PUBLIC LAW 109–58—AUG. 8, 2005
119 STAT. 1011
‘‘(2) SPECIAL RULES.—In determining the amount of credit allowable under this section solely by reason of this subsection— ‘‘(A) DAILY LIMIT.—The amount of qualified fuels sold during any taxable year which may be taken into account by reason of this subsection with respect to any facility shall not exceed an average barrel-of-oil equivalent of 4,000 barrels per day. Days before the date the facility is placed in service shall not be taken into account in determining such average. ‘‘(B) EXTENSION PERIOD TO COMMENCE WITH UNADJUSTED CREDIT AMOUNT.—For purposes of applying subsection (b)(2) to the $3 amount in subsection (a), in the case of fuels sold after 2005, subsection (d)(2)(B) shall be applied by substituting ‘2004’ for ‘1979’. ‘‘(C) DENIAL OF DOUBLE BENEFIT.—This subsection shall not apply to any facility producing qualified fuels for which a credit was allowed under this section for the taxable year or any preceding taxable year by reason of subsection (g).’’. (b) EFFECTIVE DATE.—The amendment made by this section shall apply to fuel produced and sold after December 31, 2005, in taxable years ending after such date.
26 USC 29 note.
SEC. 1322. MODIFICATION OF CREDIT FOR PRODUCING FUEL FROM A NONCONVENTIONAL SOURCE.
(a) TREATMENT AS BUSINESS CREDIT.— (1) CREDIT MOVED TO SUBPART RELATING TO BUSINESS RELATED CREDITS.—The Internal Revenue Code of 1986 is amended by redesignating section 29 as section 45K and by moving section 45K (as so redesignated) from subpart B of part IV of subchapter A of chapter 1 to the end of subpart D of part IV of subchapter A of chapter 1. (2) CREDIT TREATED AS BUSINESS CREDIT.—Section 38(b), as amended by this Act, is amended by striking ‘‘plus’’ at the end of paragraph (20), by striking the period at the end of paragraph (21) and inserting ‘‘, plus’’, and by adding at the end the following: ‘‘(22) the nonconventional source production credit determined under section 45K(a).’’. (3) CONFORMING AMENDMENTS.— (A) Section 30(b)(3)(A) is amended by striking ‘‘sections 27 and 29’’ and inserting ‘‘section 27’’. (B) Sections 43(b)(2), 45I(b)(2)(C)(i), and 613A(c)(6)(C) are each amended by striking ‘‘section 29(d)(2)(C)’’ and inserting ‘‘section 45K(d)(2)(C)’’. (C) Section 45(e)(9), as added by this Act, is amended— (i) by striking ‘‘section 29’’ each place it appears and inserting ‘‘section 45K’’, and (ii) by inserting ‘‘(or under section 29, as in effect on the day before the date of enactment of the Energy Tax Incentives Act of 2005, for any prior taxable year)’’ before the period at the end thereof. (D) Section 45I is amended— (i) in subsection (c)(2)(A) by striking ‘‘section 29(d)(5))’’ and inserting ‘‘section 45K(d)(5))’’, and
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