Page:United States Statutes at Large Volume 102 Part 4.djvu/397

 PUBLIC LAW 100-647—NOV. 10, 1988

102 STAT. 3367

ture, a $438,000,000 expenditure, and a $321,000,000 expenditure." (35) Subparagraph (T) of section 204(a)(5) of the Reform Act is amended to read as follows: "(T) A project is described in this subparagraph if it is a plant facility on Alaska's North Slope which is placed in service before January 1, 1988, and— "(i) the approximate cost of which is $675,000,000, of which approximately $400,000,000 was spent on off-site construction, "(ii) the approximate cost of which is $445,000,000, of which approximately $400,000,000 was spent on off-site construction and more than 50 percent of the project cost was spent prior to December 31, 1985, or "(iii) the approximate cost of which is $375,000,000, of which approximately $260,000,000 was spent on off-site construction."

Alaska,

(e) AMENDMENTS RELATING TO SECTION 211 OF THE REFORM ACT.—

(1) Paragraph (1) of section 49(d) of the 1986 Code is amended to read as follows: "(1) IN GENERAL.—In the case of periods after December 31, 1985, with respect to so much of the credit determined under section 46(a) with respect to transition property as is attributable to the regular investment credit (as defined in subsection (c)(5)(B))"(A) paragraphs (1), (2), and (7) of section 48(q) and section 48(d)(5) shall be applied by substituting '100 percent' for '50 percent' each place it appears, and "(B) sections 48(q)(4) and 196(d) shall not apply." (2) Subparagraph (B) of section 49(c)(4) of the 1986 Code is amended to read as follows: "(B) No CARRYBACK FOR YEARS STRADDLING JULY 1, 1987; GROSS UP OF CARRYFORWARDS.—In any case to which paragraph (3) applies— "(i) the amount of the reduction under paragraph (3) may not be carried back to any taxable year, but "(ii) there shall be added to the carryforwards from the taxable year (before applying paragraph (2)) an amount equal to the amount which bears the same ratio to the carryforwards from such taxable year (determined without regard to this clause) as— "(I) the applicable percentage, bears to "(II) 1 minus the applicable percentage." (3) Clause (i) of section 49(c)(5)(B) of the 1986 Code is amended to read as follows: "(i) IN GENERAL.—The term 'regular investment credit' means the credit determined under section 46(a) to the extent attributable to the regular percentage." (4) Paragraph (1) of section 211(e) of the Reform Act is 26 USC 49note. amended by adding at the end thereof the following new sentence: "Section 49(c) of the Internal Revenue Code of 1986 (as added by subsection (a)) shall apply to taxable years ending after June 30, 1987, and to amounts carried to such taxaole years." (5) Paragraph (4)(A) of section 211(e) of the Reform Act is amended—

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