><text>For purposes of clause (i), the net operating loss deduction allowable for the taxable year under section 172(a) shall not be taken into account.</text></clause>
<clause id="H7A74C1EDC0314F72BCB7FAAC13306573"><enum>(iii)</enum><header>Expropriation and casualty losses not taken into account</header><text>For purposes of clause (i), there shall not be taken into account—</text>
<subclause id="H207DBB47BA6F4F9DBB26B712BCB250F6"><enum>(I)</enum><text>any foreign expropriation loss (as defined in section 172(h) (as in effect on the day before the date of the enactment of the Revenue Reconciliation Act of 1990)) for the taxable year, or</text></subclause>
<subclause id="H5B9D4513E2F2430F8FDD022846612974"><enum>(II)</enum><text>any loss for the taxable year which arises from fire, storm, shipwreck, or other casualty, or from theft,</text></subclause><continuation-text continuation-text-level="clause">to the extent such loss is not compensated for by insurance or otherwise.</continuation-text></clause>
<clause id="H89F4108FF7D242F2A26CCAD6331163F"><enum>(iv)</enum><header>Foreign oil extraction loss</header><text>For purposes of subparagraph (B)(ii)(I), foreign oil extraction losses shall be determined under this paragraph as in effect on the day before the date of the enactment of the <short-title>Energy Improvement and Extension Act of 2008</short-title>.</text></clause></subparagraph></paragraph><after-quoted-block>.</after-quoted-block></quoted-block></subsection>
<subsection id="HB57CB4C4EDF041A79FEE65A0EA33CD74"><enum>(c)</enum><header>Carryback and carryover of disallowed credits</header><text>Section 907(f) (relating to carryback and carryover of disallowed credits) is amended—</text>
<paragraph id="H09029E4AAE6545CA80C539FD7CF806F2"><enum>(1)</enum><text>by striking <quote>oil and gas extraction taxes</quote> each place it appears and inserting <quote>foreign oil and gas taxes</quote>, and</text></paragraph>
<paragraph id="H870F292A3EB348508E8298FAD9286CB2"><enum>(2)</enum><text>by adding at the end the following new paragraph:</text>
<quoted-block display-inline="no-display-inline" id="HC42F934B0B2C42D2BB17AC494F0050B6" style="OLC">
<paragraph id="H16D242A74E3149DAA809F1F3DD535C0"><enum>(4)</enum><header>Transition rules for pre-2009 and 2009 disallowed credits</header>
<subparagraph id="HBDB9B87C8E334C2200D7F46370B401C6"><enum>(A)</enum><header>Pre-2009 credits</header><text>In the case of any unused credit year beginning before January 1, 2009, this subsection shall be applied to any unused oil and gas extraction taxes carried from such unused credit year to a year beginning after December 31, 2008—</text>
<clause id="H9AF70C1C61844893AC2090B19D295B3B"><enum>(i)</enum><text>by substituting <quote>oil and gas extraction taxes</quote> for <quote>foreign oil and gas taxes</quote> each place it appears in paragraphs (1), (2), and (3), and</text></clause>
<clause id="HF44B47BF70EA482D99FC2DFA42836502"><enum>(ii)</enum><text>by computing, for purposes of paragraph (2)(A), the limitation under subparagraph (A) for the year to which such taxes are carried by substituting <quote>foreign oil and gas extraction income</quote> for <quote>foreign oil and gas income</quote> in subsection (a).</text></clause></subparagraph>
<subparagraph id="HFF2D1C6A4F9E4651B753580512A520C2"><enum>(B)</enum><header>2009 credits</header><text>In the case of any unused credit year beginning in 2009, the amendments made to this subsection by the <short-title>Energy Improvement and Extension Act of 2008</short-title> shall be treated as being in effect for any preceding year beginning before January 1, 2009, solely for purposes of determining how much of the unused foreign oil and gas taxes for such unused credit year may be deemed paid or accrued in such preceding year.</text></subparagraph></paragraph><after-quoted-block>.</after-quoted-block></quoted-block></paragraph></subsection>
<subsection id="H2075F902CBFD441BB423EBD51BB60DA"><enum>(d)</enum><header>Conforming amendment</header><text><external-xref legal-doc="usc" parsable-cite="usc/26/6501">Section 6501(i)</external-xref> is amended by striking <quote>oil and gas extraction taxes</quote> and inserting <quote>foreign oil and gas taxes</quote>.</text></subsection>
<subsection commented="no" display-inline="no-display-inline" id="H30A118F9FFFE4E82AE9D7274B8F3B923"><enum>(e)</enum><header display-inline="yes-display-inline">Effective date</header><text>The amendments made by this section shall apply to taxable years beginning after December 31, 2008.</text></subsection></section>
<section commented="no" display-inline="no-display-inline" id="HB63C168C5C524184A7279D004E24E6E7" section-type="subsequent-section"><enum>203.</enum><header display-inline="yes-display-inline">Broker reporting of customer’s basis in securities transactions</header>
<subsection commented="no" display-inline="no-display-inline" id="H19B3655873F94FFBBF963850EB1204CF"><enum>(a)</enum><header display-inline="yes-display-inline">In general</header>
<paragraph commented="no" display-inline="no-display-inline" id="H616378D51B44400689D6A02004F0BEB7"><enum>(1)</enum><header display-inline="yes-display-inline">Broker reporting for securities transactions</header><text display-inline="yes-display-inline"><external-xref legal-doc="usc" parsable-cite="usc/26/6045">Section 6045</external-xref> is amended by adding at the end the following new subsection:</text>
<quoted-block display-inline="no-display-inline" id="HB6CC6ECBD91E4EC7A3AD6CF850B96B6E" style="OLC">
<subsection commented="no" display-inline="no-display-inline" id="H552104287C02415DAA90849718AE8A3"><enum>(g)</enum><header display-inline="yes-display-inline">Additional information required in the case of securities transactions, etc</header>
<paragraph commented="no" display-inline="no-display-inline" id="HEE53B465AEA84EA7984F71BE44F06F01"><enum>(1)</enum><header display-inline="yes-display-inline">In general</header><text display-inline="yes-display-inline">If a broker is otherwise required to make a return under subsection (a) with respect to the gross proceeds of the sale of a covered security, the broker shall include in such return the information described in paragraph (2).</text></paragraph>
<paragraph commented="no" display-inline="no-display-inline" id="H0736269260344497839BA56BF7577293"><enum>(2)</enum><header display-inline="yes-display-inline">Additional information required</header>
<subparagraph commented="no" display-inline="no-display-inline" id="H2A4F4C9FDEFB49EA8713DA64422ECA93"><enum>(A)</enum><header display-inline="yes-display-inline">In general</header><text display-inline="yes-display-inline">The information required under paragraph (1) to be shown on a return with respect to a covered security of a customer shall include the customer’s adjusted basis in such security and whether any gain or loss with respect to such security is long-term or short-term (within the meaning of section 1222).</text></subparagraph>
<subparagraph commented="no" display-inline="no-display-inline" id="H4C9951B56C6343DEAC17C42694F3E6E5"><enum>(B)</enum><header display-inline="yes-display-inline">Determination of adjusted basis</header><text display-inline="yes-display-inline">For purposes of subparagraph (A)—</text>
<clause commented="no" display-inline="no-display-inline" id="H1D6880BF24C441BEBEB370A469C6AE85"><enum>(i)</enum><header display-inline="yes-display-inline">In general</header><text display-inline="yes-display-inline">The customer’s adjusted basis shall be determined—</text>
<subclause commented="no" display-inline="no-display-inline" id="H2238A049DCCA43B8A5C271B09712714B"><enum>(I)</enum><text display-inline="yes-display-inline">in the case of any security (other than any stock for which an average basis method is permissible under section 1012), in accordance with the first-in first-out method unless the customer notifies the broker by means of making an adequate identification of the stock sold or transferred, and</text></subclause>
<subclause commented="no" display-inline="no-display-inline" id="H45F908E0A0FE45CDB5167FA71BDF800"><enum>(II)</enum><text display-inline="yes-display-inline">in the case of any stock for which an average basis method is permissible under section 1012, in accordance with the broker’s default method unless the customer notifies the broker that he elects another acceptable method under section 1012 with respect to the account in which such stock is held.</text></subclause></clause>
<clause commented="no" display-inline="no-display-inline" id="H0BD71D2B7AF24F9897AAEC473E2FAAF2"><enum>(ii)</enum><header display-inline="yes-display-inline">Exception for wash sales</header><text display-inline="yes-display-inline">Except as otherwise provided by the Secretary, the customer’s adjusted basis shall be determined without regard to section 1091 (relating to loss from wash sales of stock or securities) unless the transactions occur in the same account with respect to identical securities.</text></clause></subparagraph></paragraph>
<paragraph commented="no" display-inline="no-display-inline" id="H75D9BC3139204EE4BE9F73551160ED00"><enum>(3)</enum><header display-inline="yes-display-inline">Covered security</header><text display-inline="yes-display-inline">For purposes of this subsection—</text>
<subparagraph commented="no" display-inline="no-display-inline" id="HCFD3DAA3AD444B548FFF8207BD20256"><enum>(A)</enum><header display-inline="yes-display-inline">In general</header><text display-inline="yes-display-inline">The term <term>covered security</term> means any specified security acquired on or after the applicable date if such security—</text>
<clause commented="no" display-inline="no-display-inline" id="H2F3D92FD4F4C4C8C8DF2051C3FCD7084"><enum>(i)</enum><text display-inline="yes-display-inline">was acquired through a transaction in the account in which such security is held, or</text></clause>
<clause commented="no" display-inline="no-display-inline" id="HC15E5219746A4C3FB1DA7547CACD52C8"><enum>(ii)</enum><text display-inline="yes-display-inline">was transferred to such account from an account in which such security was a covered security, but only if the broker received a statement under section 6045A with respect to the transfer.</text></clause></subparagraph>
<subparagraph commented="no" display-inline="no-display-inline" id="HBA926214050E49E2938F7CA9FE44F636"><enum>(B)</enum><header display-inline="yes-display-inline">Specified security</header><text display-inline="yes-display-inline">The term <term>specified security</term> means—</text>
<clause commented="no" display-inline="no-display-inline" id="H11388BE8784B4D2E9D01007967613000"><enum>(i)</enum><text display-inline="yes-display-inline">any share of stock in a corporation,</text></clause>
<clause commented="no" display-inline="no-display-inline" id="HD914BF4A21824BF89D09DFA7B555E3B"><enum>(ii)</enum><text display-inline="yes-display-inline">any note, bond, debenture, or other evidence of indebtedness,</text></clause>
<clause commented="no" display-inline="no-display-inline" id="HA3FC05CBC7004F19A0BAD2834D668983"><enum>(iii)</enum><text display-inline="yes-display-inline">any commodity, or contract or derivative with respect to such commodity, if the Secretary determines that adjusted basis reporting is appropriate for purposes of this subsection, and</text></clause>
<clause commented="no" display-inline="no-display-inline" id="H5DC4CF99300F43E59BA43772A902559F"><enum>(iv)</enum><text display-inline="yes-display-inline">any other financial instrument with respect to which the Secretary determines that adjusted basis reporting is appropriate for purposes of this subsection.</text></clause></subparagraph>
<subparagraph commented="no" display-inline="no-display-inline" id="H25E650E24B3643D8AE9200A1998E5F49"><enum>(C)</enum><header display-inline="yes-display-inline">Applicable date</header><text display-inline="yes-display-inline">The term <term>applicable date</term> means—</text>
<clause commented="no" display-inline="no-display-inline" id="HA830530B3FBB4062A3998F3880433BDA"><enum>(i)</enum><text display-inline="yes-display-inline">January 1, 2011, in the case of any specified security which is stock in a corporation (other than any stock described in clause (ii)),</text></clause>
<clause commented="no" display-inline="no-display-inline" id="H92305C86B67940AA80DE18F2D564DF"><enum>(ii)</enum><text display-inline="yes-display-inline">January 1, 2012, in the case of any stock for which an average basis method is permissible under section 1012, and</text></clause>
<clause commented="no" display-inline="no-display-inline" id="HE58899C991FA4E0A9599006B322BFFF5"><enum>(iii)</enum><text display-inline="yes-display-inline">January 1, 2013, or such later date determined by the Secretary in the case of any other specified security.</text></clause></subparagraph></paragraph>
<paragraph commented="no" display-inline="no-display-inline" id="H50C4CA7D65F24BB482F3485223A6132E"><enum>(4)</enum><header display-inline="yes-display-inline">Treatment of S corporations</header><text display-inline="yes-display-inline">In the case of the sale of a covered security acquired by an S corporation (other than a financial institution) after December 31, 2011, such S corporation shall be treated in the same manner as a partnership for purposes of this section.</text></paragraph>
<paragraph commented="no" display-inline="no-display-inline" id="HD65D6B47A0E14E5100761B3296AF09E0"><enum>(5)</enum><header display-inline="yes-display-inline">Special rules for short sales</header><text display-inline="yes-display-inline">In the case of a short sale, reporting under this section shall be made for the year in which such sale is closed.</text></paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block></paragraph>
<paragraph commented="no" display-inline="no-display-inline" id="HFB89202B73DA4350B000E9A5F5389B7D"><enum>(2)</enum><header display-inline="yes-display-inline">Broker information required with respect to options</header><text display-inline="yes-display-inline">Section 6045, as amended by subsection (a), is amended by adding at the end the following new subsection:</text>
<quoted-block display-inline="no-display-inline" id="HFEDD1EE7D2554D50B590596B787ED180" style="OLC">
<subsection commented="no" display-inline="no-display-inline" id="H66AA83E6DAEE4091A6A6B8B297BA3100"><enum>(h)</enum><header display-inline="yes-display-inline">Application to options on securities</header>
<paragraph commented="no" display-inline="no-display-inline" id="HBD956009545C47099D8F72F9C79FAF31"><enum>(1)</enum><header display-inline="yes-display-inline">Exercise of option</header><text display-inline="yes-display-inline">For purposes of this section, if a covered security is acquired or disposed of pursuant to the exercise of an option that was granted or acquired in the same account as the covered security, the amount received with respect to the grant or paid with respect to the acquisition of such option shall be treated as an adjustment to gross proceeds or as an adjustment to basis, as the case may be.</text></paragraph>
<paragraph commented="no" display-inline="no-display-inline" id="H687079308BF14B5E827282D275B547B3"><enum>(2)</enum><header display-inline="yes-display-inline">Lapse or closing transaction</header><text display-inline="yes-display-inline">In the case of the lapse (or closing transaction (as defined in section 1234(b)(2)(A))) of an option on a specified security or the exercise of a cash-settled option on a specified security, reporting under subsections (a) and (g) with respect to such option shall be made for the calendar year which includes the date of such lapse, closing transaction, or exercise.</text></paragraph>
<paragraph commented="no" display-inline="no-display-inline" id="H650BC0BD0CB945CDA1713E0576C6C624"><enum>(3)</enum><header display-inline="yes-display-inline">Prospective application</header><text display-inline="yes-display-inline">Paragraphs (1) and (2) shall not apply to any option which is granted or acquired before January 1, 2013.</text></paragraph>
<paragraph commented="no" display-inline="no-display-inline" id="HAD4C94B4A9E9448CB24CDE5CAB24E2E6"><enum>(4)</enum><header display-inline="yes-display-inline">Definitions</header><text display-inline="yes-display-inline">For purposes of this subsection, the terms <term>covered security</term> and <term>specified security</term> shall have the meanings given such terms in subsection (g)(3).</text></paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block></paragraph>
<paragraph commented="no" display-inline="no-display-inline" id="HBFE75DEAC8ED40B5B19434F2FC36122E"><enum>(3)</enum><header display-inline="yes-display-inline">Extension of period for statements sent to customers</header>
<subparagraph commented="no" display-inline="no-display-inline" id="H1D99555C6EFD4B4A99EF74B0EFAD504"><enum>(A)</enum><header display-inline="yes-display-inline">In general</header><text display-inline="yes-display-inline">Subsection (b) of <external-xref legal-doc="usc" parsable-cite="usc/26/6045">section 6045</external-xref> is amended by striking <quote>January 31</quote> and inserting <quote>February 15</quote>.</text></subparagraph>
<subparagraph commented="no" display-inline="no-display-inline" id="HA7ADB32974E3463B97DB0953BE18E9EA"><enum>(B)</enum><header display-inline="yes-display-inline">Statements related to substitute payments</header><text display-inline="yes-display-inline">Subsection (d) of <external-xref legal-doc="usc" parsable-cite="usc/26/6045">section 6045</external-xref> is amended—</text>
<clause commented="no" display-inline="no-display-inline" id="H334EE5E6CE1B49CC8556B8F5008739B6"><enum>(i)</enum><text display-inline="yes-display-inline">by striking <quote>at such time and</quote>, and</text></clause>
<clause commented="no" display-inline="no-display-inline" id="H422B769116964545A449A4B6FC41BFAE"><enum>(ii)</enum><text display-inline="yes-display-inline">by inserting after <quote>other item.</quote> the following new sentence: <quote>The written statement required under the preceding sentence shall be furnished on or before February 15 of the year following the calendar year in which the payment was made.</quote>.</text></clause></subparagraph>
<subparagraph commented="no" display-inline="no-display-inline" id="H5186D6D4EE7C4CECB8F69869985C8F6E"><enum>(C)</enum><header display-inline="yes-display-inline">Other statements</header><text display-inline="yes-display-inline">Subsection (b) of <external-xref legal-doc="usc" parsable-cite="usc/26/6045">section 6045</external-xref> is amended by adding at the end the following: <quote>In the case of a consolidated reporting statement (as defined in regulations) with respect to any customer, any statement which would otherwise be required to be furnished on or before January 31 of a calendar year with respect to any item reportable to the taxpayer shall instead be required to be furnished on or before February 15 of such calendar year if furnished with such consolidated reporting statement.</quote>.</text></subparagraph></paragraph></subsection>
<subsection commented="no" display-inline="no-display-inline" id="HBDF7BB09C5DF4D7D8BD8C3B5422D362F"><enum>(b)</enum><header display-inline="yes-display-inline">Determination of basis of certain securities on account by account or average basis method</header><text display-inline="yes-display-inline"><external-xref legal-doc="usc" parsable-cite="usc/26/1012">Section 1012</external-xref> is amended—</text>
<paragraph commented="no" display-inline="no-display-inline" id="H7FEE3A93414D45BD94AB7015F3B681F4"><enum>(1)</enum><text display-inline="yes-display-inline">by striking <quote>The basis of property</quote> and inserting the following:</text>
<quoted-block display-inline="no-display-inline" id="H42C36307FE774CD3B1DC052C0387F336" style="OLC">
<subsection commented="no" display-inline="no-display-inline" id="H21669899C8174D7B9F44E4569687908B"><enum>(a)</enum><header display-inline="yes-display-inline">In general</header><text display-inline="yes-display-inline">The basis of property</text></subsection><after-quoted-block>,</after-quoted-block></quoted-block></paragraph>
<paragraph commented="no" display-inline="no-display-inline" id="HE4944B0ABC6945CEBD691164FCFAE163"><enum>(2)</enum><text display-inline="yes-display-inline">by striking <quote>The cost of real property</quote> and inserting the following:</text>
<quoted-block display-inline="no-display-inline" id="H62D46D6D39B04C6191809C5E83F416C" style="OLC">
<subsection commented="no" display-inline="no-display-inline" id="H3A2C816495514AB5BD4416A318F0009C"><enum>(b)</enum><header display-inline="yes-display-inline">Special rule for apportioned real estate taxes</header><text display-inline="yes-display-inline">The cost of real property</text></subsection><after-quoted-block>, and</after-quoted-block></quoted-block></paragraph>
<paragraph commented="no" display-inline="no-display-inline" id="H9E80B6F1D5464680978827A7F3F6151D"><enum>(3)</enum><text display-inline="yes-display-inline">by adding at the end the following new subsections:</text>
<quoted-block display-inline="no-display-inline" id="H6FB07A06E81E4E5981DD03A664C326B" style="OLC">
<subsection commented="no" display-inline="no-display-inline" id="H4A467B9AD8CF4574B154D5FCC5F98997"><enum>(c)</enum><header display-inline="yes-display-inline">Determinations by account</header>
<paragraph commented="no" display-inline="no-display-inline" id="H2C4A9248AEF94C46BB1441F12172F15E"><enum>(1)</enum><header display-inline="yes-display-inline">In general</header><text display-inline="yes-display-inline">In the case of the sale, exchange, or other disposition of a specified security on or after the applicable date, the conventions prescribed by regulations under this section shall be applied on an account by account basis.</text></paragraph>
<paragraph commented="no" display-inline="no-display-inline" id="HCE679190F4814E70B9D2EF1C16B0100"><enum>(2)</enum><header display-inline="yes-display-inline">Application to certain regulated investment companies</header>
<subparagraph commented="no" display-inline="no-display-inline" id="HD735AD7609F342C182AACB68DE1E70C1"><enum>(A)</enum><header display-inline="yes-display-inline">In general</header><text display-inline="yes-display-inline">Except as provided in subparagraph (B), any stock for which an average basis method is permissible under section 1012 which is acquired before January 1, 2012, shall be treated as a separate account from any such stock acquired on or after such date.</text></subparagraph>
<subparagraph commented="no" display-inline="no-display-inline" id="H6DE33705474B4E808D00B4A523DE8E08"><enum>(B)</enum><header display-inline="yes-display-inline">Election for treatment as single account</header><text display-inline="yes-display-inline">If a regulated investment company elects to have this subparagraph apply with respect to one or more of its stockholders—</text>
<clause commented="no" display-inline="no-display-inline" id="H3A8262C4D79544EDBD3E2366461819DB"><enum>(i)</enum><text display-inline="yes-display-inline">subparagraph (A) shall not apply with respect to any stock in such company held by such stockholders, and</text></clause>
<clause commented="no" display-inline="no-display-inline" id="H643E563A67184549A4331D9EE610F8B3"><enum>(ii)</enum><text display-inline="yes-display-inline">all stock in such company which is held by such stockholders shall be treated as covered securities described in section 6045(g)(3) without regard to the date of the acquisition of such stock.</text></clause><continuation-text commented="no" continuation-text-level="subparagraph">A rule similar to the rule of the preceding sentence shall apply with respect to a broker holding such stock as a nominee.</continuation-text></subparagraph></paragraph>
<paragraph commented="no" display-inline="no-display-inline" id="HF0300F02AB6B42ECA057E5B53152CCC"><enum>(3)</enum><header display-inline="yes-display-inline">Definitions</header><text display-inline="yes-display-inline">For purposes of this section, the terms <term>specified security</term> and <term>applicable date</term> shall have the meaning given such terms in section 6045(g).</text></paragraph></subsection>
<subsection commented="no" display-inline="no-display-inline" id="H4E6AB1C8D08A4858BCF81588DB163836"><enum>(d)</enum><header display-inline="yes-display-inline">Average basis for stock acquired pursuant to a periodic stock investment plan</header>
<paragraph commented="no" display-inline="no-display-inline" id="H32E2C0C9B406458DB5D812E05387F755"><enum>(1)</enum><header display-inline="yes-display-inline">In general</header><text display-inline="yes-display-inline">In the case of any stock acquired after December 31, 2010, in connection with a periodic stock investment plan, the basis of such stock while held as part of such plan shall be determined using one of the methods which may be used for determining the basis of stock in a regulated investment company.</text></paragraph>
<paragraph commented="no" display-inline="no-display-inline" id="HAFCE81DA8C244316AB1900E06B9400AF"><enum>(2)</enum><header display-inline="yes-display-inline">Treatment after transfer</header><text display-inline="yes-display-inline">In the case of the transfer to another account of stock to which paragraph (1) applies, such stock shall have a cost basis in such other account equal to its basis in the periodic stock investment plan immediately before such transfer (properly adjusted for any fees or other charges taken into account in connection with such transfer).</text></paragraph>
<paragraph commented="no" display-inline="no-display-inline" id="H1D182E5C8007430CBBF5F82FA6D80011"><enum>(3)</enum><header display-inline="yes-display-inline">Separate accounts; election for treatment as single account</header><text display-inline="yes-display-inline">Rules similar to the rules of subsection (c)(2) shall apply for purposes of this subsection.</text></paragraph>
<paragraph id="H63D47D51E7064334BD29AB515872FEA4"><enum>(4)</enum><header>Periodic stock investment plan</header><text>For purposes of this subsection—</text>
<subparagraph id="HC0B2DB1909E24FD0B3A350A7DA5CB25E"><enum>(A)</enum><header>In general</header><text>The term <quote>periodic stock investment plan</quote> means—</text>
<clause id="HA2CD5DBC56E84E8087117C6E007253A"><enum>(i)</enum><text>any stock purchase plan, and</text></clause>
<clause id="HFD7F11F0F355426B85BC6DF6607AD6C"><enum>(ii)</enum><text>any dividend reinvestment plan.</text></clause></subparagraph>
<subparagraph id="H1A42815A048C44A899FBF3659D97A67C"><enum>(B)</enum><header>Stock purchase plan</header><text>The term <quote>stock purchase plan</quote> means any arrangement under which identical stock is periodically purchased pursuant to a written plan.</text></subparagraph>
<subparagraph id="H34B751EFADD64B638E530563BABFDE6F" commented="no" display-inline="no-display-inline"><enum>(C)</enum><header display-inline="yes-display-inline">Dividend reinvestment plan</header>
<clause id="HA2FA7D13E50648CDB45900D7BAEFE966" commented="no" display-inline="no-display-inline"><enum>(i)</enum><header display-inline="yes-display-inline">In general</header><text display-inline="yes-display-inline">The term <term>dividend reinvestment plan</term> means any arrangement under which dividends on any stock are reinvested in stock identical to the stock with respect to which the dividends are paid.</text></clause>
<clause id="H03A7928B305842BA982331DC2C566E47" commented="no" display-inline="no-display-inline"><enum>(ii)</enum><header display-inline="yes-display-inline">Initial stock acquisition treated as acquired in connection with plan</header><text display-inline="yes-display-inline">Stock shall be treated as acquired in connection with a dividend reinvestment plan if such stock is acquired pursuant to such plan or if the dividends paid on such stock are subject to such plan.</text></clause></subparagraph></paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block></paragraph></subsection>
<subsection commented="no" display-inline="no-display-inline" id="HDAC131D41BF343A4ADAF8C8C32A1A2F1"><enum>(c)</enum><header display-inline="yes-display-inline">Information by transferors to aid brokers</header>
<paragraph commented="no" display-inline="no-display-inline" id="HECFCB9A0410C488599E9AEE189EBAED1"><enum>(1)</enum><header display-inline="yes-display-inline">In general</header><text display-inline="yes-display-inline">Subpart B of part III of subchapter A of <external-xref legal-doc="usc-chapter" parsable-cite="usc-chapter/26/61">chapter 61</external-xref> is amended by inserting after section 6045 the following new section:</text>
<quoted-block display-inline="no-display-inline" id="HADE8573750114098A2E97294FA3DBE74" style="OLC">
<section commented="no" display-inline="no-display-inline" id="HC03E5D99C7304F71970090F760479C6B" section-type="subsequent-section"><enum>6045A.</enum><header display-inline="yes-display-inline">Information required in connection with transfers of covered securities to brokers</header>
<subsection commented="no" display-inline="no-display-inline" id="H3CC5EB4F548843BFA087FDCB6CDCCDCB"><enum>(a)</enum><header display-inline="yes-display-inline">Furnishing of information</header><text display-inline="yes-display-inline">Every applicable person which transfers to a broker (as defined in section 6045(c)(1)) a security which is a covered security (as defined in section 6045(g)(3)) in the hands of such applicable person shall furnish to such broker a written statement in such manner and setting forth such information as the Secretary may by regulations prescribe for purposes of enabling such broker to meet the requirements of section 6045(g).</text></subsection>
<subsection commented="no" display-inline="no-display-inline" id="H5A0054751C32419E9500E558B600D25E"><enum>(b)</enum><header display-inline="yes-display-inline">Applicable person</header><text display-inline="yes-display-inline">For purposes of subsection (a), the term <term>applicable person</term> means—</text>
<paragraph commented="no" display-inline="no-display-inline" id="H370E95BF21944721B50685A6B5004905"><enum>(1)</enum><text display-inline="yes-display-inline">any broker (as defined in section 6045(c)(1)), and</text></paragraph>
<paragraph commented="no" display-inline="no-display-inline" id="HB034152155CA4F29A80761A9C7C5D4D"><enum>(2)</enum><text display-inline="yes-display-inline">any other person as provided by the Secretary in regulations.</text></paragraph></subsection>
<subsection commented="no" display-inline="no-display-inline" id="HFB05D8EBEE67492784BDC08B8D948B6"><enum>(c)</enum><header display-inline="yes-display-inline">Time for furnishing statement</header><text display-inline="yes-display-inline">Except as otherwise provided by the Secretary, any statement required by subsection (a) shall be furnished not later than 15 days after the date of the transfer described in such subsection.</text></subsection></section><after-quoted-block>.</after-quoted-block></quoted-block></paragraph>
<paragraph commented="no" display-inline="no-display-inline" id="H25829CC5CF7B4FE49DAA004F7BDC9F2E"><enum>(2)</enum><header display-inline="yes-display-inline">Assessable penalties</header><text display-inline="yes-display-inline">Paragraph (2) of <external-xref legal-doc="usc" parsable-cite="usc/26/6724">section 6724(d)</external-xref> is amended by redesignating subparagraphs (I) through (DD) as subparagraphs (J) through (EE), respectively, and by inserting after subparagraph (H) the following new subparagraph:</text>
<quoted-block display-inline="no-display-inline" id="HE1DB5290A5E1447AAF2336250775FE20" style="OLC">
<subparagraph commented="no" display-inline="no-display-inline" id="HC6675C2CA1884E83B611AEC572C0C339"><enum>(I)</enum><text display-inline="yes-display-inline">section 6045A (relating to information required in connection with transfers of covered securities to brokers),</text></subparagraph><after-quoted-block>.</after-quoted-block></quoted-block></paragraph>
<paragraph commented="no" display-inline="no-display-inline" id="HFB3D68216A904EC79951AA8CDEA2CDD"><enum>(3)</enum><header display-inline="yes-display-inline">Clerical amendment</header><text display-inline="yes-display-inline">The table of sections for subpart B of part III of subchapter A of <external-xref legal-doc="usc-chapter" parsable-cite="usc-chapter/26/61">chapter 61</external-xref> is amended by inserting after the item relating to section 6045 the following new item:</text>
<quoted-block display-inline="no-display-inline" id="H415B966519D8491E95B64203828E0037" style="OLC">
<toc regeneration="no-regeneration">
<toc-entry bold="off" level="section">Sec. 6045A. Information required in connection with transfers of covered securities to brokers.</toc-entry></toc><after-quoted-block>.</after-quoted-block></quoted-block></paragraph></subsection>
<subsection commented="no" display-inline="no-display-inline" id="H255514C1380445989D00E4F46B17D9A3"><enum>(d)</enum><header display-inline="yes-display-inline">Additional issuer information To aid brokers</header>
<paragraph commented="no" display-inline="no-display-inline" id="H1B85DA2B9F5045E7891828E407434E00"><enum>(1)</enum><header display-inline="yes-display-inline">In general</header><text display-inline="yes-display-inline">Subpart B of part III of subchapter A of chapter 61, as amended by subsection (b), is amended by inserting after section 6045A the following new section:</text>
<quoted-block display-inline="no-display-inline" id="HD7C52ACB36E1466087065C3093254748" style="OLC">
<section commented="no" display-inline="no-display-inline" id="H328DD55F94574A22817BDB4843C451E5" section-type="subsequent-section"><enum>6045B.</enum><header display-inline="yes-display-inline">Returns relating to actions affecting basis of specified securities</header>
<subsection commented="no" display-inline="no-display-inline" id="H798CE14496574B2ABF56F027B3B0D031"><enum>(a)</enum><header display-inline="yes-display-inline">In general</header><text display-inline="yes-display-inline">According to the forms or regulations prescribed by the Secretary, any issuer of a specified security shall make a return setting forth—</text>
<paragraph commented="no" display-inline="no-display-inline" id="H5F8984B46EE841849CD45721AC8CC9F8"><enum>(1)</enum><text display-inline="yes-display-inline">a description of any organizational action which affects the basis of such specified security of such issuer,</text></paragraph>
<paragraph commented="no" display-inline="no-display-inline" id="H929F86E5D3044377A3BAFF9E64CBD5A"><enum>(2)</enum><text display-inline="yes-display-inline">the quantitative effect on the basis of such specified security resulting from such action, and</text></paragraph>
<paragraph commented="no" display-inline="no-display-inline" id="H811DA9FC81264E4089B1B6A588EFFD42"><enum>(3)</enum><text display-inline="yes-display-inline">such other information as the Secretary may prescribe.</text></paragraph></subsection>
<subsection commented="no" display-inline="no-display-inline" id="H3693DBEC458C4E25845FD000780AA1E"><enum>(b)</enum><header display-inline="yes-display-inline">Time for filing return</header><text display-inline="yes-display-inline">Any return required by subsection (a) shall be filed not later than the earlier of—</text>
<paragraph commented="no" display-inline="no-display-inline" id="H01E902A37DEF4E9B00808CA4E900682F"><enum>(1)</enum><text display-inline="yes-display-inline">45 days after the date of the action described in subsection (a), or</text></paragraph>
<paragraph commented="no" display-inline="no-display-inline" id="HC905E7A0088B47C3A0A4B51FE4003CAD"><enum>(2)</enum><text display-inline="yes-display-inline">January 15 of the year following the calendar year during which such action occurred.</text></paragraph></subsection>
<subsection commented="no" display-inline="no-display-inline" id="HB483437D66F34CAA96A1CEB6CF6CA4D"><enum>(c)</enum><header display-inline="yes-display-inline">Statements To be furnished to holders of specified securities or their nominees</header><text display-inline="yes-display-inline">According to the forms or regulations prescribed by the Secretary, every person required to make a return under subsection (a) with respect to a specified security shall furnish to the nominee with respect to the specified security (or certificate holder if there is no nominee) a written statement showing—</text>
<paragraph commented="no" display-inline="no-display-inline" id="H07E1FD13C6D5457088CFB26DEF0464DA"><enum>(1)</enum><text display-inline="yes-display-inline">the name, address, and phone number of the information contact of the person required to make such return,</text></paragraph>
<paragraph commented="no" display-inline="no-display-inline" id="H566FF5F6A0F84A10888B902944F40631"><enum>(2)</enum><text display-inline="yes-display-inline">the information required to be shown on such return with respect to such security, and</text></paragraph>
<paragraph commented="no" display-inline="no-display-inline" id="HB2D3D1C9C86745CE8FD3A283222CA7"><enum>(3)</enum><text display-inline="yes-display-inline">such other information as the Secretary may prescribe.</text></paragraph><continuation-text commented="no" continuation-text-level="subsection">The written statement required under the preceding sentence shall be furnished to the holder on or before January 15 of the year following the calendar year during which the action described in subsection (a) occurred.</continuation-text></subsection>
<subsection commented="no" display-inline="no-display-inline" id="H2713356ABB514BEEB204FAA8752FA657"><enum>(d)</enum><header display-inline="yes-display-inline">Specified security</header><text display-inline="yes-display-inline">For purposes of this section, the term <term>specified security</term> has the meaning given such term by section 6045(g)(3)(B). No return shall be required under this section with respect to actions described in subsection (a) with respect to a specified security which occur before the applicable date (as defined in section 6045(g)(3)(C)) with respect to such security.</text></subsection>
<subsection commented="no" display-inline="no-display-inline" id="HEBF4BA5D05FA48B3A77188E48159A861"><enum>(e)</enum><header display-inline="yes-display-inline">Public reporting in lieu of return</header><text display-inline="yes-display-inline">The Secretary may waive the requirements under subsections (a) and (c) with respect to a specified security, if the person required to make the return under subsection (a) makes publicly available, in such form and manner as the Secretary determines necessary to carry out the purposes of this section—</text>
<paragraph commented="no" display-inline="no-display-inline" id="HEAE1479671EA45E999E843BDCB517404"><enum>(1)</enum><text display-inline="yes-display-inline">the name, address, phone number, and email address of the information contact of such person, and</text></paragraph>
<paragraph commented="no" display-inline="no-display-inline" id="H6459B9822FB64D83940094692C3DCD94"><enum>(2)</enum><text display-inline="yes-display-inline">the information described in paragraphs (1), (2), and (3) of subsection (a).</text></paragraph></subsection></section><after-quoted-block>.</after-quoted-block></quoted-block></paragraph>
<paragraph commented="no" display-inline="no-display-inline" id="H2DFFD21C367A402D88653357D915906"><enum>(2)</enum><header display-inline="yes-display-inline">Assessable penalties</header>
<subparagraph commented="no" display-inline="no-display-inline" id="H09EE92BFB0A349F5AA1188DD27659356"><enum>(A)</enum><text display-inline="yes-display-inline">Subparagraph (B) of <external-xref legal-doc="usc" parsable-cite="usc/26/6724">section 6724(d)(1)</external-xref> is amended by redesignating clause (iv) and each of the clauses which follow as clauses (v) through (xxiii), respectively, and by inserting after clause (iii) the following new clause:</text>
<quoted-block display-inline="no-display-inline" id="HBE498834B204447C98D17D6E3380AD59" style="OLC">
<clause commented="no" display-inline="no-display-inline" id="H7E7AD8BF01D1429D8FE3B530F1BCF631"><enum>(iv)</enum><text display-inline="yes-display-inline">section 6045B(a) (relating to returns relating to actions affecting basis of specified securities),</text></clause><after-quoted-block>.</after-quoted-block></quoted-block></subparagraph>
<subparagraph commented="no" display-inline="no-display-inline" id="H4BD3FAEE4AB84D78B2E6002DAA02DA12"><enum>(B)</enum><text display-inline="yes-display-inline">Paragraph (2) of section 6724(d), as amended by subsection (c)(2), is amended by redesignating subparagraphs (J) through (EE) as subparagraphs (K) through (FF), respectively, and by inserting after subparagraph (I) the following new subparagraph:</text>
<quoted-block display-inline="no-display-inline" id="H1400207365CD4EAEB9EBD353AC4960F3" style="OLC">
<subparagraph commented="no" display-inline="no-display-inline" id="H2F0C7DCEB1A042328722FA79F532E1CE"><enum>(J)</enum><text display-inline="yes-display-inline">subsections (c) and (e) of section 6045B (relating to returns relating to actions affecting basis of specified securities),</text></subparagraph><after-quoted-block>.</after-quoted-block></quoted-block></subparagraph></paragraph>
<paragraph commented="no" display-inline="no-display-inline" id="H221B72CFFF12439E8C719BAEF7391DA5"><enum>(3)</enum><header display-inline="yes-display-inline">Clerical amendment</header><text display-inline="yes-display-inline">The table of sections for subpart B of part III of subchapter A of chapter 61, as amended by subsection (b)(3), is amended by inserting after the item relating to section 6045A the following new item:</text>
<quoted-block display-inline="no-display-inline" id="H98F35CE91D7D45839530027F6E68F0E0" style="OLC">
<toc regeneration="no-regeneration">
<toc-entry bold="off" level="section">Sec. 6045B. Returns relating to actions affecting basis of specified securities.</toc-entry></toc><after-quoted-block>.</after-quoted-block></quoted-block></paragraph></subsection>
<subsection commented="no" display-inline="no-display-inline" id="HFF324D096ECE439FA5B7009B94A3BAF6"><enum>(e)</enum><header display-inline="yes-display-inline">Effective date</header>
<paragraph commented="no" display-inline="no-display-inline" id="HC5EFEA3556194A8E0058FFEE02DC71CD"><enum>(1)</enum><header display-inline="yes-display-inline">In general</header><text display-inline="yes-display-inline">Except as otherwise provided in this subsection, the amendments made by this section shall take effect on January 1, 2011.</text></paragraph>
<paragraph commented="no" display-inline="no-display-inline" id="H6698FAD45677416486EB69B025C29C01"><enum>(2)</enum><header display-inline="yes-display-inline">Extension of period for statements sent to customers</header><text display-inline="yes-display-inline">The amendments made by subsection (a)(3) shall apply to statements required to be furnished after December 31, 2008.</text></paragraph></subsection></section>
<section commented="no" display-inline="no-display-inline" id="H6BD3A83A82E846DCAAC21105E4158DB" section-type="subsequent-section"><enum>204.</enum><header>Increase and extension of Oil Spill Liability Trust Fund tax</header>
<subsection commented="no" display-inline="no-display-inline" id="HDDEB5313A5C34259876CA3A512E4EE6"><enum>(a)</enum><header>Increase in rate</header>
<paragraph id="H24B62A943FBF4BBEAE32BEEBFAB9F0C3" display-inline="no-display-inline"><enum>(1)</enum><header>Increase in rate</header><text><external-xref legal-doc="usc" parsable-cite="usc/26/4611">Section 4611(c)</external-xref> is amended by adding at the end the following new paragraph:</text>
<quoted-block style="OLC" id="H7A12848BDA7946F3A52FF8CADB2711F9" display-inline="no-display-inline">
<paragraph id="H631757418600417ABB9FF72D74208507"><enum>(3)</enum><header>Increase in Oil Spill Liability Trust Fund financing rate</header><text display-inline="yes-display-inline">For purposes of this subsection, the Oil Spill Liability Trust Fund financing rate is increased (in addition to any other increase under this subsection) by—</text>
<subparagraph id="HEB9F490BB1A74DA9B297915553113361"><enum>(A)</enum><text display-inline="yes-display-inline">in the case of crude oil received or petroleum products entered before January 1, 2011, 0.5 cent a barrel, and</text></subparagraph>
<subparagraph id="HD0E15F42EDD341AFAD752BC7F4006EA9"><enum>(B)</enum><text display-inline="yes-display-inline">in the case of crude oil received or petroleum products entered after December 31, 2010, 1 cent a barrel.</text></subparagraph></paragraph><after-quoted-block>.</after-quoted-block></quoted-block></paragraph>
<paragraph commented="no" display-inline="no-display-inline" id="HFBF93C8A1CB24494A20913DAC923C815"><enum>(2)</enum><header>Effective date</header><text>The amendment made by this subsection shall apply on and after the first day of the first calendar quarter beginning more than 60 days after the date of the enactment of this Act.</text></paragraph></subsection>
<subsection commented="no" display-inline="no-display-inline" id="H69D7A769BA114997BBFF5F498E7CF96E"><enum>(b)</enum><header>Extension</header>
<paragraph commented="no" display-inline="no-display-inline" id="HB34CBA1A7C6146899CAED1FE687D6EB4"><enum>(1)</enum><header>In general</header><text>Section 4611(f) (relating to application of Oil Spill Liability Trust Fund financing rate) is amended by striking paragraphs (2) and (3) and inserting the following new paragraph:</text>
<quoted-block display-inline="no-display-inline" id="H7635EEDE9852419DB500012504EDA523" style="OLC">
<paragraph commented="no" display-inline="no-display-inline" id="HC65919AD75CF4FD5887F6360654820C9"><enum>(2)</enum><header>Termination</header><text>The Oil Spill Liability Trust Fund financing rate shall not apply after December 31, 2017.</text></paragraph><after-quoted-block>.</after-quoted-block></quoted-block></paragraph>
<paragraph commented="no" display-inline="no-display-inline" id="H001DC7526F4341D1B9C22762C192E5D3"><enum>(2)</enum><header>Conforming amendment</header><text><external-xref legal-doc="usc" parsable-cite="usc/26/4611">Section 4611(f)(1)</external-xref> is amended by striking <quote>paragraphs (2) and (3)</quote> and inserting <quote>paragraph (2)</quote>.</text></paragraph>
<paragraph commented="no" display-inline="no-display-inline" id="HC8F6BB04E02E4DCE9DC41F87F9F2B5B7"><enum>(3)</enum><header>Effective date</header><text>The amendments made by this subsection shall take effect on the date of the enactment of this Act.</text></paragraph></subsection> </section>
<section id="HE3F513180EDC4D7081A9E7668B4BC61C"><enum>205.</enum><header>Time for payment of corporate estimated taxes</header><text display-inline="no-display-inline">The percentage under subparagraph (C) of section 401(1) of the Tax Increase Prevention and Reconciliation Act of 2005 in effect on the date of the enactment of this Act is increased by 10.5 percentage points.</text></section>