PUBLIC LAW 109–135—DEC. 21, 2005
119 STAT. 2611
‘‘(i) the amount by which the reference price (as defined in section 45(e)(2)(C)) for the calendar year in which the sale occurs exceeds 8 cents, bears to ‘‘(ii) 3 cents. ‘‘(B) PHASEOUT ADJUSTMENT BASED ON INFLATION.— The 8 cent amount in subparagraph (A) shall be adjusted by multiplying such amount by the inflation adjustment factor (as defined in section 45(e)(2)(B)) for the calendar year in which the sale occurs. If any amount as increased under the preceding sentence is not a multiple of 0.1 cent, such amount shall be rounded to the nearest multiple of 0.1 cent.’’. (2) Subsection (e) of section 45J is amended by striking ‘‘(2),’’. (e) AMENDMENT RELATED TO SECTION 1309.—Subparagraph (B) of section 169(d)(5) is amended by adding at beginning thereof ‘‘in the case of facility placed in service in connection with a plant or other property placed in operation after December 31, 1975,’’. (f) AMENDMENTS RELATED TO SECTION 1311.— (1) Clause (i) of section 172(b)(1)(I) is amended to read as follows: ‘‘(i) IN GENERAL.—At the election of the taxpayer for any taxable year ending after December 31, 2005, and before January 1, 2009, in the case of a net operating loss for a taxable year ending after December 31, 2002, and before January 1, 2006, there shall be a net operating loss carryback to each of the 5 taxable years preceding the taxable year of such loss to the extent that such loss does not exceed 20 percent of the sum of the electric transmission property capital expenditures and the pollution control facility capital expenditures of the taxpayer for the taxable year preceding the taxable year for which such election is made.’’. (2) Clause (ii) of section 172(b)(1)(I) is amended by striking ‘‘in a taxable year’’ and inserting ‘‘for a taxable year’’. (3) Subparagraph (I) of section 172(b)(1) is amended by striking clause (iv) and (v), by redesignating clause (vi) as clause (v), and by inserting after clause (iii) the following: ‘‘(iv) SPECIAL RULES RELATING TO CREDIT OR REFUND.—In the case of the portion of the loss which is carried back 5 years by reason of clause (i)— ‘‘(I) an application under section 6411(a) with respect to such portion shall not fail to be treated as timely filed if filed within 24 months after the due date specified under such section, and ‘‘(II) references in sections 6501(h), 6511(d)(2)(A), and 6611(f)(1) to the taxable year in which such net operating loss arises or results in a net operating loss carryback shall be treated as references to the taxable year for which such election is made.’’. (g) AMENDMENT RELATED TO SECTION 1322.—Subsection (a) of section 45K is amended by striking ‘‘if the taxpayer elects to have this section apply,’’. (h) AMENDMENT RELATED TO SECTION 1331.—Paragraph (3) of section 1250(b) is amended by striking ‘‘or by section 179D’’.
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