Sec. 1322. MODIFICATION OF CREDIT FOR PRODUCING FUEL FROM A NONCONVENTIONAL SOURCE

699 words·~3 min read·/statute-compilations/comps-10914/sec-1322

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

## 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 ######

(ii)in subsection (d)(3) by striking “section 29” both places it appears and inserting “section 45K”. #####

(E)Section 45K(a), as redesignated by paragraph (1), is amended by striking “There shall be allowed as a credit against the tax imposed by this chapter for the taxable year” and inserting “For purposes of section 38, if the taxpayer elects to have this section apply, the nonconventional source production credit determined under this section for the taxable year is”. #####

(F)Section 45K(b), as so redesignated, is amended by striking paragraph (6). #####

(G)Section 53(d)(1)(B)(iii) is amended by striking “under section 29” and all that follows through “or not allowed”. #####

(H)Section 55(c)(3) is amended by striking “29(b)(6),”. #####

(I)Subsection

(a)of section 772 is amended by inserting “and” at the end of paragraph (9), by striking paragraph (10), and by redesignating paragraph

(11)as paragraph (10). #####

(J)Paragraph

(5)of section 772(d) is amended by striking “the foreign tax credit, and the credit allowable under section 29” and inserting “and the foreign tax credit”. #####

(K)The table of sections for subpart B of part IV of subchapter A of chapter 1 is amended by striking the item relating to section 29. #####

(L)The table of sections for subpart D of part IV of subchapter A of chapter 1 is amended by inserting after the item relating to section 45I the following new item:" “Sec. 45K. Credit for producing fuel from a nonconventional source.” ". ###

(b)Amendments Conforming to the Repeal of the Natural Gas Policy Act of 1978 ####

(1)In general Section 29(c)(2)(A) (before redesignation under subsection

(a)and as amended by section 1321) is amended— #####

(A)by inserting “(as in effect before the repeal of such section)” after “1978”, and #####

(B)by striking subsection

(e)and redesignating subsections (f), (g), and

(h)as subsections (e), (f), and (g), respectively. ####

(2)Conforming amendments Section 29(g)(1) (before redesignation under subsection

(a)and paragraph

(1)of this subsection) is amended— #####

(A)in subparagraph

(A)by striking “subsection (f)(1)(B)” and inserting “subsection (e)(1)(B)”, and #####

(B)in subparagraph

(B)by striking “subsection (f)” and inserting “subsection (e)”. ###

(c)Effective Dates ####

(1)In general Except as provided in paragraph (2), the amendments made by this section shall apply to credits determined under the Internal Revenue Code of 1986 for taxable years ending after December 31, 2005. ####

(2)Subsection

(b)The amendments made by subsection

(b)shall take effect on the date of the enactment of this Act.