Page:United States Statutes at Large Volume 106 Part 4.djvu/287

 PUBLIC LAW 102-486—OCT. 24, 1992 106 STAT. 3023 "(4) RELATED PERSONS. — Persons shall be treated as related to each other if such persons would be treated as a single employer under the regulations prescribed under section 52Cb). In the case of a corporation which is a member of an afiiliated group of corporations filing a consolidated return, such corporation shall be treated as seUing electricity to an unrelated person if such electricity is sold to such a person by another member of such group. "(5) PASS-THRU IN THE CASE OF ESTATES AND TRUSTS. — Under regulations prescribed by the Secretary, rules similar to the rules of subsection (d) of section 52 shall apply." (b) CREDIT TO BE PART OF GENERAL BUSINESS CREDIT.—Subsection (b) of section 38 is amended by striking "plus" at the end of paragraph (6), by striking the period at the end of paragraph (7) ana inserting ", plus", and by adding at the end thereof the following new paragraph: "(8) the renewable electricity production credit under section 45(a)." (c) LIMITATION ON CARRYBACK. —Subsection (d) of section 39 is amended by redesignating the paragraph added by section 11511(b)(2) of the Revenue Reconciliation Act of 1990 as paragraph (1), by redesignating the paragraph added by section 11611(b)(2) of such Act as paragraph (2), and by adding at the end thereof the following new paragraph: " (3) No CARRYBACK OF RENEWABLE ELECTRICITY PRODUC- TION CREDIT BEFORE EFFECTIVE DATE.—No portion of the unused business credit for any taxable year which is attributable to the credit determined under section 45 (relating to electricity Ereduced from certain renewable resources) may be carried ack to any taxable year ending before January 1, 1993 (before January 1, 1994, to the extent such credit is attributable to wind as a qualified energy resource)." (d) CLERICAL AMENDMENT. — The table of sections for subpart D of part IV of subchapter A of chapter 1 is amended by adding at the end thereof the following new item: "Sec. 45. Electricity producedfromcertain renewable resources." (e) EFFECTIVE DATE.— The amendments made by this section 26 USC 38 note. shall apply to taxable years ending after December 31, 1992. SEC. 1915. REPEAL OF MINIMUM TAX PREFERENCES FOR DEPLETION AND INTANGIBLE DRILLING COSTS OF INDEPENDENT OIL AND GAS PRODUCERS AND ROYALTY OWNERS. (a) DEPLETION. — (1) Paragraph (1) of section 57(a) (relating to depletion) is amended W adding at the end thereof the following new sentence: "Effective with respect to taxable years beginning after December 31, 1992, this paragraph shall not apply to any deduction for depletion computed in accordance with section 613A(c).". (2) Subparagraph (F) of section 56(g)(4) is amended to read as follows: "(F) DEPLETION.— "(i) IN GENERAL.—The allowance for depletion with respect to any property placed in service in a taxable year beginning after December 31, 1989, shall be cost depletion determined under section 611.

�