Page:United States Statutes at Large Volume 106 Part 4.djvu/292

 106 STAT. 3028 PUBLIC LAW 102-486—OCT. 24, 1992 "(2) USE OF PROCEEDS.—^A bond issued as part of an issue described in subsection (a)(12) shall not be considered an exempt facility bond unless at least 80 percent of the net proceeds of the issue of which it is a part are used to finance property described in paragraph (IXBXi)." (2) FINANCED PROPERTY MUST BE GOVERNMENTALLY OWNED. — Subparagraph (A) of section 142(b)(l) (relating to certain facilities must be governmentally owned) is amended by striking "(2) or (3)" and inserting "(2), (3), or (12)". (3) EXCLUSION FROM VOLUME CAP.— Paragraph (3) of section 146(g) (relating to exception for certain bonds) is amended— (A) by striking "or (2)" and inserting ", (2), or (12)", and (B) by striking "and docks and wharves" and inserting ", docks and wharves, and environmental enhancements of hydroelectric generating facilities". 26 USC 142 note. (c) EFFECTIVE DATE. —The amendments made by this section shall apply to bonds issued after the date of the enactment of this Act. SEC. 1922. TRANS-ALASKA PIPELINE LIABILITY FUND INCOME TAX CREDIT. (a) IN GENERAL.—Section 4612 is amended by redesignating subsection (e) as subsection (f) and by inserting after subsection (d) the following new subsection: "(e) INCOME TAX CREDIT FOR UNUSED PAYMENTS INTO TRANS- ALASKA PIPELINE LIABILITY FUND.— "(1) IN GENERAL. —For purposes of section 38, the current year business credit shall include the credit determined under this subsection. "(2) DETERMINATION OF CREDIT.— "(A) IN GENERAL.— The credit determined under this subsection for any taxable year is an amount equal to the aggregate credit which would be allowed to the taxpayer under subsection (d) for amoiuits paid into the Irans- Alaska Pipeline Liability Fund had the Oil Spill Liability Trust Fund financing rate not ceased to apply. "(B) LIMITATION. — "(i) IN GENERAL.— The amount of the credit determined under this subsection for any taxable year with respect to any taxpayer shall not exceed the excess of— "(I) the amount determined under clause (ii), over 1"^- "(II) the aggregate amount of the credit determined under tms subsection for prior taxable years with respect to such taxpayer, "(ii) OVERALL LIMITATION. —The amount determined under this clause with respect to any taxpayer is the excess of— "(I) the aggregate amount of credit which would have been allowed under subsection (d) to the taxpayer for periods before the termination date specified in section 4611(f)(l), if amounts in the Trans-Alaska Pipeline Liability Fund which are actually transferred into the Oil Spill Liability Fund were tranferred on January 1, 1990, and

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