PUBLIC LAW 101-508 —NOV. 5, 1990 104 STAT. 1388-485 "(1) IN GENERAL. — A teixpayer may elect to have this section not apply for any taxable year. "(2) TIME FOR MAKING ELECTION. — An election under paragraph (1) for any taxable year may be made (or revoked) at any time before the expiration of the 3-year period beginning on the last date prescribed by law for filing the return for such taxable year (determined without regard to extensions). "(3) MANNER OF MAKING ELECTION. —An election under paragraph (1) (or revocation thereof) shall be made in such manner as the Secretary may by regulations prescribe." (b) ADDITION TO GENERAL BUSINESS CREDIT. — (1) IN GENERAL,—Section 38(b) (defining current year business credit) is amended by striking "plus" at the end of paragraph (4), by striking the period at the end of paragraph (5) and inserting ", plus", and by adding at the end thereof the following new paragraph: "(6) the enhanced oil recovery credit under section 43(a)." (2) CARRYBACKS.— Section 39(d) is amended by adding at the end thereof the following new paragraph: "(5) No CARRYBACK OF ENHANCED OIL RECOVERY CREDIT BEFORE 1991.— No portion of the unused business credit for any taxable year which is attributable to the credit determined under section 43(a) (relating to enhanced oil recovery credit) may be carried to a taxable year beginning before January 1, 1991." (3) DEDUCTION FOR UNUSED CREDIT. — Section 196(c) is eunended by striking "and" at the end of paragraph (3), by striking the period at the end of paragraph (4) and inserting ", and", and by adding at the end thereof the following new paragraph: "(5) the enhanced oil recovery credit determined under section 43(a). " (c) CONFORMING AMENDMENTS. — (1) The table of sections for subpart D of part IV of subchapter A of chapter 1 is amended by adding at the end thereof the following new item: "Sec. 43. Enhfinced oil recovery credit." (2) Subsection (m) of section 6501 is amended by striking "44B" each place it appears and inserting "43 or 44B". (d) EFFECTIVE DATES. — 26 USC 43 note. (1) IN GENERAL.—The amendments made by this section shall apply to costs paid or incurred in taxable years beginning after December 31, 1990. (2) SPECIAL RULE FOR SIGNIFICANT EXPANSION OF PROJECTS. — For purposes of section 43(c)(2)(A)(iii) of the Internal Revenue Code of 1986 (as added by subsection (a)), any significant expansion after December 31, 1990, of a project begun before January 1, 1991, shall be treated as a project with respect to which the first injection commences after December 31, 1990. PART III—MODIFICATIONS OF PERCENTAGE DEPLETION SEC. 11521. PERCENTAGE DEPLETION PERMITTED AFTER TRANSFER OF PROVEN PROPERTY. (a) IN GENERAL.— Subsection (c) of section 613A (relating to limitations on percentage depletion in the case of oil and gas wells) is
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