Page:United States Statutes at Large Volume 118.djvu/1514

 118 STAT. 1484 PUBLIC LAW 108–357—OCT. 22, 2004 in the amount determined under subsection (a) for the first taxable year of each patron ending on or after the last day of the payment period (as defined in section 1382(d)) for the taxable year of the organization or, if earlier, for the taxable year of each patron ending on or after the date on which the patron receives notice from the cooperative of the apportionment. ‘‘(3) SPECIAL RULE.—If the amount of a credit which has been apportioned to any patron under this subsection is decreased for any reason— ‘‘(A) such amount shall not increase the tax imposed on such patron, and ‘‘(B) the tax imposed by this chapter on such organiza tion shall be increased by such amount. The increase under subparagraph (B) shall not be treated as tax imposed by this chapter for purposes of determining the amount of any credit under this chapter or for purposes of section 55.’’. (b) CREDIT MADE PART OF GENERAL BUSINESS CREDIT.—Sub section (b) of section 38 (relating to general business credit), as amended by this Act, is amended by striking ‘‘plus’’ at the end of paragraph (16), by striking the period at the end of paragraph (17) and inserting ‘‘, plus’’, and by inserting after paragraph (17) the following new paragraph: ‘‘(18) the low sulfur diesel fuel production credit determined under section 45H(a).’’. (c) DENIAL OF DOUBLE BENEFIT.—Section 280C (relating to certain expenses for which credits are allowable) is amended by adding at the end the following new subsection: ‘‘(d) LOW SULFUR DIESEL FUEL PRODUCTION CREDIT.—No deduc tion shall be allowed for that portion of the expenses otherwise allowable as a deduction for the taxable year which is equal to the amount of the credit determined for the taxable year under section 45H(a).’’. (d) BASIS ADJUSTMENT.—Section 1016(a) (relating to adjust ments to basis), as amended by this Act, is amended by striking ‘‘and’’ at the end of paragraph (29), by striking the period at the end of paragraph (30) and inserting ‘‘, and’’, and by inserting after paragraph (30) the following new paragraph: ‘‘(31) in the case of a facility with respect to which a credit was allowed under section 45H, to the extent provided in section 45H(d).’’. (e) DEDUCTION FOR CERTAIN UNUSED BUSINESS CREDITS.—Sec tion 196(c) (defining qualified business credits), as amended by this Act, is amended by striking ‘‘and’’ at the end of paragraph (10), by striking the period at the end of paragraph (11) and inserting ‘‘, and’’, and by adding after paragraph (11) the following new paragraph: ‘‘(12) the low sulfur diesel fuel production credit determined under section 45H(a).’’. (e) CLERICAL AMENDMENT.—The table of sections for subpart D of part IV of subchapter A of chapter 1, as amended by this Act, is amended by inserting after the item relating to section 45G the following new item: ‘‘Sec. 45H. Credit for production of low sulfur diesel fuel.’’.

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