PUBLIC LAW 109–58—AUG. 8, 2005
119 STAT. 999
(and such design or a substantially similar design of comparable capacity was not approved on or before such date). ‘‘(e) OTHER RULES TO APPLY.—Rules similar to the rules of paragraphs (1), (2), (3), (4), and (5) of section 45(e) shall apply for purposes of this section.’’. (b) CREDIT TREATED AS BUSINESS CREDIT.—Section 38(b), as amended by the Transportation Equity Act: A Legacy for Users, is amended by striking ‘‘plus’’ at the end of paragraph (19), by striking the period at the end of paragraph (20) and inserting ‘‘, plus’’, and by adding at the end the following: ‘‘(21) the advanced nuclear power facility production credit determined under section 45J(a).’’. (c) CLERICAL AMENDMENT.—The table of sections for subpart D of part IV of subchapter A of chapter 1 is amended by adding at the end the following: ‘‘Sec. 45J. Credit for production from advanced nuclear power facilities.’’.
(d) EFFECTIVE DATE.—The amendments made by this section shall apply to production in taxable years beginning after the date of the enactment of this Act.
26 USC 38 note.
SEC. 1307. CREDIT FOR INVESTMENT IN CLEAN COAL FACILITIES.
(a) IN GENERAL.—Section 46 (relating to amount of credit) is amended by striking ‘‘and’’ at the end of paragraph (1), by striking the period at the end of paragraph (2), and by adding at the end the following new paragraphs: ‘‘(3) the qualifying advanced coal project credit, and ‘‘(4) the qualifying gasification project credit.’’. (b) AMOUNT OF CREDITS.—Subpart E of part IV of subchapter A of chapter 1 (relating to rules for computing investment credit) is amended by inserting after section 48 the following new sections: ‘‘SEC. 48A. QUALIFYING ADVANCED COAL PROJECT CREDIT.
‘‘(a) IN GENERAL.—For purposes of section 46, the qualifying advanced coal project credit for any taxable year is an amount equal to— ‘‘(1) 20 percent of the qualified investment for such taxable year in the case of projects described in subsection (d)(3)(B)(i), and ‘‘(2) 15 percent of the qualified investment for such taxable year in the case of projects described in subsection (d)(3)(B)(ii). ‘‘(b) QUALIFIED INVESTMENT.— ‘‘(1) IN GENERAL.—For purposes of subsection (a), the qualified investment for any taxable year is the basis of eligible property placed in service by the taxpayer during such taxable year which is part of a qualifying advanced coal project— ‘‘(A)(i) the construction, reconstruction, or erection of which is completed by the taxpayer, or ‘‘(ii) which is acquired by the taxpayer if the original use of such property commences with the taxpayer, and ‘‘(B) with respect to which depreciation (or amortization in lieu of depreciation) is allowable. ‘‘(2) SPECIAL RULE FOR CERTAIN SUBSIDIZED PROPERTY.— Rules similar to section 48(a)(4) shall apply for purposes of this section. ‘‘(3) CERTAIN QUALIFIED PROGRESS EXPENDITURES RULES MADE APPLICABLE.—Rules similar to the rules of subsections (c)(4) and (d) of section 46 (as in effect on the day before
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