Page:United States Statutes at Large Volume 106 Part 4.djvu/285

 PUBLIC LAW 102-486—OCT. 24, 1992 106 STAT. 3021 RESOURCES. "(a) GENERAL RULE. — For purposes of section 38, the renewable electricity production credit tor any taxable year is an amount equal to the product of— "(1) 1.5 cents, miiltiplied by "(2) the kilowatt hours of electricity— "(A) produced by the taxpayer— (i) from qualified energy resources, and "(ii) at a qualified facility diuing the 10-year period beginning on the date the facility was originally placed in service, and "(B) sold by the taxpayer to an unrelated person during the taxable year. "(b) LIMITATIONS AND ADJUSTMENTS. — "(1) PHASEOUT OF CREDIT.—The amount of the credit determined under subsection (a) shall be reduced by an amount which bears the same ratio to the amount of the credit (determined without regard to this paragraph) as— "(A) the amount by which the reference price for the calendar year in whicn the sale occurs exceeds 8 cents, bears to "(B) 3 cents. "(2) CREDIT AND PHASEOUT ADJUSTMENT BASED ON INFLA- TION.—The 1.5 cent amount in subsection (a) and the 8 cent amount in paragraph (1) shall each be adjusted by multiplying such amount by the inflation aciyustment mctor 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. "(3) CREDIT REDUCED FOR GRANTS, TAX-EXEMPT BONDS, SUB- SIDIZED ENERGY FINANCING, AND OTHER CREDITS. —The amount of the credit determined under subsection (a) with respect to any project for any taxable year (determined after the application of paragraphs (1) and (2)) shall be reduced by the amount which IS the product of the amount so determined for such year and a fraction— "(A) the numerator of which is the sum, for the taxable year and all prior taxable years, of— "(i) ^ants provided by the United States, a State, or a political subdivision of a State for use in connection with the project, "(ii) proceeds of an issue of State or local government obligations used to provide financing for the project the interest on which is exempt from tax under section 103, "(iii) the aggregate amount of subsidized energy financing provided (directly or indirectlv) under a Federal, State, or local program provided in connection with the project, and "(iv) the amount of any other credit allowable with respect to any property which is part of the project, and "(B) the denominator of which is the aggregate amount of additions to the capital account for the project for the taxable year and all prior taxable years.
 * «EC. 48. ELECTRICITY PRODUCED FROM CERTAIN RENEWABLE

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