Page:United States Statutes at Large Volume 106 Part 4.djvu/286

 106 STAT. 3022 PUBLIC LAW 102-486—OCT. 24, 1992 Federal Register, publication. The amounts under the preceding sentence for any taxable year shall be determined as of the close of the taxable year. (c) DEFINITIONS. —For purposes of this section— "(1) QUALIFIED ENERGY RESOURCES. — The term 'qualified energy resources' mecuis— "(A) wind, and "(B) closed-loop biomass. "(2) CLOSED-LOOP BIOMASS.— The term 'closed-loop biomass' means any organic material from a plant which is planted exclusively for purposes of being used at a qualified facility to produce electricity. "(3) QUALIFIED FACILITY. —The term 'qualified facility' means any facility owned by the taxpayer which is originally placed in service after December 31, 1993 (December 31, 1992, in the case of a facility using closed-loop biomass to produce electricity), and before July 1, 1999. "(d) DEFINITIONS AND SPECLVL RULES.—For purposes of this section— "(1) ONLY PRODUCTION IN THE UNITED STATES TAKEN INTO ACCOUNT.—Sales shall be taken into account under this section only with respect to electricity the production of which is within— "(A) the United States (within the meaning of section 638(1)), or "(B) a possession of the United States (within the meaning of section 638(2)). "(2) COMPUTATION OF INFLATION ADJUSTMENT FACTOR AND REFERENCE PRICE.— "(A) IN GENERAL.— The Secretary shall, not later than April 1 of each calendar year, determine and publish in the Federal Register the inflation adjustment factor and the reference price for such calendar year in accordance with this paragraph. "(B) INFLATION ADJUSTMENT FACTOR. —The term 'inflation ac^ustment factor' means, with respect to a calendar year, afractionthe numerator of which is the GDP implicit price deflator for the preceding calendar year ana the denominator of which is the GDP implicit price deflator for the calendar year 1992. The term GDP implicit price deflator* means the most recent revision of the implicit price deflator for the gross domestic product as computed and published by the Department of Commerce before March 15 of the calendar year. "(C) REFERENCE PRICE.—The term 'reference price' means, with respect to a calendar year, the Secretary's determination of the annual average contract price per kilowatt hour of electricity generated from the same qualified energy resource and sold in the previous year in the United States. For purposes of the preceding sentence, only contracts entered into after December 31, 1989, shall be taken into account. "(3) PRODUCTION ATTRIBUTABLE TO THE TAXPAYER. —In the case of a facility in which more than 1 person has an ownership interest, except to the extent provided in regulations prescribed by the Secretary, production from the facility shall be allocated among such persons in proportion to their respective ovmership interests in the gross salesfromsuch facility.

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