Page:United States Statutes at Large Volume 118.djvu/1586

 118 STAT. 1556 PUBLIC LAW 108–357—OCT. 22, 2004 by the reference price for such fuel in 2002, bears to ‘‘(ii) $8.75. ‘‘(C) APPLICATION OF RULES.—Rules similar to the rules of the subsection (b)(3) and paragraphs (1) through (5) and (9) of this subsection shall apply for purposes of deter mining the amount of any increase under this paragraph.’’. (3) CONFORMING AMENDMENTS.— (A) Section 45(e), as so redesignated, is amended by striking ‘‘subsection (c)(3)(A)’’ in paragraph (7)(A)(i) and inserting ‘‘subsection (d)(1)’’. (B) The heading of section 45 and the item relating to such section in the table of sections for subpart D of part IV of subchapter A of chapter 1 are each amended by inserting before the period at the end ‘‘, etc’’. (C) Paragraph (2) of section 45(b) is amended by striking ‘‘The 1.5 cent amount’’ and all that follows through ‘‘paragraph (1)’’ and inserting ‘‘The 1.5 cent amount in subsection (a), the 8 cent amount in paragraph (1), the $4.375 amount in subsection (e)(8)(A), and in subsection (e)(8)(B)(i) the reference price of fuel used as a feedstock (within the meaning of subsection (c)(7)(A)) in 2002’’. (c) SPECIAL CREDIT RATE AND PERIOD FOR ELECTRICITY PRO DUCED AND SOLD AFTER ENACTMENT DATE.—Section 45(b) is amended by adding at the end the following new paragraph: ‘‘(4) CREDIT RATE AND PERIOD FOR ELECTRICITY PRODUCED AND SOLD FROM CERTAIN FACILITIES.— ‘‘(A) CREDIT RATE.—In the case of electricity produced and sold in any calendar year after 2003 at any qualified facility described in paragraph (3), (5), (6), or (7) of sub section (d), the amount in effect under subsection (a)(1) for such calendar year (determined before the application of the last sentence of paragraph (2) of this subsection) shall be reduced by one half. ‘‘(B) CREDIT PERIOD.— ‘‘(i) IN GENERAL.—Except as provided in clause (ii), in the case of any facility described in paragraph (3), (4), (5), (6), or (7) of subsection (d), the 5 year period beginning on the date the facility was originally placed in service shall be substituted for the 10 year period in subsection (a)(2)(A)(ii). ‘‘(ii) CERTAIN OPEN LOOP BIOMASS FACILITIES.—In the case of any facility described in subsection (d)(3)(A)(ii) placed in service before the date of the enactment of this paragraph, the 5 year period begin ning on the date of the enactment of this Act shall be substituted for the 10 year period in subsection (a)(2)(A)(ii).’’. (d) COORDINATION WITH OTHER CREDITS.—Section 45(e), as redesignated and amended by this section, is amended by inserting after paragraph (8) the following new paragraph: ‘‘(9) COORDINATION WITH CREDIT FOR PRODUCING FUEL FROM A NONCONVENTIONAL SOURCE.—The term ‘qualified facility’ shall not include any facility the production from which is allowed as a credit under section 29 for the taxable year or any prior taxable year.’’.

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